Posted by Tina
** WASHINGTON — President Obama used the announcement of restrictions on executive compensation for banks receiving federal aid to remind Congress and the American public who won the election and to push for passage of his recovery plan. In a reprisal of one of the main themes of his fall campaign, Obama answered critics of his proposed stimulus package — saying it was not just a plan for short-term spending… MSNBC **
** President Obama’s economic recovery package will actually hurt the economy more in the long run than if he were to do nothing, the nonpartisan Congressional Budget Office said Wednesday. CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment… Washington Times **
** WASHINGTON A top economic adviser to President Barack Obama said Wednesday that the financial wounds at the center of the economic downturn will require “lots more billions of dollars” to mend. “It’s going to cost more money to deal with this financial crisis,” Paul Volcker, chairman of the president’s Economic Recovery Advisory Board, told members of the Senate banking committee. “It’s going to be lots more billions of dollars.” AP **