Schumer, Pelosi: Hundreds of billions needed for new stimulus package
David Edwards and Andrew McLemore
Published: Sunday November 23, 2008

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America needs another large stimulus package of up to $700 billion to pull the economy of its current slump, Senate Democrats are saying.

Appearing on ABC's This Week, Sen. Chuck Schumer told George Stephanopoulos that if Congress considers an additional economic recovery package, it must be "pretty big" in order to be effective, Reuters reported.

"It's a little like having a new New Deal, but you have to do it before the Depression. Not after," said Schumer.

Speaking to CBS News on Sunday, House Speaker Nancy Pelosi echoed Shumer's statements, calling for a broad stimulus that would be aimed at creating jobs and could contain a tax cut, BBC News reported.

"Something of several hundred billion would have to be some investment into the future, plus creating jobs immediately, and a tax cut," she said.

Schumer added that the bill could be ready by the time President-elect Barack Obama takes office on January 20. Democratic sources added on Sunday night that the Obama transition team is working with lawmakers to have a stimulus bill passed by both houses of Congress and ready for the President-elect to sign on taking his seat in the Oval Office.

"Most economists say to make this work you need about 5 percent of GDP, which would be 700 billion dollars," Schumer said. "I think we need a large one.

Republican Sen. Richard Shelby appeared on the show with Schumer and said he would support his suggestion "if it would accelerate appreciation, things like that; tax incentives for people to hire, to retool and things like that."

But Shelby also said it was something he would have to see in detail before considering it, The Hill reported.

"Well, I would like to see the details of any stimulus package: what it would do, how it would work, who would benefit from it," said Shelby, the ranking Republican on the Banking Committee. "What we need is to really get the economy going."

This video is from ABC's This Week, broadcast Nov. 23, 2008.

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Pelosi: Stimulus should contain overall tax cut

This video is from CBS's Face the Nation, broadcast Nov. 23, 2008.

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