"So, as Congress prepares to return to session, my economic team is hard at work in identifying additional measures that could make a difference in both promoting growth and hiring in the short term, and increasing our economy’s competitiveness in the long term. Steps like extending the tax cuts for the middle class that are set to expire this year. Redoubling our investment in clean energy and R&D. Rebuilding more of our infrastructure for the future. Further tax cuts to encourage businesses to put their capital to work creating jobs here in the United States. And I’ll be addressing these proposals in further detail in the days and weeks to come."I'm sure he'll make a big show of shuffling money around. He may even be able to scrape up $20 billion or so for some new initiatives before the election. It's not going to be anywhere near large enough to help.
At this point Obama needs to go for broke with a major brand new stimulus package. No, it will not get passed. Let it be on the Republicans for blocking it weeks before an election on the economy. At this point the House is lost and the Senate is all but gone depending on who you ask. Exactly what does Obama lose politically by trying to pull out all the stops here? Conventional wisdom is that he's doomed anyway.
As Booman said, make the election the Obama stimulus package against Republicans doing nothing. Go down swinging at least.
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