Wednesday, March 11, 2009

Congress May Need to Fund Another Stimulus, Pelosi Says

The night the House of Representatives passed Stimulus I, we posted "House Passes Stimulus Bill, Saving Either 244 or 188 Jobs":
That was the vote tally with 0 Republicans voting for the bill and 11 Democrats also saying Nay.
On to the Senate.

This bill does not stimulate, so I will be taking prop bets on the size of the next stimulus bill.
We'll open the line at $500 Billion.

And since the betting windows are open, let's try another:
GDP growth in Q2 and Q3 2010 as the politicians try to get elected to the 112th Congress....
The current line is $750 Billion. That would be enough to kick inflation into gear. Stay tuned.
First up, the Washington Post:
House Speaker Nancy Pelosi said yesterday that the federal government may have to spend even more money to shore up the nation's ailing economy, on top of the more than $1.6 trillion so far approved by Congress.

With the jobless rate rising and the economy continuing to slow, Pelosi (D-Calif.) told reporters: "We have to keep the door open to see how this goes."

Pelosi's remarks came after senior House Democrats met behind closed doors with four prominent economists, who praised the actions taken by Washington to ease the effects of a recession that threatens to be the most severe since the 1930s. The $787 billion stimulus package, a $700 billion bailout for the U.S. financial system and President Obama's proposal to stem the tide of residential foreclosures are all sound policies that should begin to make a difference in the coming months, they told lawmakers....MORE

And from the San Francisco Chronicle:

S.F. pushes hard for big slice of stimulus cash

Now that the $787 billion stimulus package is the law of the land, San Francisco is joining the rush of cities and counties lobbying for a big share of the money.

The city is making its pitch in Washington this week with a delegation led by the San Francisco Chamber of Commerce and composed of six members of the Board of Supervisors, top aides to Mayor Gavin Newsom and 55 business and labor leaders.

Their wish list is lengthy: The city has identified more than $2 billion in funding requests for high-speed rail, Muni, broadband access for the city's poorer neighborhoods, health care technology and green jobs. Los Angeles, which also has a delegation in town to lobby, is asking for $6.8 billion.

Much of the stimulus package is being distributed in formula grants, but the city will compete for other pots controlled by federal agencies. San Francisco officials are counting on help from a powerful congressional delegation led by House Speaker Nancy Pelosi, D-San Francisco.

Good timing

"We think our timing could not be better to make a strong case to get San Francisco to the top of the list," said Steve Falk, the chamber's president and CEO.

Pelosi, at an event at Crissy Field in San Francisco last week, pledged that stimulus funds would help fill a $100 million funding gap to finish rebuilding Doyle Drive, the 1.2 mile-long southern approach to the Golden Gate Bridge.

City officials are looking to carve out a piece of the $7.2 billion in the stimulus package for broadband access to extend service to underserved areas, such as Bayview-Hunters Point. San Francisco also is seeking a slice of the $19 billion in the plan to modernize medical records, which could help in the city's efforts to offer universal health coverage....MORE