James Pethokoukis points to an item in the Wall Street Journal on Democratic concerns that the timetable for the stimulus may slip as Barack Obama’s transition team fails to deliver its requests on time:
Democratic leaders are increasingly concerned that they won’t be able to offer an economic stimulus package for congressional debate until late January because they haven’t received a plan from President-elect Barack Obama’s transition team.
Democrats initially had hoped to unveil details of the economic recovery package this week and to pass it by Inauguration Day, Jan. 20, so it would be ready for Mr. Obama’s signature soon after his swearing-in. Estimates are that the plan will call for spending as much as $850 billion over two years…
Rep. David Obey (D., Wis.), chairman of the House Appropriations Committee, added, “I had been hoping that the timetable would be this week” for having a proposal in hand.
But Mr. Obey said Mr. Obama’s team, which recently met with congressional committee leaders, is still determining the details of the package it wants.
“The Obama people are still trying to chew through all of that, to decide what they think works and what doesn’t at this stage,” Mr. Obey said.
Once Mr. Obama’s aides come up with a package, he added, congressional Democrats will have to negotiate with them over the details.
“First we’ve got to have some signals called by Obama,” Mr. Obey said. “It’s hard to negotiate with somebody if the other party hasn’t decided what they want out of the negotiations…”
One of the Democrats’ concerns is that when the Obama team does deliver a plan, it might not contain much detail. If it is a broad overview, congressional leaders will have to scramble to flesh it out into a workable piece of legislation…
Greg Mankiw is one economist who has convincingly made the case that a massive spending package is a bad way to try to get the economy moving. The best response is a package of tax cuts. Congressional Republicans must coalesce around an alternative proposal that completely avoids new spending in favor of reductions in payroll taxes, capital gains taxes, income taxes, and/or other taxes — to get the economy back on track.
We’ve also been told repeatedly Barack Obama has set a new standard for quickly assembling a brilliant Cabinet, full of talented and moderate leaders. Yet somehow, this crack transition team can’t stick to the timetable on its number one policy priority. Congressional Republicans — who have been slow to craft a response to the Democrat/Obama proposal — have been granted something of a reprieve. They need to use the next few weeks to craft an alternative to Obama’s inefficient proposal to bust the budget while paying off Democratic constituencies.

Agreed Brian...this should be a no brainer...
Attack Mode Wednesday, December 31st at 3:49PM EST (link)I was going to write about this earlier today when I saw this article…unfortunately my paying job decided I should earn my keep today.
The Congressional Republicans need to pounce on this and have their plan available to the public prior to Obama’s transition team figuring out what they are gonna do. This will allow us to further divide the Dems on this and probably pull in some Blue Dog support. Plus if we get ours out first it will put Obama and the Dems in a position of having to say no to us and display that they have no intentions of being bipartisan.
“Land of the Free and Home of da Whopper” Peter Griffin…Family Guy
conform and celebrate diversity….or else!!!
Steel-Belted Radial Right Winger

“I’ll create 5 million jobs from out of unicorn farts and pixie dust” Justatron paraphrasing Obamessiah…yes I love it that much.
What, they can't find $850 billion of cost-effective projects...
6eorge Jetson Wednesday, December 31st at 4:46PM EST (link)at the drop of a hat?
There’s a surprise.
I hope we don’t do it, as it will be siphoned off by Blago types.
But if, God forbid, we do, an amount that large to be spent on lasting physical projects needs some planning & vetting. Otherwise, we’ll get the Paulson “Here you go” approach.
While I don’t necessarily disagree w/ the strategic decision to tackle the negative multiplier effect of the credit crunch withdrawal by addressing the most basic and easily measurable cause, the level of capital, I’m sure a good portion was siphoned off in the tactical haste to get it done. (No controls, conditions, etc, which a capital provider has the right to demand as terms of the deal.)
Does anybody here know how much equity the US Govt acquired for its $700 billion capital infusion? But for a few examples here and there, I don’t (e.g. 80% of AIG).
So far, it's 1 for 1.
itrytobenice Wednesday, December 31st at 7:19PM EST (link)*Does anybody here know how much equity the US Govt acquired for its $700 billion capital infusion? But for a few examples here and there, I don’t (e.g. 80% of AIG).*
The banks have been required to carry preferred stock on their books at par of the amount received that pays 5% per year for the first 5 years and then 9% per year after that unless the stock is redeemed by the bank.
This gives an incentive to the bank to give Uncle Sam back his money so they only have to pay interest on the money for 5 years.
The problem with America is stupidity. I’m not saying there should be capital punishment for stupidity, but why don’t we just take the safety labels off of everything and let the problem solve itself?
so much for pay GO, I mean there where would
dsmurf Wednesday, December 31st at 6:14PM EST (link)it all go? Good thing I’m not drunk, this could be a fun thread.
Oh yeah save the planet! its warm out here below the snow belt. Please drive your SUVs cuz its cold even by GA norms, and we need all the global warming we can get. How would a Kennedy say it, “SOBs and SUBs for me but not for yooz guyz, got it? Capish?
Republicans, who are they?
Let the Obama/Pelosi/Reid power struggle begin
zuiko Wednesday, December 31st at 6:45PM EST (link)I love the fact that they’ve already started pointing fingers and assigning blame while the guy is still weeks away from being sworn in.
Underlying most arguments against the free market is a lack of belief in freedom itself. - Milton Friedman
Secret Democratic Playbook
6eorge Jetson Wednesday, December 31st at 8:17PM EST (link)Play #1) Offer something for nothing
Play #2) Blame someone else