From the Associated Press:
“Obama pleaded with House Democrats on Thursday night to reject delaying tactics and political gamesmanship and work with the Senate to get a bill. In the campaign-like speech, the president also ridiculed Republican criticism of the legislation.
‘We can’t embrace the losing formula that says only tax cuts will work for every problem we face; that ignores critical challenges like our addiction to foreign oil, or the soaring cost of health care, or falling schools and crumbling bridges and roads and levees,’ Obama said at the retreat in Williamsburg, Va.
‘I don’t care whether you’re driving a hybrid or an SUV — if you’re headed for a cliff, you’ve got to change direction,’ he said.
He dismissed at least one GOP complaint about the bill.
‘So then you get the argument, well, “this is not a stimulus bill, this is a spending bill.” What do you think a stimulus is? That’s the whole point,’ he said to laughter from House Democrats.
If a compromise on trimming the bill can’t be reached — or if it won’t fly with Democratic loyalists — the alternative for Reid is to try to ram the measure through with just a few GOP supporters, such as Olympia Snowe of Maine. He expressed confidence he has the 60 votes needed to press it through if need be.
The massive measure is a key early test for Obama, who has made it the centerpiece of his fledgling presidency.”
Over 200 economists argue that Keynesian efforts by the U.S. government to spend the country out of the recession won’t work. As for spending: tax cuts would allow consumers and businessmen to spend the money themselves while stimulating the economy at the same time.