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To: Baton who wrote (38411)	11/6/2008 8:28:31 PM
From: Bucky Katt	Respond to of 48461

Helicopter Nancy> Pelosi called for a $60 billion-to-$100 billion stimulus package this month, followed early next year by a companion measure that would include a "permanent tax cut." House Speaker Nancy Pelosi called for a two-stage effort to boost the shaky U.S. economy: a $60 billion-to-$100 billion stimulus package this month, followed early next year by a companion measure that would include a "permanent tax cut." In an interview Thursday, the California Democrat pointed to weakness in the nation's jobs market, and urged the White House, long skeptical of Democratic-led stimulus efforts, to work with Congress in the waning days of President George W. Bush's term. She said the U.S. can't wait for President-elect Barack Obama to be sworn into office. Rep. Pelosi's call for aggressive action came as Mr. Obama scheduled a meeting Friday with members of his economic transition team. Taken together, the twin moves signaled that the flagging economy will receive immediate attention from a Democratic Party fresh off huge electoral wins Tuesday, but anxious about turmoil in the stock market, a shriveling job market and plunging home prices. In the two days since Mr. Obama and congressional Democrats racked up big victories, the Dow Jones Industrial Average has fallen more than 900 points. New U.S. unemployment figures will be released Friday morning. "The economy needs something sooner" than next year, Rep. Pelosi said, adding that any measure enacted in a lame-duck session of Congress this month would be a down payment on additional stimulus enacted later. "Let's see if we can't do something, working together now, that gives us a two-month jump," she said. "We'll take the longer view as soon as we take over in January." In the long term, Rep. Pelosi said a capital-gains tax cut, as pushed by congressional Republicans, should be considered as part of a "tax simplification" bill, not a stimulus package. Rep. Pelosi did stress, however, that the "second piece" of the Democratic stimulus agenda should include a tax cut and would be part of a bill moved early next year. Details have yet to be determined and will depend on further discussions with Mr. Obama. But the speaker prefers a tax cut over a tax rebate. The speaker said a tax cut would have a more immediate impact on the economy, especially if the government speeds dollars into worker paychecks by adjusting tax-withholding tables. "The impact is faster than a rebate, which takes a few months to get into people's hands." Mr. Obama will meet with his top economic advisers in Chicago on Friday, including former Treasury Secretary Lawrence Summers, a top candidate for a second stint at Treasury, former Federal Reserve Chairman Paul Volcker, also a candidate, and Robert Rubin, another former Treasury secretary with an outside chance at a return engagement.