The White House argued that its $800 billion stimulus plan passed in 2009 would bring down the unemployment rate to 5.6%. And even as Friday’s jobs report showed that the unemployment rate is 7.7%, Democrats and President Barack Obama may push for a new round of stimulus in the fiscal cliff negotiations.
In his initial offer to avert the fiscal cliff, President Barack Obama proposed at least $50 billion a year in new stimulus projects that would essentially offset the spending cuts he proposed.
Rep. Sandy Levin (D-MI), the top Democrat on the House Ways and Means Committee, told The Hill that the stimulus option should be kept open during negotiations.
During the 2012 campaign, RNC Chairman Reince Priebus and Republican presidential candidate Mitt Romney attacked Obama over the limited effect of his stimulus programs. Some of Obama’s false promises are worth revisiting as the administration floats yet another round of stimulus proposals.
When signing the stimulus bill in February of 2009, Obama said the plan “rewards responsibility” and would lift “two million Americans from poverty by ensuring that anyone who works hard does not have to raise a child below the poverty line.”