Obama team says stimulus is bipartisan

White House spokespersons Bob Gibbs and David Axelrod said that the economic stimulus bill is inspired by thinking from both parties even if it gained only supported by three Republicans, all from the Senate.

Republicans, led by Sen. John McCain, continued to fume over the package and denied that Obama made sincere efforts to negotiate with them.

Obama is expected to sign the bill into law on Tuesday in Denver.

Speaking on the auto bailout, Axelrod said there would need to be "significant restructuring" if automakers are going to continue to receive public funds.

"And that's going to involve concessions on the part of everyone, not just the autoworkers, but shareholders, creditors and, of course, the executives who run the company," Axelrod said. "And that's what we're going to have to see."

Times Online
Obama Aides Claim Bipartisan Success
Washington Post - 10 hours ago
By Michael D. Shear CHICAGO, Feb. 15 -- Senior advisers to President Obama on Sunday defended passage of the stimulus bill in Congress as a bipartisan effort despite the fact that it received only three Republican votes in the Senate and none in the ...
Video: Republicans Still Criticizing Stimulus BillAssociatedPress



Obama targets housing after stimulus victory AFP

Obama scores first victory of presidency

President Barack Obama signed his first major legislation today -- 24 days after his inauguration -- after Congress approved his economic stimulus plan.

The final bill fell a tad short under the amount Obama requested, but fundamentally the president got what he wanted.

A new website -- recovery.gov -- will allow the public to peruse disclosure on where the stimulus money is spent, and to offer comments and suggestions.

guardian.co.uk

Obama Scores Early Victory of Historic Proportions
Washington Post - 1 hour ago
By Michael D. Shear and Alec MacGillis CHICAGO, Feb. 13 -- Twenty-four days into his presidency, Barack Obama recorded last night a legislative achievement of the sort that few of his predecessors achieved at any point in their tenure.
Video: Obama: Stimulus Passage Is a 'Major Milestone AssociatedPress



Congress Approves Protectionist Measure That Could Spark Trade War FOXNews

Obama calls housing crisis urgent

President Barack Obama on Friday said it was crucial to deal with the housing sector crisis. He is expected to soon reveal a plan to tackle the continuing problem of mortgage foreclosures.

"We are going to have to once again live within our means," Obama told the Business Council.

"We need to confront the crisis in the housing sector that has been one of the sources of our economic challenges," he said.

Congress are preparing to pass a $789 billion stimulus bill to help restart the U.S. economy, which has been hit by low consumer and business spending. The plan is expected to create or save up to 4 million jobs.




FOXNews
Winners and losers in the final stimulus bill
CNN - 38 minutes ago
High-speed and inner-city rail: Went from $300 million in House bill to $2.25 billion in Senate to $8 billion in final version. There also is a $6.9 billion provision for public transit.
Video: Stimulus deal reached by Congress




Obama: Crucial to confront US housing crisis Reuters

Obama calls for quick action to deal with economic "perfect storm"

President Barack Obama urged lawmakers to quickly approve a compromise bill in both the House and Senate to avoid further escalation of the economic crisis.

Obama described the economy's situation as the "perfect storm of financial problems."

Yesterday, Wall Street seemed to disapprove of Tim Geithner's plans for spending the remaining $350 billion of financial bailout money. The Dow was down by more than 300 points, but actually it's impossible to say for sure what caused the decline given the amount of bad news that keeps pouring out.

Washington Post

Obama warns of 'perfect storm of financial problems'
USA Today - 2 hours ago
Negotiators from the Obama administration and Congress resume negotiations today to resolve the differences between the economic stimulus plans approved by the House and Senate.
Video: US Senate passes rescue plan RussiaToday



US Congress negotiators to meet on stimulus deal Reuters

Senate approves stimulus bill

The Senate today approved a $838 billion economic stimulus bill with three Republicans aboard for a 61-37 vote. Now the House and Senate negotiators will try to work out a compromise package.

ABC News

Senate Approves Stimulus Plan
New York Times - 4 hours ago
Senator Susan Collins of Maine, one of three Republican senators who voted for the economic stimulus bill, after its passage in the senate on Tuesday in Washington.
Video: Raw Video: Senate Approves Stimulus Bill AssociatedPress



Comment by Allan J. Lichtman Professor of History, American University

Obama stimulus package back up to $820 bn

Senators negotiating the Obama economic stimulus plan have raised the price from $780 billion last night to $820 billion this morning.

Hundreds of amendments to the deal were voted on during last night's marathon session.

The plan is still strongly opposed by Republicans but three GOP senators have crossed over giving Obama just enough votes to get the legislation passed.

Tax cuts will now total about $250 billion down from the original proposed $275 billion. Senate Democrats agreed to cut $100 billion in spending from their original plan.

Leading spending programs include infrastructure projects ($116 billion), education funding ($88 billion) and green energy development ($40 billion).

USA Today

Senate forges deal on $820 billion stimulus
Christian Science Monitor - 1 hour ago
Key elements of the plan: a tax cut of up to $1000 for working couples and a tax credit of $15000 for home purchases. Senate negotiators struck a $820 billion deal on Friday that eases the path for a massive economic recovery program.
Video: Obama Talks Up Stimulus in Weekly Address AssociatedPress



Comment by Adam S. Posen Dep. Dir., Peterson Institute for Int'l Economics