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.
The Confederacy saw the future of the ever expanding government. I guess we asked for this a long time ago. Another stimulus will just bring even more dependence on our over-grown government. We need people who know how to start shrinking our debt or this country will be finished.
Are you stinkin' nuts? Unemployment keeps going up... and you want to "stimulate" us some more? Take the money that is still sitting around not doing a friggin' thing and do something like drill here, drill now! Create jobs and keep our dollars from going to countries who hate us.
No! Stop! You democrats are physically ruining the USA with your extraordinary tax and spend pranks. And we realize it is all in your foolish efforts to take political control of the country for decades when the citizens are so overtaxed and poor they have to register as democrats just to get basic necessities of life.
Kevin in Ohio, CNN didn't let my comment through. The gist of it was, why not take the existing stimulus plan and spend the money in 5 years instead of 10? That way we get twice the bang for the buck over the next 5 years. If it works, we won't need another stimulus plan. If it doesn't work, we REALLY won't need another stimulus plan. All in all, I'm just happy that the money is getting spent in the USA for once. Have a nice day!
John McCain would have this whole economy thing solved by now. Because us spoiled Americans love nothing better than instant gratification. Except driving monster trucks. Have a nice day!
I don't understand how Republicans can talk about the nation's debt. If you look at history, under Republican Presidents, the nation's debt has risen far more than under Democratic Presidents. You gave Bush eight years and tried to extend it by electing McCan't. Now you give Obama 6 months, WOW!!!!!!! Where was this cry out about debt when Bush was using tax dollars to fund, not a war, but friends who profit off wars?
Hey I don't mind if someone gives me more money to spend. Send me the stimulus quickly, I'm ready!! Don't worry, send me a check and I'll spend it in two days. The government must make the banks extend credit, otherwise no new purchases. We gave the big banks our tax $$$ in exchange with a promise to lend. They bolstered their balance sheets, and some began repaying without extending credit.
The gov't should make them lend or pay a penalty and reduce their FIDC guarantee. Besides, why would you need a stimulus if you have $250,000 in the bank? The college kids say "Send More $$$."
John McCain would first have to multi-task.
This is good news. It is now becoming PAINFULLY obvious that the liberals have NO FREAKING CLUE how to run a country.
Our economy has not swallowed, much less digested the debt from 2002 to 2007. Tough times are here for a long time.
I agree with the bloggers. Quit the trickle down stimulus and let it pour like rain. 14%??? Whose got the remaining 86% tied up?
I love how the right blames the left for ruining the economy and then forgets that it was their guy who got us into the current predicament...
LOL!! Funny how quiet the liberals are on this one!! Obama has failed already and the libs know it. This is what happens when you elect a far left community organizer turned media sensation. It's sad that most liberals just want a celebrity as a president and not someone with honor, integrity and experience.
This is promising. Based on the comments, people are finally waking up and realizing that this president and congress are driving the country towards government everything. Please remember that good-sounding rhetoric does NOT translate into good policy come the next election cycle.
"Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums. In a letter to the CEO's of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold "may be too onerous" and could lead condo buyers to shun new developments, according to the paper."
Unbelievable. These dumbocrats never learn anything.
At least the Democrats have a plan of action. All we see of Repukelicans is their incredible stupidity as voiced in these " comments". And true to opportunists of their peculiar" suck up to big business "mentality, I'm sure they're frantically busy repossessing some poor persons' house........never mind this" W' induced Depression......
OBAMA WILL FAIL.
HOW ? HOW ?? HOW ??? THE HECK ON EARTH, is our Economy going to recover when:
1………. We are importing more and exporting less. We have a big trade imbalance.
2………. Our dependence on oil is overwhelming. We do not use oil, we waste oil.
3………. Our Manufacturing jobs are all gone.
4………. Our Iron and Steel industries are all gone.
5………. Our textile industry of North Carolina is all gone.
6………. Our Auto industry is all gone.
7………. We have everything made in China.
8………. We have outsourced to India because of cheap labor.
9………. We are still spending billions on 2 wars. Wars are draining our Economy.
10………. We import nurses from Philippines.
11………. Our Construction industry is full of illegal immigrants.
OBAMA CAN DO NOTHING.
OBAMA WILL FAIL.
OBAMA HAS TO FIX 1. THROUGH 11. ABOVE TO REVIVE ECONOMY.
DEPRESSION IS COMING BY 2010.
@ Mike in MN who said "I love how the right blames the left for ruining the economy and then forgets that it was their guy who got us into the current predicament…"
Just like the left forgets who has controlled congress for the last 2.5 years, and which party put in place most (not all, but most) of the policies which have led to this economic downturn...
What is actually says is many of the economists felt the first one was to small. They have been saying that ALL along. THE REASON it is smaller was because of the GOP.....So throw blame all you want but in the end 1-We are in this boat because of GOP leadership, and 2-The ONLY contribution the GOP has made is to stand around and complain, the same as you do here.
Some of these people are so bitter, no matter what Obama does they will complain (just look at the daughters going w/ him to Russia article, it's sad). I for one have grown tired of the rants, so I'm going to stop reading them. GOP is the minority now, it's the boat they put themselves into. It's nobody's fault but their own. And now it is official: their opinions no longer matter.
Okay, pig brains...
First and foremost, if you want to create jobs, you have to STIMULATE new inventions, not put everyone on WELFARE.
So throw lots of money into GREEN ENERGY... sometimes, we are sooooooooooo blind... CAn you imagine Clinton stimulting the economy in the 90's by giving money to oil company? No. He gave money to new inventions...
Matt in MN wrote:
Just like the left forgets who has controlled congress for the last 2.5 years, and which party put in place most (not all, but most) of the policies which have led to this economic downturn…
Just like the right forgets that those policies were tax cuts without spending cuts, deregulation and trickle down economics. Who put those in place? Have a nice day!
The sad part is that most voters don't have a clue how badly this is going to hurt them. Already, Obama's policies are distorting behavior in a way that will make America unrecognizable.
Case in point: My wife and I are considering a divorce. Not because we don't want to be with one another, but because it will lower our tax profile and take us off of Obama and Rangel's hit list. We will save thousands by losing the "wealthy" label and the only thing that will change is our marital status. In fact, I predicted (as a tax policy scholar) that higher earning people would avoid marriage in order to avoid being labeled "rich" and getting surcharged by Obama.
Also, in case you follow these things (I do) expatriation is up. Way up. And you can't collect taxes from former citizens. So who do you think is gonna have to pick up that check? This tax lawyer says it won't be me or my kids.
@ Dem Til Death-
PLAN OF ACTION?
haha...my teenage son asks me for more money all the time....he has no plan, other than to squander it...just like the liberal pukes you elected....impeach them all!
The stimulus package might have worked if they hadn't half-a$$ED rigged it and DID NOT READ it! Of course, Obama is now claiming how it has worked by "saving jobs" – remember? he did say it would create and save jobs! The jobs that have been created are government jobs – that is not saving jobs and the unemployment rate increases dramatically monthly! Until he gets the idea of the government owing & controlling everyhing, everybody and every company, this country is going to tumble downward in a spiral that will make us all puke! This nanny state mentality he has just will not work and that has been proven time and times again. Where are the incentives to create jobs in the private sector? That's where you will see employment and SPENDING! The dumbocrats are too stupid to realize that! Obama is going to bankrupt the US and is well on the way, just like AHnold has Caleefornia.
Liberals and tyrants go hand in hand..............they both want to control the lives of everyone.