Major Hail Mary From Obama, As White House Prepares For One Last Fiscal Stimulus

There it is. According to Bloomberg, the White House is whipping up a new fiscal stimulus in the form of some kind of temporary payroll tax break aimed at stimulating hiring.
The details are pretty scarce, but there are really two things you need to know.
The first is that Obama is desperate for any kind of fiscal stimulus right now, with the recovery sputtering, and QE2 having failed to accelerate growth.
And the second is that The White House is going to have a heck of a challenge getting this through the GOP-controlled House, given that a) it will add to the deficit and b) it's stimulative, which is exactly the opposite of what they want to see, considering their strategy of wanting to weaken the economy before next year's election.
The news has given after-hours futures a little bit of a pop.
Added: For a little bit more about why this could work, see here.
For the latest investing news, visit Money Game. Follow us on Twitter and Facebook.
Join the conversation about this story »
See Also:
- Obama Administration Trying To Ramp Up Mortgage Loan Reductions To Keep People In Their Homes
- Wow, Richard Koo UNLOADS On Paul Krugman: He Got It Wrong On QE2, And Now Obama Has An Awful Situation
debt management group debt management software debt management uk debt managers ltd