President Bush and the economy
Posted: Tuesday, January 22, 2008 10:58 AM by Domenico Montanaro
Filed Under:
White House, 2008, John Yang
From NBC’s John Yang
What could be President Bush's most significant event today isn't on his public schedule: A meeting this afternoon with the bipartisan congressional leadership. It was scheduled last week, so Bush can brief lawmakers on his Middle East trip. Secretary of State Condoleezza Rice and members of the Senate Foreign Relations and House Foreign Affairs committees will attend.
But coming amid turmoil in global financial markets -- blamed on growing fears of a U.S. recession and, by extension, a lack of confidence that Bush's vision for an economic stimulus package will be able to prop up the lagging economy -- administration officials begrudgingly acknowledge that the economy might -- just might -- come up in the conversation. (Gee, ya think?)
There's no coverage planned of the meeting, though congressional leaders will likely stop to talk to reporters on their way out. Bush could have some words on the topic when he appears before cameras with Treasury Secretary Hank Paulson in the Roosevelt Room to announce a Presidential Advisory Council on Financial Literacy. The time: 4 p.m., just after the closing bell of what could be a bumpy session on Wall Street.
NBC’s Ken Strickland and Mike Viqueira report that Treasury Secretary Hank Paulson will be on the Hill to talk with House leaders (at least) in advance of the White House meeting. House Speaker Nancy Pelosi has said she wants to have in mind an idea of a framework of a stimulus package going into the White House meeting. But details from the Senate side will likely have to wait until lawmakers get back to town later this week. In addition, Congressional Budget Office Director Peter Orszag will testify before the Senate Budget Committee at 10 a.m. today, where he'll surely be asked about the economy, the chances of recession and what a stimulus package ought to look like.
At her off-camera, on-the-record gaggle, White House Press Secretary Dana Perino would not rule out making the stimulus package bigger or changing the mix of who would benefit. "There will be a lot of details that have to be worked out," she said.
The White House is now allowing the pool into the top of the meeting with congressional leaders at 2:40 p.m. in the Cabinet Room.
Perino would not put a time frame on getting the package through Congress, but said it would be a matter of "weeks, not months. … We believe we will be able to act quickly and swiftly with Congress."
