House Majority Leader Steny Hoyer calls for bipartisanship

During a press conference today, Representative Steny Hoyer (D-Md) discussed the need for a bipartisan effort on upcoming legislation, stating that true bipartisanship means "working together to achieve objectives on behalf of the American people."

The House will meet on Wednesday to vote on the Children's Health Insurance Program Reauthorization Act, which aims to provide over 4 million children with health insurance. Hoyer stated that ensuring the health of American children will be a "very definite benefit to our country and our people." He hopes for bipartisan support of this bill.

When discussing the economic stimulus plan, which the House Republicans voted against unanimously, Hoyer stated confidence in President Obama and expressed the need to act quickly for stabilization. In response to the Republican's rejection of the bill, he gave an example of President Clinton's economic plan in 1993 which received no support from the Republicans, but the plan created substantial economic recovery.


When asked about the need to borrow money from China for the stimulus, Hoyer stated "absolutely I'm concerned." However, he believes, "in the short term, there's no alternative... failure to get the economy moving will cost us more."

Hoyer concluded the meeting by again expressing the need to be bipartisan. He stated that President Obama is "absolutely correct," that the American public wants its leadership to work together in order to fix the problems that we have.

Senator Mitch McConnell (R-Ky.): Republicans are trying to reform the economic stimulus bill

by Christina Lovato, University of New Mexico-Talk Radio News Service


"The package that most of my members would support would be dramatically different from what passed in the House and frankly dramatically different from what we currently see out of the Finance committee and Appropriations committee." said Senate Minority Leader Mitch McConnell (R-Ky.)

In a press conference on "The American Recovery and Reinvestment Act of 2009" McConnell expressed his concerns and beliefs about the trillion dollar economic recovery bill. "We believe, Republicans, that a stimulus bill must fix the main problem first and that's housing. That's how all of this began." McConnell stated that we focus on the two lower tax rates for income tax payers up to 65,000 a year. He suggested lowering the 10% rate to 5% and the 15% rate to 10%.

McConnell said that the second part of the package that will help do the job is that the package be timely, temporary and targeted. "It would put money back in people's hands directly." He expressed that there is an attempt underway to use the bill to increase permanent spending. He stated that he thought it was a bad idea no matter how worthwhile the proposals are.

When asked if he thought the trillion dollar figure was large enough McConnell said "Someone mentioned the other day, one of my colleagues, just to put a trillion dollars in context. If you started spending the day Jesus was born and you spent a million dollars every single day you still wouldn't have spent a trillion dollars. It's a lot of money." He said. "We know we need to jump start it but most of my members feel we can do it for less then what is currently proposed."

Despite the fact that no Republican voted in favor of the bill McConnell said "Nobody that I know of is trying to keep a package from passing... We're trying to reform it... Put it in a different place."

Senate Republicans offering "American option" for economy

In a meeting today at the Heritage Foundation, Senator Jim DeMint (R- SC) stated that the economic stimulus plan which President Obama is presenting is "indifferent to obvious economic principles." DeMint believes that it is designed to treat the symptoms and not the causes of the failing economy, and will not create economic stability.

"Only about 11% could actually be called economic stimulus, its a grab bag of spending wish lists that's been hanging around here for years," he said.

The Senator went on to present the plan which the Republicans have created, the "American option," which seeks to made current tax rates permanent in order to create stability and predictability which will allow for economic growth and job creation.

"We know it will work, the facts are with us. Basically, it goes back to the idea, let's leave the money in the economy, let's not take quite so much out. Let's leave it with the people who are working, producing, and investing, and saving; that's going to actually create the jobs," he stated.

Obama announces economic team and stimulus plan

President-elect Barack Obama officially announced nominees for his economic team and his intention to pursue an economic stimulus package.

The team will consist of Tim Geithner, current President of the New York Federal Reserve, as treasury secretary; Lawrence Summers, formerly Treasury Secretary under the Clinton administration, as Chief of the National Economic Council; Christina Romer, UC Berkley economics professor, as the chair of the White House Council of Economic Advisers; and Erika Barnes, Executive Vice President for Policy at the Center for American Progress, as Director of the Domestic Policy Council.

Also nominated was Heather Higginbottom, policy director for Obama for America, as Deputy Director of the Domestic Policy Council.

President-elect Obama announced that the first duty of his economic team will be to craft an economic stimulus package aimed at creating 2.5 million American jobs, rebuilding the national infrastructure, and undertaking reforms that will provide long-term economic stability. While Obama was reluctant to reveal how much the rescue package was expected to cost, the President-elect expected that Congress will pass the stimulus package when they resume session in January.

“Even as we face great economic challenges, we know that great opportunity is at hand – if we act swiftly and boldly. That’s the mission our economic team will take on,” said Obama during the press conference held at the Chicago Hilton Hotel.

Obama seeks advice

The Obama Campaign held a conference call in which campaign staff discussed a meeting between Senator Obama and economic advisers. Dr. Laura Tyson, former chairwoman of the President's Council or Economic Advisers under Clinton, said structural issues like health care and education were discussed alongside large economic issues like the financial markets.

Tyson said tax cuts proposed by Obama are similar to tax cuts in the mid 1990s that lowered unemployment in some places to two percent. She said others and herself in the first Clinton administration never imagined unemployment would be capable of dropping below five percent. According to Lynch, Obama's tax cuts would give $1,000 to 95 percent of middle-income families.

Former Senator Bill Bradley (D-N.J.) said Republican candidate John McCain's call for increased domestic drilling to lower gas prices would not be functional for at least five years, comparing the strategy to McCain's call for a gas-tax holiday. Bradley suggested that Americans will view both strategies as an attempt to grab attention. Bradley, implying Barack Obama, said only one candidate truly understands long-term economic strategies and the need for government to set and enforce economic rules.