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Fact Sheet: Experts & Editorials Support Bipartisan Stimulus Plan

THE EXPERTS

Douglas Elmendorf
Analyst at the Brookings Institution
'Almost everyone who earns income will receive some benefit...The idea is to target the money on the people who will spend a large share of it, and to target it on people who are likely to be hurt by an economic downturn.' [AP, 1/26/08]

Robert Reischauer
President of the Urban Institute; Former Director of the Congressional Budget Office
'This is pumping a lot of money into the pockets of people who are likely to spend it and spend it quickly.' [Hartford Courant, 1/25/08]

Mark Zandi
Chief Economist and Co-founder of Moody's Economy.com, Inc.
'This is a very positive, big step.' [New York Times, 1/25/08]
 
Richard DeKaser
Chief Economist for National City Corp.
'It is no doubt positive for the economy...It's a serious stimulus package, and I have little doubt its effect will be meaningful.' [Christian Science Monitor, 1/25/08]
 
David Wyss
Chief Economist at Standard & Poor's
'Most stimulus packages have been totally useless in the past because they didn't get through Congress until the recession was already over...This time we may be moving quickly enough to actually make a difference.' [AP, 1/28/08]

Lawrence H. Summers
Professor at Harvard's JFK School of Government; Treasury Secretary in Clinton Administration
'It is a much needed and very constructive step...It will provide some confidence. But policy-making will need to be on standby, because more may be needed.' [New York Times, 1/25/08]

Gus Faucher
Director of Macroeconomics at Moody's Economy.com
'These are people who are pretty budget-constrained, so when they get these checks they're going to go out and spend it pretty quickly...That is going to benefit the economy.' [St. Louis Post Dispatch/AP, 1/25/08]
 
Robert Dye
Senior Economist with PNC Financial Services
'It is appropriate and good policy now to be trying to stimulate the economy...They're trying to inject a little medicine into this ailing economy.' [Pittsburgh Tribune 1/28/08]

Roberton Williams
Research Associate at the Tax Policy Center
'The fact that the federal government is doing something, between this and (Tuesday's) 0.75 point interest rate cut, it gives a psychological boost to the economy.' [St. Louis Post Dispatch/AP, 1/25/08]


THE PAPERS

Newsday Editorial, 'Bush, House right on tax rebates to help economy'
'...President George W. Bush and House leaders were right to forge a quick compromise on a fiscal stimulus package aimed at averting or softening the looming economic crisis. The speed of the bipartisan compromise announced last week underscored the urgency of the government to act to stall a slide in the economy - and to show domestic and foreign markets, and American voters, that it is doing so...the Senate must show as much determination as Bush and Pelosi did in moving quickly to address the nation's worst economic crisis in a quarter century.' [1/28/08]

Ocala Star Banner (Florida) Editorial, 'Washington gets it together on stimulus, finally'
'With the $150 billion economic stimulus plan agreed to on Thursday, we Americans finally got two things we have long pleaded for from Washington: quick action and bipartisanship...The good news about the planned fiscal injection, which the House is expected to approve early next month, and which has President Bush's support, is that it primarily benefits the working and middle classes, those who have been most squeezed by the economic contraction... this plan does offer a little help to working families who have been long neglected by our economic policies. And for that, and for working together and working quickly, Washington deserves some applause.' [1/26/08]

News Tribune (Tacoma, Washington) Editorial, 'Stimulus, nothing but stimulus - and right now'
'The single most important ingredient of the economic stimulus package now before Congress is speed...President George W. Bush and the Democratic leadership of the House clearly understand this. Bush and House Speaker Nancy Pelosi have already agreed on a measure that would put $100 billion directly into the pockets of American consumers and give businesses $50 billion in tax breaks for investing in job-creating plants and equipment. It's simple, and it promises to do the job.' [1/27/08]

San Bernardino County Sun (California) Editorial, 'Stimulus package needs fast action'
'...Congress and the White House are moving quickly and in a bipartisan manner on an economic stimulus package...The deal negotiated by House Speaker Nancy Pelosi, Republican leader John Boehner and Treasury Speaker Henry Paulson appears to be a good one. It's a relatively uncomplicated measure that would provide tax rebate checks to 117 million families and $50 billion in incentives for business to invest in new plants and equipment. The package should provide a stimulus to the flagging economy as intended. Simply knowing that such a shot in the arm is coming by late spring will encourage some needed economic optimism.' [1/27/08]

Jackson Citizen Patriot (Michigan) Editorial, 'Tax rebates could head off recession'
'It looks as though President Bush and Congress soon will pump some $150 billion into the faltering economy. Stumbling stock prices, rising unemployment and disappointing business results all hint at a possible recession...Today, the country needs this stimulus. Wise spenders will pay down debts or continue paying mortgages. Businesses should see a ripple effect from extra spending and from tax breaks. It should restore some confidence in the economy -- and confidence that Democrats and Republicans can continue solving problems together... We look forward to seeing Congress and the president complete their work quickly, and for checks to arrive in the mail within a couple of months. If this plan heads off a recession, it will have been a sound investment.' [1/27/08]

Appleton Post Crescent (Wisconsin) Editorial, 'Economic stimulus short-term solution'
'In a rare bit of bipartisan teamwork, House leaders quickly moved on a measure last week that would provide rebate checks to 117 million families and $50 billion in incentives to businesses to invest in new plants and equipment. Treasury Secretary Henry Paulson says the rebates would pump $150 billion into the economy... If people feel the economy isn't going down the tank, they're more willing to spend or invest. For families, the rebates include an additional $300 per child, so a two-income family of four could ostensibly see $1,800 in the mailbox...A stimulus package that gets money straight into the hands of working Americans seems the quickest way to accomplish that.' [1/27/08]

Washington Post Editorial, 'A Stimulating Plan'
'The pact announced yesterday by President Bush and House Speaker Nancy Pelosi (D-Calif.) is, in that sense, a pleasant surprise. Their negotiations swiftly arrived at a set of tax rebates that would, if promptly enacted, channel hundreds of dollars to individual low- and middle-income consumers. They also agreed on some business investment incentives that are less likely than the rebates to have a stimulative effect but are less damaging, in terms of the deficit, than other tax cuts the White House might have demanded...'[1/25/08]
 
Philadelphia Inquirer Editorial, 'Stimulus Package'
'President Bush and Congress came up with a welcome example of bipartisanship yesterday by reaching a deal to give the U.S. economy a financial booster shot...' [1/25/08]
 
Mercury News (California) Editorial, 'Economy Needs More than Rate Cut and Rebate'
'...it's nice to see a rare outbreak of bipartisanship in Washington, where the Bush administration and congressional leaders are cooperating to come up with a $145 billion stimulus package by mid-February. The anemic economy could use this one-time spending boost from tax rebates and tax breaks.' [1/25/08]

USA Today Editorial, 'Stimulus plan may ease pain, but it's no economic cure-all'
 'Their stimulus package, unveiled Thursday, would put cash in the hands of the non-wealthy, slash taxes on businesses and take steps to ease the housing slump.... a moderately sized and mostly temporary package like this can be valuable when the economy is slowing. Given the possibility of a severe downturn, erring on the side of action is a prudent move to moderate the human misery.  .. this fiscal package could flush money into the system and help forestall a vicious cycle of people cutting back on spending because of recession fears, which would cause the economy to slow even further.'   [1/25/08]

Kansas City Star Editorial, 'A welcome boost for a weakening economy'
'With credit markets shaky and fears of a recession growing, the Federal Reserve wisely responded earlier this week with a dramatic cut in short-term interest rates. Given the current economic concerns, however, further action is required in Washington. The compromise package worked out between the House and the Bush administration moves in the right direction. The deal, announced on Thursday, promises to give the economy a needed boost through tax rebates and other measures...It is irresponsible for Washington to borrow more money when the economy is booming, as this newspaper has often pointed out. During more difficult and uncertain times, however, some deficit spending can be justified to pump up the economy and ease the strain on those who have only limited resources.' [1/25/08]