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Another debt ceiling debacle could sink the economy

Last year's Congressional debt standoff hurt consumer confidence more than the collapse of Lehman Brothers, Betsey Johnson and Justin Wolfers write. This time could be worse.  Read more at Counterparties  

Paulson says mulling $140-150 billion stimulus plan

Treasury Secretary Henry Paulson listens during a news conference at the Treasury Department in Washington December 6, 2007. Paulson said on Friday that the government was considering a $140 billion to $150 billion stimulus package, and swift action was needed to safeguard the economy from a downturn. REUTERS/Jonathan Ernst

Treasury Secretary Henry Paulson listens during a news conference at the Treasury Department in Washington December 6, 2007. Paulson said on Friday that the government was considering a $140 billion to $150 billion stimulus package, and swift action was needed to safeguard the economy from a downturn.

Credit: Reuters/Jonathan Ernst

WASHINGTON | Fri Jan 18, 2008 12:34pm EST

WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said on Friday that the government was considering a $140 billion to $150 billion stimulus package, and swift action was needed to safeguard the economy from a downturn.

"While I am confident in our long-term economic strength, the short-term risks are clearly to the downside, and the potential cost of not acting has become too high," Paulson said at a news conference.

He declined to give specifics on the stimulus package under discussion, but said a significant part would be in the form of tax relief for consumers.

(Reporting by Emily Kaiser; Editing by Tom Hals)
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