Big Package Update

Krugman: On the Edge: "A not-so-funny thing happened on the way to economic recovery. Over the last two weeks, what should have been a deadly serious debate about how to save an economy in desperate straits turned, instead, into hackneyed political theater, with Republicans spouting all the old clichés about wasteful government spending and the wonders of tax cuts."

Support For Stimulus Falls: "Slightly more than half the country approves of President Obama's $800 billion-plus stimulus package, a new CBS News poll finds. But support for the bill has fallen 12 points since January, and nearly half of those surveyed do not believe it will shorten the recession."

Obama Starts to Get Testy (GOOD!): "A fired-up Barack Obama ditched his TelePrompter to rally House Democrats and rip Republican opponents of his recovery package Thursday night – at one point openly mocking the GOP for failing to follow through on promises of bipartisanship."

In what was the most pointedly partisan speech of his young presidency, Obama rejected Republican arguments that massive spending in the $819 billion stimulus bill that passed the House should be replaced by a new round of massive tax cuts.

"I welcome this debate, but we are not going to get relief by turning back to the same policies that for the last eight years doubled the national debt and threw our economy into a tailspin," said President Obama – sounding more like Candidate Obama than at any time since he took the oath of office less than a month ago.

Obama, speaking to about 200 House Democrats at their annual retreat at the Kingsmill Resort and Spa, dismissed Republican attacks against the massive spending in the stimulus.

"What do you think a stimulus is?" Obama asked incredulously. "It's spending — that's the whole point! Seriously."

Stabbing hard at Republicans who once aligned themselves with his predecessor, Obama made it clear that the problems he seeks to address with his recovery plan weren't ones of his making.

"When you start hearing arguments, on the cable chatter, just understand a couple of things," he said. "No. 1, when they say, 'Well, why are we spending $800 billion [when] we’ve got this huge deficit?' – first of all, I found this deficit when I showed up, No. 1.

"I found this national debt, doubled, wrapped in a big bow waiting for me as I stepped into the Oval Office."

After his remarks, Obama, clearly caught up in the moment, made the party get-together feel even more like a campaign rally with his signature call-and-response chant.

"Fired up?" he asked the Democratic lawmakers. "Ready to go!" a group of them shouted back.

Let's hope it isn't too little too late. Never should have given them an inch in the first place.