Democratic leaders have pounced on the announcement that yes, the country is officially, statistically in a recession.
But for the first time since this economic meltdown began, Democratic leaders are no longer blaming President Bush or congressional Republicans for everything. Instead, Democrats are using the economic news to try to create momentum for a major economic stimulus package
Majority Leader Harry Reid (D-Nev.) said "today’s announcement that we have been in a recession for the past year is hardly news. " Reid says the package should include middle class tax cuts.
The National Bureau of Economic Research announced today that we have been in recession since December 2007. Here's the official explanation and economic data.
Speaker Nancy Pelosi (D-Calif.) met with members of the National Governors Association this morning and discussed the need for a longer term federal investment with this next economic stimulus package.
"We need more now," Pelosi said. "So you hear people say this is going to be a project of indicative of the 1930s. No, it isn’t. It’s going to be about innovation and about the future, about creating the jobs of the 21st century. " Majority Leader Steny Hoyer (D-Md.) also weighed in, saying that "such legislation should include job-creating infrastructure projects and aid to states forced to cut vital services."
Congressional leaders in both chambers have promised an economic recovery package could hit President Obama's desk by the time he's inaugurated.