For support on stimulus, Obama willing to bend
WASHINGTON -- President Obama's economic stimulus plan grew to nearly $900 billion in the Senate on Tuesday, even as Republicans who have criticized its size prepared major efforts to slash spending.
The measure, which Obama wants on his desk by Feb. 16 to jump-start the economy, faces at least a week of Senate debate and amendments. One would slash tens of billions of dollars. Another could lower homeowners' mortgage payments by offering 4% interest rates.
As the Senate added an $11 billion provision Tuesday to give tax breaks to buyers of new cars, Obama made the rounds of network and cable television stations to promote the need for immediate action. "If we don't do it quickly, then I fear we are going to see a continuing deterioration down the road," he said on NBC.
On CNN, he acknowledged the economy "keeps me up at night."
In a sign the public-relations push will only increase, the administration made plans for some U.S. mayors to be in Washington on Wednesday, meeting with White House officials and conducting interviews. That coincides with the release of a White House report breaking down how each state might benefit from the stimulus package in terms of jobs, unemployment benefits, tax cuts and education funding.
The rapid but partisan progress Obama made last week — winning House passage of an $819 billion package without a single Republican vote — will change in at least one way this week. The Senate is going much slower, but with the possibility of some GOP support in the end.
On Wednesday, the president will meet at the White House with Maine Republican Sens. Susan Collins and Olympia Snowe as well as moderate Nebraska Democrat Ben Nelson — three senators who represent the middle ground in the 100-member body. Collins and Nelson want to eliminate much of the spending on future investments that, they say, won't create jobs immediately.
"I am working with my colleagues … on a bipartisan, compromise plan that would result in a smaller and more targeted bill that would help get our economy back on track," Collins said.
