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University Professor Lawrence H. Summers testified today before the Joint Congressional Economic Committee, telling lawmakers that prudent fiscal stimulus measures are necessary to help stave off a serious, long-term recession in the United States.
"There is sufficient weakness in the economy to justify stimulus legislation now with provision for rapid implementation," Summers remarked. "The major problem with past stimulus efforts is that the stimulus has come too late. If stimulus is to be timely, it should be delivered promptly."
Summers called for an immediate economic stimulus package in the range of $50-75 billion, to be followed, if conditions warrent, by a second stimulus package of similiar size. But any stimulus program, he testified, should be "timely, targeted, and temporary."