Unemployment Extension: Blue Dogs talk tough on second stimulus…

10/23 See Update https://moderateinthemiddle.wordpress.com/2009/10/23/unemployment-update-senate-cloture-vote-on-unemployment-extension-next-tuesday/

Oh boy, some of the Dems are getting in touch with their fiscal conservative side and are talking down the second stimulus, which is a good thing except for the fact that it unfortunately appears to include the UE extension…

If they would just agree to use the unspent stimulus money people would be getting their checks put into the mail already, arrrrgle!!!

Here is Nancy after her economic panel talking big about more job creation measures, but see the blurbs from The Hill this morning below…

Vodpod videos no longer available. The Hill:

…“I think we have just got to get serious about the deficit,” said Rep. Gerry Connolly (D-Va.), the president of the class of freshman Democrats. “I would have to really be persuaded of a dire situation and one that’s getting worse, frankly, to have any enthusiasm for a second stimulus.”

Rep. Baron Hill (D-Ind.), a co-chairman of the 52-member Blue Dog Coalition, said he would have to hear a “very compelling” justification for further adding to the deficit, even for the sake of fostering more job growth. “My constituents, I think, have had it with spending,” Hill said. “And I concur with their sentiments.” Republicans are targeting Hill’s seat in the 2010 cycle.

While the ingredients for another stimulus have not been finalized, House Speaker Nancy Pelosi (D-Calif.) on Wednesday made two things clear: Additional stimulus measures are needed, and Democrats will add to the deficit to pay for them.

Each of the economists who spoke to reporters following the session said everyone in the room had signed off on a strategy of temporarily ignoring the budget deficit for the sake of economic recovery….

Hill said the Blue Dogs have not talked formally about their collective approach to further economic patches embraced by the White House, ranging from unemployment insurance extensions to $13 billion worth of one-time Social Security checks…

October 22, 2009. Tags: , , , , , , , , . Economy, Labor Department, Politics, Unemployment Statistics. Comments off.

Weekly jobless claims rise more than forecast – last week revised higher; Moody’s says US could lose AAA rating without deficit cuts..

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WSJ:

Stock futures pulled back from their early morning highs Thursday as the number of U.S. workers filing new claims for jobless benefits rose more than economists expected last week….

…Weighing on stocks, the U.S. Labor Department said initial claims for jobless benefits rose by 11,000 to 531,000 in the week ended Oct. 17. The previous week’s level was revised from 514,000 to 520,000.

Economists surveyed by Dow Jones Newswires had expected only a slight increase of 4,000, with the report serving as another sign of tough times for the jobs market….

Moody’s tells the WH and Congress to STOP SPENDING (in so many words, lol, we need to get the deficit down and no SANE person would raise taxes in a recessionary, zero job growth environment, right? Bueller? Bueller?!):

The United States, which posted a record deficit in the last fiscal year, may lose its AAA-rating if it does not reduce the gap to manageable levels in the next 3-4 years, Moody’s Investors Service said on Thursday.

The U.S. government posted a deficit of $1.417 trillion in the year ended Sept. 30 as the deep recession and a series of bank rescues cut a gaping hole in its public finances…

October 22, 2009. Tags: , , , , , , , . Economy, Labor Department, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

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