WASHINGTON (CNN) - Treasury Secretary Henry Paulson assured CNN’s Wolf Blitzer on Sunday morning that the stimulus tax rebate issued to millions of Americans this year is working.
“When you look at the consumer data we have for the second quarter; you look at retail sales, the stimulus package is working,” Paulson said. “And it's coming at a time when it's very much needed.”
But Paulson rejected the idea of a second stimulus package of $50 billion, which has been proposed by Democratic House Speaker Nancy Pelosi and other democrats.
“We put it together so it would be big enough to be meaningful to the economy today, and not so big that it was going to jeopardize our fiscal responsibilities and some of our longer-term priorities,” Paulson said.
He stressed that the focus needs to be on the stability of our capital markets, energy prices, and the housing market.