Pivoting off another day of rough news for Wall Street, congressional Democrats renewed their call for a second economic stimulus package on Monday morning.
“The uncertainty of the future of markets confirms need for another economic stimulus package,” Sen. Carl Levin, a Michigan Democrat, said on a conference call with reporters Monday morning.
“We need to give people confidence that this economy can be restored…People need to see an aggressive government response here.”
Levin and Sen. Sherrod Brown, outlined the contours of the roughly $50 billion package Democrats will be pushing in the coming weeks, which involves a large increase in spending on infrastructure, an extension of unemployment benefits, aid to states facing rising Medicare costs and an extension of alternative energy tax credits, among other proposals.
The lawmakers said they expected the Senate to take up the measure in the next few weeks.
Levin predicted that the recent turmoil on Wall Street may lead to greater support for the plan among Republicans.
“I think [the package] is likely to get significant Republican support,” Levin said. “But whether or not we can get enough support to overcome a Republican filibuster remains to be seen.”
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