Obamanomics Again

Obama Economic Adviser Predicts Relief Within Weeks of Stimulus Passage

Measures to save law enforcement and teaching jobs will help cities see changes rapidly while withholding changes on paychecks could come “within weeks” of passage of an economic stimulus plan now being considered by Congress, one of President Obama’s top advisers said Sunday.

National Economic Council director Lawrence Summers said despite the fact the U.S. economy’s problems took months or years to create — and it may take just as long to solve them — immediate stimulus could come with hundreds of billions of dollars in government spending and tax cuts. 

Congress is working on an $825 billion package — the largest that would ever be enacted by the U.S. Legislature. Obama is scheduled to meet with Republicans this week to go over details of the plan. He met with a bipartisan, bicameral group of lawmakers at the White House on Friday.

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On the other hand…

Democrats: Stimulus plan no quick fix for economy

The White House warned Sunday that the country could face a long and painful financial recovery, even with major government intervention to stimulate the economy and save financial institutions.

“We’re off and running, but it’s going to get worse before it gets better,” said Vice President Joe Biden, taking the lead on a theme echoed by other Democratic officials on the Sunday talk shows.

At the end of the Obama administration’s first week, the party in power at both ends of Pennsylvania Avenue sought to lower expectations for a quick fix despite legislation expected to pass by next month that would pump billions of dollars into the economy. Democrats also opened the door for even more government aid to struggling banks beyond the $700 billion bailout already in the pipeline.

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13 O’Clock just loves the doublespeak.

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