Otherwise the world as we know it will come to an end!

President Barack Obama says the time for talk on an economic recovery package is over and "the time for action is now."

Speaking at the Energy Department, Obama made a fresh plea for the stimulus plan that the Senate is debating. He cited the latest bad economic news of jobless claims as another reason for quick action.

He said: "The time for talk is over, the time for action is now."

Republicans and some Democrats have expressed reservations about the growing price tag of the package—more than $900 billion. Senate Democratic leaders hope to have a bill completed by Friday.

Earlier today, Obama warned that failure to pass an economic recovery package could plunge the nation into an even longer, perhaps irreversible recession, as senators searched for compromises to whittle down the enormous bill.

Of course, it could be that the real reason is that Congress and the American people might become more aware of this information from the no-partisan Congressional Budget Office.

President Obama's economic recovery package will actually hurt the economy more in the long run than if he were to do nothing, the nonpartisan Congressional Budget Office said Wednesday.

CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.

In other words, the “stimulus” plan is a long-term drag on the economy. But that doesn’t matter to Obama, Pelosi and Reid – they have left-wing constituencies that need rewarding right now!

Posted by: Greg at 12:16 PM | No Comments | Add Comment
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