Folks, it works much better for Obama right now to be hearing more complaints from Democrats than Republicans over his stimulus plan, and this is
not about appeasing Republicans.
Lurking underneath the near-term fears of the slowdown is the long-term concern that we will spend ourselves into a terminal debt hole, make that the
Democrats will spend us into a terminal debt hole. This is a political point, and you might say, "Obama should just do what's right," but politics is an inevitable part of the process. That's why he would never come out of the box with something costing a trillion dollars (nor will he sign off on a package that meets or exceeds that politically poisonous amount).
Supporting these fears is a real concern that we won't be able to raise the amount of debt that those who would turn the Democratic Congress into Santa Claus want them to spend. See the attached article on China's dimished appetite for our Treasuries, and it turns out they have their own $600 billion plan to pay for
http://www.iht.com/articles/2009/01/07/business/yuan.phpSo Obama's opening bid is $775 billion, with about 40% of that allocated to tax cuts that Congressional Democrats aren't thrilled with.
He will spend more, but only after making the Democrats scream for it.
He will be the adult in the room, but only after the Republicans launch their counter-offensive and come out in favor of tax breaks for the yachting industry and giveaways to oil companies. He is counting on both sides to overplay their hand, and one side, the Democrats, have already started to come through for him.
When it's all said and done, don't be surprised if we're somewhere in the neighborhood of $900 billion, and Obama looks like a real President, because he will have beaten back the most excessive demands of his own party. I expect he will have outsmarted his ex-congressional colleagues, and it won't be the first time.