WASHINGTON (CNN) – House Majority Leader Steny Hoyer said Tuesday he would consider supporting a second economic stimulus bill, but said people need to give the package that passed in February more time to work.
The second-ranking Democrat in the House of Representatives said Republican complaints that the nearly $800 billion measure has failed to boost the U.S. economy are premature.
"Certainly, I don't think we can make a determination as to whether or not that's been successful - certainly as successful as we want it to be, certainly not as quickly as we want it to be," Hoyer, of Maryland, told reporters. But he added, "I think we need to be open to whether or not we need additional action."
Hoyer said it was too soon to say the February stimulus bill - which passed without a single GOP vote in the House and only three in the Senate - is not working. He said job losses have "substantially decreased" in recent months, and that the recovery package has prevented many people from being laid off from their jobs.
"In fact, we believe it is working," he said.
No legislation has been put forward so far.
In pushing for the American Recovery and Reinvestment Act, the Obama administration said it would be paid out quickly to save or create 750,000 jobs by early August. Without it, administration officials argued, unemployment could top 9 percent by 2010.
Federal jobless numbers already have overshot expectations, rising to 9.5 percent in June. Many leading Republicans say the measure has been a waste of money, while some economists - like Nobel Prize winner and New York Times columnist Paul Krugman - argue the original measure was too small.
Vice President Joe Biden acknowledged Sunday that the administration "misread how bad the economy was," but he told ABC's "This Week" that the pace of the program would be increasing.
These are the economic wizards who spent tens of billions of dollars saving GM and Chrysler. They are working with an upside down set of assumptions and we are all footing the bill for it.
Market forces and American businesses will fix the economic problems. As much as so many people hate profitable companies...they drive the economy up. Survival of the Biggest is a dangerous mistake! Effective companies will survive and create more jobs than the government can...jobs that last more than 2 months. Stimulus is a quick, ineffective fix and a waste of money.
After eight years of the last administration we will need ten stimulus packages.
Whats a few billion more! We will be paying so much in taxes in a few years no one will notice. Just tack a few more on to my income tax, then a little on to my fuel taxes, oh and a some to my utility bill. Oh, I forgot you already are. 2010 and counting, folks its time to wake up.
It looks like the Obama "recovery" is in full swing in the markets today. Never thought I would long for the days of Jimmy Carter, but now even Carter is looking goood.
We keep hearing about how Team Obama and congressional dem members are fighting the debt, but you dont spend your way out of the red to get into the black. CHANGE! Obama lands the largest budget deficit in history.
Obama promised SHOVEL READY but has only spent 6% of the first stimulus. When will the sheep understand that Obama is a liar? They just want more money to waste on entitlement programs. $11.4 trillion dollar defecit. When will the left wake up and realize the US will be just like CA, BROKE?
Wonder how much pork will be packed into the second Stimulus Bill? Apparently, the small amount of pork cut from the first gets a second chance.
Bo Bo and the Clowns will soon have the banana repulblic they have always wanted.
NO NO NO NO NO. Stop the spending!!! I'm supportive of the President but enough is enough...let the enconomy correct itself.
I don't know about you, but my taxes are lower now than they were under Bush. As far as I can tell, Obama told the truth on taxes. Did we think this economic disaster would be all fine and dandy after 6 months? I do NOT want another stimulus. But it is ridiculous to think everything would be fixed already. Experts, and even Obama, said there was a good chance things got worse before they got better. In my state, the stimulus money hasn't even been spent yet. These things take time. Use your brain please.
TCM – First get an Ammendment to the Consitution of the United States of America, then you can try that stunt.
But I agree with you in one point, and only this one, of your post. Anyone would actually.... 'we need competence!', of course we need.
That's why the GOP was ousted (democratically BTW) from power...
Where has all Bush TARP money gone. In the wind? Get the money to Main St. No more money for the banks & AIG. If they are too big to fail, split them up into smaller companys-then they can stand or fall on their own.
Just throw another trillion that we don't have at it. Maybe China will buy more debt. The first one was such a success, lets go for seconds.
You people who don't seem to make sense when you spew your garbage, please go sit down and get a dose of reality. It took 8 years to get to this level, but everyone wants everything fixed in 6 months. Now i don't believe in a second stimulus when the first has been distributed yet. but For Republicans Looking for a quick fix, that's not going to happen. But i love our chances as a nation with Obama, than mccain. And for people who dislike what he is doing so far, then state facts on how other candidates could have done it better. Because all i hear from Republicans are complaints, but no one ever states how they would combat the issues we are going through. Thanks Obama for all the work you have put in so far and will put in for the future.
because the first one worked sooooo wellllll!
Insanity is diong the same thing over and over again and expecting a different result.
Last I heard from the WH, only 14% of stimulus money has been spent so far. Here's a thought for all you geniuses and so-called "leaders" in Washington...Why don't you spend the remaining 86% of the $787,000,000,000 and see what happens before committing to haphazardly spending billions more in a second stimulus? And next time, please read the bill before you vote on it.
You see, maybe the Confederacy had a point when they lost their lives fighting to prevent THE EXACT PROBLEMS this gigantic federal gov't is doing!
Yes but instead of spending, let have a government spending reduction of three trillion dollars. Let’s actually have the tax cuts needed so the private sector can recover.
A movement needs to be started where EVERYONE who is in office now is voted out. EVERYONE.
For some strange reason throwing more gasoline onto the fire is not putting it out???
I guess because the first one is working so well, they want to compound the damage, er, um, the "benefits".
Here's a stimulus for you – suspend personal income taxes the rest of the year. Or give money to business owners that must be used to hire someone.
Wow...... the left-wingers are finally silenced! Not one favorable comment from them...but, then, a second stimulaus package is 100% indefensible. Let the countdown to Nov 2010 begin.......
Hmmm, I don't see anyone sticking up for this guy????
1.3 trillion dollars that provided no jobs and people wonder why it isn't working. How they underestimated it. And now they want more money to blow on what? Obama and these Dems are idiots without a clue as to what they are doing? The unemployment rate is 16% right now. Obama is covering up the people that have been unemployed for 6 months or more and no longer recieve unemployment insurance.
Tell these idiot spend happy dems they can't get anymore of our money and can't print any more. Also we would appreciate it if they would stop flying and partying on our dime every week and give up your salary as well. If bailout recipients have their pay cut then so should congress.
I have an idea – where I work we have reduced the work week to 32 hours – thus reducing the income of the employees by 20%. Why don't we have the President and Congress work 20% less – give up 20% of their salaries. That is a double win – they have 20% less time to waste my tax dollars and then the 20% saved from their salaries can be used for the second stimulus package.
The stupidity of the Congress is unbelievable. No, I guess it is because they say this type of crap and there are those who belive it is a good thing. So, I guess the biggest failure is the lack of intelligence in this county at all levels. Also, the hatrid of the liberals continues.