WASHINGTON (CNNMoney.com) – The largest stimulus program in the nation's history has created or saved at least 650,000 state and local jobs, according to a report released by the Obama administration on Friday.
Based on approximately $150 billion in spending from the $787 billion recovery package, the tally is the first broad, concrete look at the stimulus program's impact on the economy. The numbers are drawn from tens of thousands of reports from state and local recipients as well as private companies.
The White House said the actual number of jobs created so far is likely closer to 1 million, since its report on stimulus job creation only focused on $150 billion of the $339 billion in American Recovery and Reinvestment Act funds spent so far.
(CNN) – As the Senate debates spending measures in President Obama’s stimulus bill, a non-partisan group launched a million-dollar ad campaign Wednesday to urge the new administration to create a task force to tackle rising entitlements costs.
The Peter G. Peterson Foundation, an institution dedicated to fighting wasteful government spending, printed ads in the Washington Post and Roll Call on Wednesday calling the current financial crisis “just the tip of the iceberg.”
“We must also focus on a much larger yet less visible threat: the $56 trillion in liabilities and unfunded retirement and health care obligations (that’s $483,000 per U.S. household), and the dangerous reliance on foreign lenders, that threaten our ship of state,” says the ad.
The group is asking Obama to appoint a bipartisan task force to deal with the current financial crisis and to fix structural problems with the economy overall. Congressional Democrats like Sen. Kent Conrad of North Dakota and Rep. Jim Cooper of Tennessee and Republicans like Sen. George Voinovich of Ohio and Rep. Frank Wolf of Virginia will join the group’s president and CEO David Walker for a press conference on Capitol Hill on Thursday to talk about the mission and ad campaign.
A spokeswoman for the foundation said the group is planning to spend a minimum of a million dollars on the ad campaign launched Wednesday, which will include an ad in the New York Times this week as well as television spots in the near future.
WASHINGTON (CNN) - Mayors from across the country descended on the nation's capital Wednesday with a clear message to Washington that their cities were in urgent need of an immediate economic stimulus.
Miami, Florida, Mayor Manny Diaz, president of the nonpartisan U.S. Conference of Mayors, led the delegation of mayors, whose first meeting of the day was with top White House senior advisers.
Later Wednesday, Diaz and other mayors are scheduled to attend meetings with House Speaker Nancy Pelosi, D-California, and other key congressional leaders.
The U.S. Senate is debating a nearly $900 billion economic stimulus package backed by President Obama and congressional Democrats. Senate Republican leaders are pushing for a bill with more tax cuts and less spending. They also have said they want more emphasis on helping homeowners.
Los Angeles, California, Mayor Antonio Villaraigosa, a Democrat, told reporters that "it's time to stop the bickering and start the tough negotiating to get this bill out to ensure that the American people in our cities get the relief that they need right now."
WASHINGTON (CNN) - Democrats admit it's going to be a tough fight in getting President Obama's economic stimulus plan passed with bipartisan support, but they are optimistic it can still be done.
On Thursday night, Senate Majority Leader Harry Reid, D-Nevada, said it's going to be a "long hard slog" with "late nights" after the $900 billion bill comes to the Senate floor Monday night. "It is up to us how long this takes," Reid added. "We hope we can work things out."
The full Senate will vote on its version next Wednesday. Should the Senate and House pass different versions, the two bills would have to be conferenced together. Then both chambers would have to vote on the new conference version in the coming weeks.
The president hopes to have the plan passed by Congress and on his desk for signing by mid-February.
NEW YORK (CNNMoney.com) - Democratic lawmakers want to pass a far-reaching bill to save the economy by Inauguration Day on Jan. 20.
That's the goal.
But the reality may be a little different. Enactment of an economic stimulus bill could be pushed into late January or early February, said Dan Clifton, a Washington-based analyst with the investment research firm Strategas Research Partners.
The reason: The measure will be big and complex – exceeding $700 billion by some estimates. And getting buy-in from lawmakers angered about the mounting toll of government rescues might take more time than expected.