Progressive Breakfast: Obama, Economy, EFCA, and Health Care
Econ Plan May Get Bigger and Bolder
In CNBC interview by John Harwood, Obama indicates economic recovery could grow larger than $775B, in advance of major 11 AM address today:
Harwood: ... why stop at $775 billion? Why not go to the $1.2 trillion that some economists have recommended? Is that because you think that the political figure of a trillion dollars is too politically charged to get over? Is it because you think more spending would be pork rather than stimulus? Or do you think you've figured out exactly the right amount of stimulus that's needed?
Obama: Well, first of all I think it's important to note that every economist, conservative or liberal, at this point agrees that we have to have a substantial recovery plan that helps to jump-start the economy, that short-term it's going to be expensive, but it would be much more expensive to see the economy continue in the tailspin that it's been going in. We've seen ranges from $800 to $1.3 trillion and our attitude was that given the legislative process, if we start towards the low end of that, we'll see how it develops. We are concerned ...
Harwood: It's going to get bigger.
Obama: Well, we don't know yet. But what we are concerned about is making sure that the money is spent wisely, that there's oversight, that there's transparency.