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Clinton to Unveil $70 Billion Economic Boost | |
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THE PROGRESSIVE REVIEW - January 14, 2008
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Clinton to Unveil $70 Billion Economic Boost
By Janet Hook
The Los Angeles Times
Fearing a recession, she'll seek funds to stem fore-
closures, help pay heating bills, expand unemployment
insurance and - in case of a prolonged slump - offer
tax rebates.
Washington - Amid growing signs of trouble in the U.S.
economy, Democratic presidential candidate Hillary Rodham
Clinton will propose a $70-billion package today to
stimulate the economy and will urge Congress to stand
ready to offer a $40-billion rebate to taxpayers if the
slump continues.
The New York senator's economic package, to be announced
in a speech in Los Angeles, includes temporary measures to
quickly inject money into the economy and help middle-class
families, including housing aid, to stem foreclosures;
energy assistance; and liberalized unemployment insurance.
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The initiative, larger than an economic stimulus proposed
last month by former Sen. John Edwards of North Carolina,
one of her rivals for the nomination, comes as Clinton
is trying to build on her victory in the New Hampshire
primary. The package dovetails with her efforts to appeal
to middle- and lower-income workers, an important part of
the coalition that has backed her in early voting.
"I believe we have a lot of families who are really hurt-
ing," Clinton said Thursday in a telephone interview. "I
think we're sliding toward a recession."
Bipartisan concern about a possible recession, the housing
slump and rising energy prices has been growing. Federal
Reserve Chairman Ben Bernanke said Thursday that the
central bank may be ready to make "substantive" interest
rate cuts to avoid recession. And the White House also is
considering an economic stimulus plan.
The economy - an issue that had been eclipsed on the
campaign trail by the Iraq war - is a matter of increasing
attention for the candidates. Stumping in economically
battered Michigan, which holds its primary Tuesday,
Republican contenders have been talking more about the
issue but not called for a stimulus.
Among Democrats, Edwards has proposed a $25-billion jobs
plan and urged Congress to be ready to pass $75 billion
more upon evidence of a recession.
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Like Edwards' plan, Clinton's approach differs from the
last time Congress - then controlled by Republicans -
enacted an economic stimulus plan. That 2003 law provided
aid to states and tax breaks for businesses and individuals.
Clinton's plan packages new proposals with ideas she has
championed in the past. A memo describing the plan says
it meets her three principles for economic stimulus:
fast-starting, temporary and progressive. The plan is
designed to be immediate and to last only through 2008.
Key elements include a $30-billion fund to help states and
cities stem foreclosures in the subprime mortgage crisis,
and a 90-day moratorium on subprime foreclosures.
She will also propose $25 billion in emergency home-heating
assistance and $10 billion to expand unemployment insurance.
If economic conditions worsen, Clinton plans to say,
Congress should provide $40 billion in direct tax rebates
to middle-class families.
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Clinton began talking about the possible need to stimulate
the economy last month in a speech on Wall Street. But Gene
Sperling, one of her senior economic advisors, said Clinton
moved cautiously before drawing up a plan because of
concerns about adding to the federal deficit with a cash
infusion to the economy.
Most of her campaign promises have included plans to offset
new spending, but her stimulus plan does not.
Sperling said Clinton's decision to offer a plan now came
after recent reports of continuing contraction in the
manufacturing sector and last week's Labor Department
report that the unemployment rate had jumped to a two-year
high of 5%.
Some economists are skeptical that anything other than
Fed interest-rate cuts can effectively avert a recession.
They say Congress often does not manage to pass stimulus
measures until it is too late.
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