March 10th, 2009
09:38 PM ET
14 years ago

Pelosi open to 2nd stimulus package

WASHINGTON (CNN) - House Speaker Nancy Pelosi told reporters Tuesday that another stimulus package might be needed to help the ailing economy.

Pelosi, whose comments followed a meeting with several economists, said the measures already taken by the Obama administration are helping to restore confidence in the shaky financial markets.

But "we have to keep the door open and see how this goes," the California Democrat added.

House Appropriations Committee Chairman David Obey of Wisconsin told CNN Tuesday night he's already instructed his staff to start drafting a second stimulus proposal. Obey said his staff is preparing the outline of stimulus bill but he cautioned there is no timeline to move on it.

One of the economists in the meeting with Pelosi and other Democrats, Mark Zandi with Moody's, said more taxpayer money would likely be needed to bolster the economy.

Another economist, Allen Sinai, chief global economist at Decision Economics Inc, urged patience. But he questioned President Barack Obama's prediction that the $800 billion stimulus package enacted last month would create or save as many as 3 million to 4 million jobs.

"Initially ... the jobs created may be a little disappointing," Sinai

Sinai said his analysis showed that about 2.5 million jobs would be saved or created over the next two years and he said it is more realistic to project 3 million jobs over a longer period of three years.

The most recent prediction from the Congressional Budget Office, released last week, estimates the recovery package will create or save from 1.2 million jobs to 3.6 million jobs.

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soundoff (40 Responses)
  1. Wrong!

    deborah small March 10th, 2009 10:48 pm ET
    can you address why president obama's picture is still not up in federal goverment buildings? We don't want to say it's a race thing but what's really going on? Thank you, deborah
    Regardless of how unappealing it is, OBAMA's mutt IS up on federal government buildings - I was at a Marine Corps base two days ago and there it was - UGH!

    March 11, 2009 12:24 am at 12:24 am |
  2. Mark, B'ham., Al.

    Now we are into our great grandchildrens future to pay for the adults of this era's screw up. And yes, Obama is also to blame since he was a Senator which is as big a part of government responsability as being President. We need to stop this excessive spending by both republicans and democrats. The new democrats are spending like a fleet of drunken sailors in Hong Kong. All this spending needs to be paid for before we start anyother entitlement including socialized medicine. Yes everything is an entitlement except for a Strong Defense and Common Monetary System which are Constitutionally required!

    March 11, 2009 12:25 am at 12:25 am |
  3. AUC

    If you want Americans to spend another stimulus check in the hands of hard working Americans like me and my husband who works two jobs and is in school in order to get a higher paying job would be great. Just like last years check. Why not???? Don't hard workings people like us deserve it just as much as the Wall Street crooks???

    March 11, 2009 12:25 am at 12:25 am |
  4. Armando

    Bad for the country but good for my gold and silver mining stocks!

    March 11, 2009 12:29 am at 12:29 am |
  5. Mark, B'ham., Al.

    Now What Leftist/Socialist Program is going to get funded. The Senate Democrats by tabling E-Verify (which insures those hired to work are legally allowed to work in this country) do not care that Illegal Immigrants get 300,000 or more of the jobs from the last stimulous package. Maybe they will get 500,000 jobs put of the next stimulous package?

    March 11, 2009 12:38 am at 12:38 am |
  6. alan

    Botox Nancis ideas involve spending money she does not have and it hasnt worked in the past and this time it wont work either.

    March 11, 2009 12:49 am at 12:49 am |
  7. cph9680

    How much money are these clowns gonna spend?

    March 11, 2009 12:50 am at 12:50 am |
  8. Marc L.

    More taxpayer money is needed to boost the economy? I thought the idea of the stimulus was to give back to the taxpayer, not take more of his money?

    March 11, 2009 01:03 am at 1:03 am |
  9. bob in LA

    I'm open to helping the country, but – NO MORE PORK!

    March 11, 2009 01:13 am at 1:13 am |
  10. ROC

    Correct me if I'm wrong but isn't it also an option for the U.S. financial markets to raise cash by selling equity to international investors instead of coming back for another bailout? For example Citigroup could sell a non-controlling equity share to the Chinese in exchange for a reduction in U.S. foreign debt.

    It's not going to be a threat to U.S. national security is it? After all Saudi's Prince Alwaleed is Citigroup's current biggest single investor.

    March 11, 2009 01:13 am at 1:13 am |
  11. Ken

    Who will pay for it? Maybe her super-rich developer husband?

    March 11, 2009 01:16 am at 1:16 am |
  12. Bruce Dickinson

    I need to buy more cowbell

    March 11, 2009 01:24 am at 1:24 am |
  13. stan boren

    Let's hope most of those jobs will go to citizens of U.S.A. and legal immigrants!

    March 11, 2009 02:11 am at 2:11 am |
  14. Richard A. Spomer, Alexandria, VA

    I do believe that Congress is on a free for all approach to spending money this country does not have; and creating a less than favorable strength in the dollar bill!

    Everyone needs to tell Pelosi to go back with the nuts, fruits, and barriers or ferries which ever fits now days.

    March 11, 2009 02:40 am at 2:40 am |
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