Obama: 'I Can Imagine' More Stimulus

July 12, 2011 - 1:04 PM

(CNSNews.com) - When talking about infrastructure banks Monday, President Barack Obama said he could "imagine a very aggressive program."

Obama said he’s pushing for a deal on the debt ceiling so lawmakers can move on to tackling targeted job growth, "So that then we can get back to having a conversation about, all right, since we now have solved this problem, that’s not, no longer what’s hampering economic growth. That’s not feeding business and uncertainty. Everybody feels that the ground is stable under our feet. Are there some strategies that we could pursue that would really focus on some targeted job growth, infrastructure being a primary example.”

"I mean, the infrastructure bank that we've proposed is relatively small. But could we imagine a project where we’re rebuilding roads and bridges and ports and schools and broadband lines and smart grids, and taking all those construction workers and putting them to work right now? I can imagine a very aggressive program like that that I think the American people would rally around and would be good for the economy not just next year or the year after, but for the next 20 or 30 years,” Obama continued.

The president’s plan to create a government-run bank that uses federal dollars to fund infrastructure projects is not new. The concept however, may be a tough sell following the Congressional Budget Office’s report that the over $800 billion dollar Recovery Act only saved or created 3.6 million jobs – a price tag of $228,055 per job.

President Barack Obama

President Barack Obama at his 7/11/2011 press conference (AP Photo)

Monday’s statements in support of ‘imagining’ an infrastructure bank were similar to the president’s push for the Recovery act in January 30, 2009 when he said, “We intend to double our capacity to generate renewable energy while redoubling our efforts to use energy more efficiently. We will rebuild crumbling roads and retrofit aging transit systems and renovate ten thousand schools for our children.”

As far back as September of last year House Majority Whip Eric Cantor (R-Va.) was reportedly comparing the infrastructure banking proposal to the stimulus.

"Reports from across the country show that dollars intended for infrastructure improvement in the president's first stimulus are being wasted, so how will his latest be any different?", asked Cantor in a written statement.