Economy & Budget

Rep. Michele Bachmann's (R-MN) legislation to ban U.S. recognition of a global currency has gained 29 co-sponsors in the House.

All Republicans, co-sponsors include a number of prominent conservatives. Among the supporters are former presidential candidate Ron Paul (R-TX), Rep. Jeb Hensarling (R-TX), Rep. Zach Wamp (R-TN), and Rep. Tom Price (R-GA), the chairman of the conservative Republican Study Committee. The legislation has been referred to the House Judiciary Committee.

President Obama's virtual townhall will be underway any minute now. You can watch it here. We'll be posting periodic updates on Obama's answers...

The National Association of Wholesaler-Distributors (NAW) has sent a letter to members of Congress opposing President Obama's proposed budget.

Pleading with members "in the strongest possible terms" to oppose the budget, the letter states that Obama's proposal is "not a budget but a roadmap for unprecedented restructuring of the U.S. economy."

Specifically, NAW takes issue with what the letter describes as "punitive tax increases" on top of an "already progressive tax code."

"These tax increases would have a profound negative impact on the economy," the letter reads, "affecting the successful small businesses which create the preponderance of new jobs every year--the capital they would use to create jobs and make investments will instead be sent to the Federal Treasury."

NAW is also a strong opponent of card-check legislation.

White House Press Secretary Robert Gibbs said today that the Obama administration has no plans for another economic stimulus package at present. He did not, however, rule out the possibility.

"I think the president is going to do what's necessary to grow this economy. But there are no particular plans at this point for a second stimulus package at the moment. I wouldn't foreclose it, but I wouldn't say, at the same time, there's -- we're readily making plans to do so," Gibbs told press above Air Force One today during a Q&A, according to a transcript.

While President Obama scored a political victory by passing the stimulus package less than a month after being sworn in, the plan was "rushed" through Congress, former White House adviser Karl Rove said in an interview on NBC's "Today" show this morning.

"Well it's a great accomplishment -- 667 hours and 10 minutes, that's how long the president has been president, and they got this bill done in less than that time. On the other hand, it was rushed at the end, and, as a result, people's confidence in this bill is necessarily shaken," Rove said when asked if passage of the stimulus drew his admiration.

See video below:

Sen. Arlen Specter's (R-Pa.) decision to join two other Republicans in supporting a compromise stimulus package could hurt him in his home state of Pennsylvania, according to a new poll from Rasmussen.

According to the survey, 40 percent of Pennsylvanians say they are less likely to vote for Specter because of his stimulus support, while 31 percent say they are more likely to vote for him.

Paradoxically, Pennsylvanians support the stimulus by a margin of 47 percent to 41 percent, according to the polling firm.

Rasmussen surveyed 500 "likely voters" Feb. 11 for the poll.

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Sen. Edward Kennedy's (D-Mass.) spokesman confirmed this morning that Kennedy is in Florida continuing his rehabilitation because Senate Democrats will have the 60 votes necessary to pass the stimulus bill when Sen. Sherrod Brown (D-Ohio)

While Congress debates President Obama's economic stimulus package in Washington, D.C., Obama's political team has mapped out citizens' personal stories in support of the bill using a Google Maps function on BarackObama.com.

In total, 16 stories have been posted from citizens in 12 states. Visitors can submit their own stories for potential inclusion.

Formerly Obama's presidentical campaign site, BarackObama.com now serves as a hub for Organizing for America, Obama's effort to support his agenda by encouraging grassroots activism.

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Rep. Lee Terry (R-Neb.) is calling on House and Senate Democratic leaders to televise conference negotiations over the economic stimulus package this week on C-SPAN, contending that American taxpayers deserve full transparency in the stimulus-forming process.

"If we want to be fully transparent and open in this process, I call on the Speaker and Majority Leader Reid to have conference negotiations televised on C-SPAN so all Americans can see the debate on how their money is being spent and then they can decide which plan is better," Terry said today in a statement issued by his office.

Terry sent a letter to Pelosi suggesting that such a move would be in keeping with President Obama's pledges of transparency in government spending.

House and Senate lawmakers of both parties will begin the conference process this week.

President Obama took his pitch for the economic stimulus package to Fort Myers, Fla. today, delivering a speech that hit on similar notes as those sounded yesterday.

"Now, I'm not going to tell you that this plan is perfect," Obama told the crows, borrowing a line from the speeches he delivered yesterday in Elkhart, Ind. and at the White House during his first prime-time news conference. "But I can tell you with complete confidence that a failure to act in the face of this crisis will only bring deepening disaster. Doing nothing is not an option."

Obama promised tax credits to help 195,000 Florida families send children to college as he detailed the tax cuts and spending provisions in his plan.

"This plan will put people to work right now by making direct investments in areas like healthcare, energy, edcation, and infrastructure -- investments that save jobs, create new jobs and new businesses, and help our economy grow again," Obama said, according to prepared remarks.

As Obama was taking questions from the audience, the Senate passed his stimulus package on a 61-37 vote.

The crowd cheered as Obama paused to announce the result of the Senate vote.