Tuesday, May 25, 2010

More Spending: Obama adviser calls for new ‘mini-stimulus’

Obama adviser calls for new ‘mini-stimulus;’ The Financial Times

The Obama administration made a strong plea to Congress on Monday to grit its teeth and pass a new set of spending measures – dubbed the “second stimulus” by some economists – in order to help dig the economy “out of a deep valley”.

The call for action, which was made by Lawrence Summers, Barack Obama’s senior economic adviser, who urged Congress to pass up to $200bn (£138.9bn) in spending measures, came at the same time as Mr Obama asked Capitol Hill to grant him powers to cut “unnecessary spending”.

Read the rest here.

Comment: I wonder what the states think about more spending and deficit growth, which only weakens their state economies? Well we won't know until the states get representation in Congress again, will we.

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