Another Economic Stimulus Possible

01.05.09 | FL News Team

An economic stimulus bill will be the focus when the President-elect and the Speaker of the House sit down to talk later on today. The "Washington Post" reports Barack Obama and Nancy Pelosi will go over the timing and scope of the proposal in a meeting.

The plan is meant to spark job growth and could include infrastructure investments and tax cuts. Pelosi has said she wants a bill ready for Obama to sign when he takes office on January 20th.

However, hopes are dimming that the measure will be ready when Obama is sworn in as president. Senate Majority Leader Harry Reid told "The Washington Post" that more time may be needed to assess what must be done.

Not all lawmakers are welcoming the idea of an economic stimulus. South Carolina Governor Mark Sanford told CNN's "Late Edition" that the federal government was part of the economic downturn in the first place, and that it is foolish to think it can solve this crisis.

To win Republican support in Congress, Obama's economic team reportedly is working on a tax-cut package that would offer three hundred billion dollars in refunds to individuals and businesses. According to "The Wall Street Journal," the plan could "pack more punch" than tax cuts enacted by President Bush during his term in office.

The cost of the stimulus plan could range from five hundred billion to one trillion dollars. Obama reportedly wants an all-encompasing measure to address issues from unemployment and job preservation to rebuilding infrastructure across the nation.