Given all the problems created with the initial government spending explosion, all we need is more spending
Democrats seized on Friday's report that the nation's unemployment rate has reached a 26-year high of 10.2 percent to call for further tax and spending measures to bolster the economy.
House Appropriations Committee Chairman Rep. David Obey (D-Wis.) said the unemployment news was confirmation that February's $787 billion fiscal stimulus was not big enough.
“The bottom line is that additional action is required," Obey said. "An effective short term boost would mean a stronger economy, less unemployment and ultimately lower deficits.”
Liberal Democrats, including Obey, have said for months additional stimulus efforts are needed.
President Barack Obama signed a bill into law on Friday that extends unemployment benefits and a homebuyer tax credit, while also giving a tax break to businesses. The tax break aims to give companies a $33 billion benefit in 2010.
The administration has taken pains to emphasize that the Friday bill does not amount to a second stimulus package. Republicans responded to the economic news by criticizing the Obama administration for pursuing policies in 2009 that they believe have cost jobs. . . . .
Labels: stimulus, unemployment