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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56515)	11/29/2001 12:20:23 AM
From: StanX Long	Respond to of 70976

Senate Bill Cools Fervor for Stimulus By Dana Milbank Washington Post Staff Writer Wednesday, November 28, 2001; Page A09 washingtonpost.com As President Bush renews his call today for legislation to lift the American economy from recession, proponents of an economic stimulus measure and the administration's top economist have concluded that the leading compromise emerging in Congress is unlikely to have much effect on economic growth. The Senate's stalemate over competing stimulus measures, and the emergence of a compromise with only modest tax cuts and spending increases, have cooled the enthusiasm among both liberal and conservative supporters of a stimulus measure. Meanwhile, encouraging economic news has reduced the pressure to act and raised the danger that a stimulus could have the adverse effect of pushing up interest rates as the economy recovers. Even administration economists wonder whether diluted legislation such as the compromise floated by Senate moderates would benefit the economy. "It would be pretty modest, to be honest with you," said R. Glenn Hubbard, chairman of the Council of Economic Advisers. Hubbard said passage of a stimulus was not imperative. "Would the economy recover without it? Of course," he said. "It's a $10 trillion economy."