Illustrating his belief in the old adage, “you have to spend money to make money,” Fed Chairman Ben Bernanke on Monday said he supported a second round of spending measures to stimulate the economy.
NY Times: “With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture is appropriate,” Mr. Bernanke told the House Budget Committee.
His remarks were his first endorsement of another round of energizing stimulus, which Democrats on Capitol Hill have advocated and Republicans have resisted.
Now all he has to do is convince the President and House Republicans to go along with it.
The White House, which flatly opposed a second stimulus package championed by House Democrats last month, said on Monday that President Bush was open to proposals. But aides to Mr. Bush still expressed scepticism about Democratic ideas that had surfaced so far.
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