President Obama is taking off his gloves in the quest to get his stimulus bill through Congress. He now says we face a potentially irreversible economic crisis, unless Congress passes his stimulus package – and quickly.
Obama's warning came as a group of Senate moderates considered possible cuts to the $900 billion economic stimulus package, as well as a greater focus on tax cuts for business.
Standing before reporters at an energy conference Obama reminded lawmakers that the Republican policies over the last decade led us into the crisis.
The GOP plan mostly centers on cutting in half a 6.2 percent payroll tax on employees, cutting the corporate tax rate to 25 percent from 35 percent and lowering the bottom two income tax brackets to 10 percent and 5 percent, all for one year.
As you probably know the Democratic plan also involves tax cuts as well as spending on massive public works projects involving infrastructure, healthcare education and more – on the order of FDR’s “New Deal.”
Obama has set a Feb. 16 deadline for a final stimulus plan to reach his desk.
And that leads to our Fast Money Reader Poll. Which kind of stimulus plan do you think will get our economy going again?
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CNBC.com with wires