President Obama pushes hard for $900 billion stimulus

President Obama, who heretofore has maintained his bipartisan tone, unambiguously castigated Republicans for voicing 'support' of bipartisanship while they simultaneously complain about government spending, a long-standingl rhetorical tactic that plays well with conservatives..

"I value the constructive criticism that is a foundation of American democracy," Obama is quoted by Bloomberg News as saying.. "But what I have also said is don't come to the table with the same tired arguments and worn ideas that helped create this crisis."

President Obama also singled-out Republicans for not recognizing his broad support among the American people as a result of his overwhelming presidential election victory, and for foolishly expressing 'shock' at the fact that the fiscal stimulus bill involves spending.

"The Republicans say 'it's not a fiscal stimulus bill, it's a spending bill,' That's the whole point. To provide stimulus," Obama said, to large, partisan-audience applause, CNN reported.

Political / Economic Analysis: Going into Thursday, Congressional Republicans had been somewhat successful in their effort to portray the fiscal stimulus package as being filled with 'needless government spending,' - - a criticism some moderate Senate Democrats say the House Democrats generated for Obama by adding about $60-90 billion in 'pet' programs. The 'pets' technically are not earmarks, but also are not, strictly speaking, the infrastructure spending needed to generate jobs that Obama said would be the bill's focus.

Senate Majority Leader Harry Reid, D-Nevada, told The New York Times reported Thursday night he believed the Democrats, would secure at least the two Republican votes they need to pass the bill. Sixty votes are needed to pass it, due to the 60-vote rule that cuts off filibusters, a debate tactic used to delay legislation. The Democrats hold 58 seats in the Senate, but 1 Senator is out, Sen. Edward M. Kennedy, D-Massachusetts, due to an illness.

Bottom Line: Look for the Senate to vote on and pass a modified $800-850 billion bill - - with some pet programs removed and a tax cut or two added - - on Friday or by early next week. (The bill would then go to a House / Senate conference committee.)

If Senate Republicans protest too long, they are playing with political fire. President Obama is fresh off a large electoral victory, and the short-term forces (issues) favor this agenda and his policies. The U.S. economy is a pronounced recession, the American people elected Obama to fix it, and they are giving him the chance to do so. If the Senate Republicans persist, they will be deemed obstructionists to a popular Democratic president - - a designation that will get many Senate Republicans in two-party competitive states voted outed of office in 2010 - - and that would grant Obama an even larger legislative majority to implement more economic reforms.
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Financial Editor Joseph Lazzaro is writing a book on the U.S. presidency and the U.S. economy.