Schumer: Stimulus Package $500-700 Billion

Sen. Charles Schumer, D-NY, said Sunday that he thinks the economic stimulus package should be between $500-700 billion.

In an interview with ABC's This Week, Schumer said, "I believe we need a pretty big package here," Schumer said, adding that Congress is working on getting the economic package to president elect Barack Obama by inauguration day. "I think it has to be deep. In my view, it has to be between $500 and $700 billion dollars and that's because our economy is in serious, serious trouble."

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