Biden: Recovery Plan Is "Off And Running"

"It is worse, quite frankly, than everyone thought it was, and it is getting worse every day," Vice President Joe Biden said about the American economy on CBS' Face The Nation Sunday morning. "There has been no good news," he admitted.

Yet he said that "we are off and running" regarding the stimulus package designed by the Obama administration.

(CBS)

"We have already had a lot of bipartisan support," Biden argued, saying that the bill expected to come out of the Senate includes elements to satisfy (or dis-satisfy) both Republicans and Democrats. "Roughly forty percent of this entire package is tax cuts — that is not what the Democrats wanted — and sixty percent is spending, economic stimulus — not what the Republicans wanted. But we have come a pretty long way already.

"We are trying to get money out of the door as rapidly as possible," Biden said.

Biden noted that during the eight presidencies during which he has been a Senator, he never recalls being called down to a serious meeting about procedures before a new administration even began, as has happened with the Obama administration. He argued that there is a "genuine effort here" for bipartisan cooperation.

On the second $350 billion of the remaining TARP funds, Mr. Biden said that he and President Obama have agreed to dissect the usage of any of these funds. The Vice President was confident that Timothy Geithner will be confirmed as Treasury Secretary on Monday, and that the new administration will "spend more rationally and reasonably and transparently."

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