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Sen. Arlen Specter, R-Pa., talks Friday at the Capitol about the compromise stimulus proposal, joined by Sen. Joe Lieberman, I-Conn., Sen. Ben Nelson, D-Neb., and Sen. Susan Collins, R-Maine.(J. Scott Applewhite/AP)WASHINGTON-With a successful Senate vote on his economic stimulus bill in sight, President Barack Obama warned on Saturday that quick action was needed to avoid catastrophe and blamed Republican policies for pushing the country into crisis.In a deal aimed at recruiting a few Republicans, Senate Democrats agreed late on Friday to trim spending proposals and support tax cuts in a $827 billion bill that was to go to a vote on Tuesday.They rolled back an earlier $937 billion proposal by culling what critics, mostly Republicans, called billions of dollars in unwarranted spending. Senators continued debating the proposal at a special session Saturday.
Nancy Pelosi, speaker of the House of Representatives, predicted Obama would have a finished product to sign by mid-February.Obama praised the group of moderate senators from both political parties for coming up with the deal."Democrats and Republicans came together in the Senate and responded appropriately to the urgency this moment demands," he said Saturday in his weekly radio address."In the midst of our greatest economic crisis since the Great Depression, the American people were hoping that Congress would begin to confront the great challenges we face. That was, after all, what last November's election was all about."Obama poured scorn on Republican critics who said the stimulus bill lacked enough tax cutting measures and pointed his finger at the polices of his Republican predecessor George W. Bush."We can't expect relief from the tired old theories that, in eight short years, doubled the national debt, threw our economy into a tailspin, and led us into this mess in the first place," Obama said."We can't rely on a losing formula that offers only tax cuts as the answer to all our problems while ignoring our fundamental economic challenges."
Nancy Pelosi, speaker of the House of Representatives, predicted Obama would have a finished product to sign by mid-February.Obama praised the group of moderate senators from both political parties for coming up with the deal."Democrats and Republicans came together in the Senate and responded appropriately to the urgency this moment demands," he said Saturday in his weekly radio address."In the midst of our greatest economic crisis since the Great Depression, the American people were hoping that Congress would begin to confront the great challenges we face. That was, after all, what last November's election was all about."Obama poured scorn on Republican critics who said the stimulus bill lacked enough tax cutting measures and pointed his finger at the polices of his Republican predecessor George W. Bush."We can't expect relief from the tired old theories that, in eight short years, doubled the national debt, threw our economy into a tailspin, and led us into this mess in the first place," Obama said."We can't rely on a losing formula that offers only tax cuts as the answer to all our problems while ignoring our fundamental economic challenges."
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