CNBC is reporting a Second Stimulus May Arrive by Christmas - I hope it looks different than the last one.

It is being reported that

House Speaker Nancy Pelosi on Wednesday urged passage of at least $61 billion in new economic stimulus funding this month, but said the future of the legislation requires the cooperation of Republicans in the Senate and President Bush.

I am having deja vu all over again! At least $61 billion but discussions are ranging up to several hundred billion dollars. I hate this idea and stated so numerous times last March, including one of my most important stories of the year (I think) Fund roads & bridges NOT mad money stimulus.

A second stimulus package would help lessen the effects of a U.S. recession, many economists -- including the Chairman of the Fed -- agree, but whether Congress can pass one by year's end remains an open question.

Fed Chairman Ben Bernanke boosted a second stimulus package's prospects by arguing in Congressional testimony Tuesday that the likelihood of a protracted slowdown stemming from weak U.S. economic fundamentals, aggravated by the financial crisis, convinced him to support a new round of fiscal stimulus, Bloomberg News reported.

Bernanke underscored that he was commenting only on a potential fiscal stimulus package's economic impact/merits: the decision to approve/reject a package and the composition/form of any package remains the decision of Congress.

Second stimulus check ahead?

What are the chances taxpayers will receive a second stimulus check/tax rebate?

Economist David H. Wang told BloggingStocks Tuesday the worsening economy "appears to be shifting the political winds in Washington and they [elected officials] may very well pass a second stimulus package."

"I think the prospects of a $150-$200 billion stimulus package passing are pretty good," Wang said. "The main problem is unemployment. Retail sales are down and businesses are trimming back payrolls, which means unemployment will continue to rise. Rising unemployment is bad news for earnings and for the economy, so any stimulus package that creates jobs would be a help. The stimulus could also provide a refinance provision to allow homeowners to refinance mortgages with Fannie Mae and Freddie Mac at lower rates of, say, 5.5-7%."

Bernanke's testimony occurred on the heels of a White House about-face on a second package. The Bush Administration is now "open to the idea" of a second package, White House Press Secretary Dana Pirino told Bloomberg News Monday.

Tax rebates are starting to arrive, and many retailers are looking for ways to get your money from you with enticing deals.

When President George Bush prepared for his final State of the Union address, his speech writers definitely had their hands full, with recession fears, and growing impatience over the Iraqi war looming on American's minds. He put on a good face, and did his best to assure Americans that all was OK, but did the American people buy it?

Bush's second term as America's 43rd president has been a rocky road. The President has dealt with low approval ratings, resulting from growing disapproval over the war in Iraq, and most recently the mortgage crisis and slowing economy. Earlier this week, he tried to reassure the country that things were in good shape, and that the country had good things to look forward to in 2008.

The main thing on the minds of most Americans right now is a possible recession getting ready to hit the country. While the President admitted that "growth is slowing," he pointed out that the benefits from a recently agreed upon stimulus package would go a long way to fight off any looming recession.

The package cleared its first hurdle recently with the House of Representatives passing a $146 billion recovery package. Now it moves on to the Senate where its future is a bit more uncertain.