Nancy Pelosi, speaker of the US House of Representatives, has said that congressional Democrats are preparing a massive economic recovery bill in the range of USD 600 billion, blending immediate steps to counter the slumping US economy with longer-term federal spending on infrastructure such as energy efficiency projects.The California Democrat yesterday said that economist Mark Zandi of Moody's Economy.com had recommended to Democrats an economic stimulus in that range, including USD 400 billion in infrastructure and USD 200 billion for tax cuts."I think that we will find some level of consensus in that range," Pelosi said.Pelosi said congressional Democrats already are "hard at work" writing a stimulus measure to pass next month. It is expected to combine tools like tax cuts and help to states suffering from big budget deficits with infrastructure projects like road and bridge repairs.Items like tax cuts, aid to states and an extension of unemployment benefits for the long-term jobless can inject money into the economy fairly quickly. Most infrastructure spending takes longer.Pelosi also suggested other projects such as investments in new energy technologies and energy-efficient buildings, improving the US electricity grid, expansion of broadband Internet to underserved areas, and investments in information technology for the US health care system."It will be a forward-looking, an economic recovery package for the future," Pelosi said. "This is not a 1930s public works project."
