Posted on 07/11/2009 10:30:17 AM PDT by NormsRevenge
WASHINGTON (Reuters) – President Barack Obama said Saturday more time was needed for his $787 billion stimulus package to work, predicting the spending would have a bigger impact on the economy later this year.
In an advanced text of his weekly radio speech, Obama said the stimulus plan approved by Congress and signed into law in mid-February "was not designed to work in four months -- it was designed to work over two years."
U.S. Treasury Secretary Timothy Geithner said it was too soon to decide whether the U.S. economy needed the help of a second-round of government stimulus to recover from recession.
"I don't think that's a judgment we need to make now, can't really make it now prudently, responsibly," he said in a taped interview with CNN that will air Sunday.
According to a transcript provided by CNN, Geithner said the "biggest thrust" of the stimulus package signed into law earlier this year would take effect in the second half of the year.
Obama's comments follow government data showing the unemployment rate soared to 9.5 percent in June, the highest level since 1983 and above the 8 percent peak predicted by the White House when it worked with Congress to pass the package. Republicans say the stimulus plan is not working.
Obama now warns unemployment likely will top 10 percent in the coming months.
"We must let (the stimulus plan) work the way it's supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity," Obama said.
He said the benefits of the plan would "accelerate greatly throughout the summer and the fall."
(Excerpt) Read more at news.yahoo.com ...
The stimulus will kick in Tomorrow.. Tomorrow Tomorrow
uhh
We're only a day (or year or two uh) awaaaayyyy
why isn’t the media calling this bozo out? Wasn’t the hurried knee jerk reaction to passing it ASAP without ANY debate was because if we don’t, we are going to go to hell in hand basket? YEt it passed and it’s not being used, or used for anything that would actually help the economy.
This is an OUTRAGE!!!!
I've heard enough of the "hope and change" B.S.
At the rate other countries are dumping the dollar there won’t be a tomorrow for the dollar.
there was a site which posted a graph that zero used at a press conference showing what unemployment would look like if his stimulus was implemented- unemployment was suppose to be around 6.4%....then they layered over it what unemployment actually is..
anyone know where it is???
Here’s the problem...California will have to call up DC in the next two weeks and beg out at least fifty billion...to get by for the remainder of the year. Once the other 49 states know that it’s ok to ask for money...they proceed to ask for their money...which will all add up to around $700 billion...strangely enough...what stimulus version 2.0 would have been.
So he can’t proceed on anything until this 50 state deal occurs. You can forget about the carbon bill proceeding out of the senate because this episode will out-rank it. And the med insurance bill? Well...I’m betting that it gets delayed in the house until October. The senate will refuse to discuss the matter this year...and it will sit there until mid January 2010. The money situation in this camp is pretty much finished....I don’t see how they can hand out much more.
As he simultaneously ordered the USPO to start printing more money along with instigating a massive half-trillion dollar tax on ‘rich’ people (e.g., those people that didn’t vote for his sorry ass).
So what are we supposed to do in the meantime? Just stand around leaning on our shovels?
I suspect truth be told he’s on his knees praying to the real God that the economy picks up later this year, because he surely knows his stimulus plan doesn’t actually spend much until very late 2010, 2011, and 2012.
On top of that, he’s implementing new policies that will destroy the economy further. I’ll say one thing, this guy sure has tenacity, destroying things on a roll, despite seeing the negatives piling up all over the place. It’s just his ability and dedication to destroying this nation you can’t help but almost admire. Why he’s so focused, and incredibly good at it. If you wanted this nation destroyed, this was certainly the go to guy.
Once 2011 rolls around and the populace is screwed, it’s going to be interesting to see how he gets that very populace to vote him back in.
I guess he’s always got, “It’s all Bush’s fault to fall back on.” I’m sure that will satisfy his former supporters, when they’ve lost their homes, are hungry, and the car they are living in is being repoed.
Well, by then they’ll be working for ACORN anyway. Mighty oaks from little ACORNS grow. Even that has changed in this age, where weeds are all that seem to grow from them.
Why, oh why is it always referred to the 2nd stimulus?! It will be the 3rd one.
He wouldn't lie to us would he?
And if it doesn’t, do we get to kick yo azz out of office?
Oh? And how is it that in those other "any recesssions", that unemployment recovered without the passing of stimulus packages?
So what’s the hold up? Washington is real good at spending our money. Right? Where is the rest of the $780 Billion?
But yet, most of the spending will not take place till next year....
But yet, ‘we’ had to have the stimulus NOW or we would be doomed to extinction within a matter of days....so.....how does “later in the year” equate to the doomsday rhetoric used to get this massive piece of liberal payoffs spending bill passed, despite polls indicating that the majority of American people were against it? It don’t....
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