Government officials began working Wednesday to pass measures to reform the economy. Nancy Pelosi called for both a stimulus package this month and tax cut next year.
WSJ: 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 job market, and urged the White House, long sceptical 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.
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