“You have to look at this bill as not a salvation for the economy by any means. It is simply the largest effort by any legislative body on the planet to try to take government action to prevent economic catastrophe, and even that may be insufficient.”
— House Appropriations Committee chairman David Obey, Democrat of Wisconsin, at a news conference Thursday. House Democrats unveiled a $825 billion stimulus package that calls for $550 billion in spending and $275 billion in tax cuts. Even that may not be enough, in Obey’s view, but without it, the U.S. would face a disastrous recession and 12% unemployment. Developed in partnership with Obama’s top aides, the American Recovery and Reinvestment bill looks to be the most expensive spending plan Congress has ever proposed.
