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Prospects For A Second Stimulus

The Journal writes up what we can say at this point:

With unemployment still rising, White House economists have discussed whether more economic stimulus will be needed, but they won't make the decision until at least the fall.

Administration officials say they have to wait to see how the economy responds as more stimulus dollars are spent. And as big battles peak this summer and fall on the president's health-care plan, climate bill and financial re-regulation, Mr. Obama wouldn't want to put another fight on Congress's agenda. ...

Administration officials point out that only $53 billion of stimulus funding has been paid out this year as of June 19. That is about 10% of the spending portion of the stimulus measure.

President Obama has promised spending will ramp up quickly over the summer. Some 5,000 transportation projects have been approved, but only 2,000 of them have actually started. Much of the rest will be getting off the ground shortly, White House aides say. ...

On CNBC Thursday, Ms. Romer [Chairman of Obama's Council of Economic Advisers] was pressed on the possibility of a second stimulus. "We'll do whatever it takes," she said.

--Noam Scheiber