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Pelosi Promises Major Economic Stimulus In New Congress

Speaker Nancy Pelosi (D-Calif.) promised Friday that Democrats would spend the first week of the next Congress moving an massive economic stimulus package that should include a permanent tax cut for middle-income Americans.

"Our focus for the first week of the new Congress will be to ... introduce a strong recovery package to create jobs," Pelosi told reporters Friday.

Pelosi did not put a price tag on the stimulus, but a counterpart measure in the Senate is worth around $100 billion.

Democratic leaders scrapped their plans to advance a massive spending package before Thanksgiving, once the White House signaled President Bush would not support it. Democrats now plan to move that legislation during their first week under President-elect Barack Obama.

On Friday, Pelosi said her team should complete that package by the time Obama moves into the White House. The package will likely include infrastructure spending for roads, bridges and other transportation projects with a green light, as well as money for food stamps and additional funds for the states facing budget shortfalls.

The more immediate concern is a federal loan for the Big Three domestic automakers.
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