Jan 27, 2008 5:00 am US/Pacific
Treasury Secretary Pushes Senate On Economic Deal
WASHINGTON (CBS) ―
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Treasury Secretary Henry Paulson, President Bush's chief negotiator on an economic aid deal, said Sunday the Senate should quickly get behind a plan or risk drawing the resentment of a frustrated public.
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President Bush's chief negotiator on an economic aid deal said Sunday
the Senate should quickly get behind a plan or risk drawing the
resentment of a frustrated public.
The president and House leaders have agreed on a proposal to provide
tax rebate checks to 117 million families and give businesses $50
billion in incentives to invest in new plants and equipment. The goal
is to help head off a recession and boost consumer confidence.
"I don't think the Senate is going to want to derail that deal,"
Treasury Secretary Henry Paulson said. "And I don't think the American
people are going to have much patience for anything that would slow
down the process."
But many senators say they are entitled to their ideas and that they
never agreed to be deferential to the House and the White House on the
final terms. Senate Majority Leader Harry Reid, D-Nev., agreed that the
negotiations should move through the House first, but he and other
senators still want to have input.
The Senate is considering adding such elements as extending
unemployment benefits for workers whose benefits have run out, boosting
home heating subsidies, raising food stamp benefits and approving money
for public works projects.
When asked if such ideas would be deal-breakers, Paulson said he did
not "want to cast a shadow on this rare bipartisan moment."
Paulson negotiated the deal with House Speaker Nancy Pelosi, D-Calif.,
and Minority Leader John Boehner, R-Ohio. The secretary said some of
the elements the Senate is considering may have merit but were excluded
from the current deal to keep it simple and targeted.
"Complexity is our enemy," Paulson said in an interview on "Fox News Sunday."
"I believe that the House leaders were very decisive in keeping it
simple," he added. "And I'm optimistic that the Senate leaders will do
the same."
The president, too, has pushed the Senate to act swiftly. The White
House is trying to strike a balance - respecting the right of the
Senate to influence the legislation, but keeping the pressure on so
that no momentum is lost in giving a boost to a sagging economy.
The administration hopes to start getting rebate checks out in May, assuming that Congress acts in the next few weeks.
Paulson said the economic program would boost job creation, consumer spending and confidence in the stock market.
In another appeal to Congress, Paulson said: "Bipartisan agreement -
implemented - I think will show the American people that Republicans
and Democrats are putting the economic security of the American people
ahead of their own political interests."
When President Bush enters the chamber of the House of Representatives
Monday evening, he'll be delivering his ninth speech to a Joint
Session of Congress, and his seventh and probably final State of the
Union Address.
The economy and the bill are expected to take center stage.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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