NY Times - By PETER BAKER and DAVID M. HERSZENHORN
Published: January 8, 2009
WASHINGTON — President-elect Barack Obama’s economic recovery plan ran into cross-fire from his own party in Congress on Thursday, suggesting that quick passage of spending programs and tax cuts could require more time and negotiation than Democrats once hoped.
Senate Democrats complained that major components of his plan were not bold enough and urged more focus on creating jobs and rebuilding the nation’s energy infrastructure rather than cutting taxes.
Just hours earlier, Mr. Obama called for speedy passage of the stimulus measure, warning that the recession “could linger for years” if Congress did not pass his plan within weeks.
Further complicating the picture, Democratic senators said Thursday that they would try to attach legislation to the package that would allow bankruptcy courts to modify home loans, a move Republicans have opposed.
Mr. Obama has been assembling a package worth as much as $775 billion over two years to revive the sagging economy, using the plan to define his presidency even before it begins and to foreshadow his broader approach to governing.
While relying on traditionally liberal notions of using government spending to spur growth, he has also tried to adapt it for a new era with investment in clean energy and technology. And he is trying to balance all of that with tax breaks that appeal to Republicans. Please continue reading...
No comments:
Post a Comment