Democrats Plan Stimulus Package

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House of Representatives Speaker Nancy Pelosi (D., Calif.) is calling for more economic action from Washington. She hopes to introduce a $300 billion economic stimulus package, in addition to the $700 billion bank rescue passed into law just over a week ago.

Speaker Pelosi expressed concern about job loss in an op-ed piece published this morning in USA Today. She wrote:

"The need for this package is undeniable. America lost nearly 800,000 jobs in the past nine months and 159,000 jobs last month alone. Families throughout the nation are watching as key services -- education, public safety, health care and child safety -- are dramatically reduced."

She has asked the chairmen of key committees in the House to prepare a plan of action, which might include such items as extended unemployment benefits, infrastructure projects and support for struggling state governments.

According to a report in The Wall Street Journal Wednesday, Democrats also have interest in greater regulation in the financial sector. Such regulation would touch banking firms such as JPMorgan (JPM Quote), Goldman Sachs (GS Quote) and Bank of America (BAC Quote) as well as mortgage giants Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote).

Republicans in the House oppose a stimulus package. House Minority Leader John Boehner (R., Ohio) has called the idea a "big government boondoggle." President George Bush has also spoken out against a stimulus package.

With Congress out of session until the Nov. 4 election, nothing is likely to happen in Congress until a new president has been chosen.