Obama sees 'catastrophe' without stimulus plan

Marketwatch ^ | : 2:39 p.m. EST Feb. 6, 2009 | Robert Schroeder, MarketWatch

[Ernest_at_the_Beach]

Obama, lawmakers seize on jobs report and press for speedy action

WASHINGTON (MarketWatch) -- Seizing on Friday morning's abysmal jobs report, President Barack Obama said the economic crisis threatens to turn into a "catastrophe" without quick action by lawmakers to approve the massive stimulus plan being debated in the Senate.

Speaking at the White House Friday morning, Obama said it was "inexcusable" for the measure to get bogged down "while millions of Americans are being put out of work."

"If we drag our feet and fail to act, this crisis will turn into a catastrophe," Obama said. "The bill before Congress isn't perfect, but it is absolutely necessary," he said.

Obama spoke shortly after the Labor Department reported that nonfarm payrolls fell by a seasonally adjusted 598,000 in January, the largest amount in 34 years. The U.S. unemployment rate jumped to 7.6%. See full story.

Senators were continuing to debate the measure Friday afternoon after wrangling over its size Thursday night. The price tag on the two-year package has swelled to more than $920 billion, over $100 billion more than the version passed by the House last week.

Senators worked Thursday to whittle down the overall cost of the package, aiming at a price tag of about $800 billion.

Senators have been working both to amend the bill and find ways to cut it down. A tax break aimed at home buying alone added $35.5 billion to its overall cost. Another amendment giving tax breaks to buyers of new cars and light trucks pushed the package's price up by an estimated $11 billion.

[verklaring]

Catastrophe? This bill is like punching holes in the bottom of the Titanic when it is all ready sinking.

[shankbear]

We have had catastrophe since Jan. 20, 2009. This Chicago thug bozo will cause more pain than any person in our history.

[Sarah Barracuda]

The Catastrophe already happened..twice..November 4th and January 20th

[Reagan69]

I see a catastrophe in you, BO.

[VA_Gentleman]

I see catastrophe WITH the stimulus plan.

[ridesthemiles]

Drop the Bill
Cut our taxes
Let the public and the economy adjust on it’s own.

Quit giving money to every 2-bit dictator in the world.
Quit supporting people who REFUSE to support themselves.
Kick the Katrina lay-abouts out of free housing and make them work at SOMETHING.

Those of us who have worked all of our lives and paid our taxes timely are sick to death of being told how EVIL WE are.

[Alcibiades]

A quote for the Messiah.

“The only thing we have to fear is fear itself.” — FDR, the orginal media made messiah.

[Las Vegas Ron]

Today is Ronald Regan's B-Day. How fitting it would be to follow his footsteps out of the malaise of 1980

[DoughtyOne]

P O R K U L U S - M A X I M U S
The Friends of the Democrats Relief Act of 2009, 10, 11, 12...
Guaranteed to be less than 2% "non-fat" by volume.

[Cyber Ninja]

Or, more accurately:

"Obama is 'catastrophe' with stimulus plan."

[utahagen]

Obama is overplaying his hand (to put it mildly). This is a compressed version of what is (finally) happening with the Global Warming — excuse me: “Climate Change” — issue: hysterical rhetoric is waking people wake up to the possibility the assertion is baloney.

[alloysteel]

America is SO screwed....

I have suggested it before, and I shall offer this up again - balkanization may be the only way to preserve the American ideal of "land of the free, home of the brave".

What is now the "United States" could conceivably break up into several nations, not necessarily allies of each other.

The old Confederacy, "Redneckia"; Texas (which has a legitimate clame to independence); "Azlatan" (minus Texas); "Cascadia" in the Northwest; Alaska, which is well on the way to becoming independently wealthy; "Heartland", the greater part of the Great Plains, America's Ukraine; "Narnia", the old Rust Belt surrounding the Great Lakes; and "New Europe", the northeast quarter of the country that considers itself too good to dirty themselves with the consumption of carbon for energy.

[the invisib1e hand]

it’ll be a bigger catastrophe with it.

[aruanan]

it’ll be a bigger catastrophe with it.

What he's saying is "People, any way it goes, you're gonna get effed, so just lie back and let me have my way."

[Twinkie]

We are NOT stopping you, Mr. President. You and the Democrats can pass this Porkulus, spread the money around without us stupid Republicans. WHY are you hedging? WHY are you trying to force us to support something that would assure you and the Dhimmicrats immortal glory for decades to come? WHY would you even want to share the glory with us stupid Republicans?

[VA Voter]

These are the 10 Leading Economic Indicators from The Conference Board:

1. Average number of initial applications for unemployment insurance 2. Number of manufacturers’ new orders for consumer goods and materials 3. Speed of delivery of new merchandise to vendors from suppliers 4. Amount of new orders for capital goods unrelated to defense 5. Amount of new building permits for residential buildings 6. The S&P 500 stock index 7. Inflation-adjusted money supply (M2) 8. Spread between long and short interest rates (the yield curve) 9. Consumer sentiment 10. Average weekly hours worked by manufacturing workers

Any stimulus package and/or Government practices that don’t drive these items in 2009 won’t lead us out of the recession in 2009.

[ArrogantBustard]

Bustard sees a catastrophe if this piece of dreck does get passed.

[topfile]

What kind of leader sees failure at every turn.
‘No hope’ Obama is no leader, just a clanging gong
looking and hoping for American despair to justify
his socialist agenda.

[Caleb1411]