Wednesday, January 7, 2009

Speaker Nancy Pelosi is warning fellow House Democrats that failure to pass massive economic recovery legislation by mid-February would lead to more job losses and economic pain.

Pelosi on Wednesday was stressing the infrastructure and energy components of the stimulus package in remarks to the House Democratic Steering and Policy Committee.

Congress and President-elect Barack Obama have begun working on legislation that includes new spending and tax cuts expected to cost nearly $800 billion over two years.

In remarks prepared for delivery, Pelosi says that focusing on the price tag alone ignores the cost of inaction and "the real payoff" — job creation and more income for the government down the road.