Schumer expects stimulus in place by March 1

Sen. Charles Schumer (D-N.Y.) said Sunday he is optimistic that an economic stimulus package can be “done, signed and ready to go by March 1.”

“I think both sides of Pennsylvania Avenue, both parties, realize our economy is headed south in a significant way and we need relief,” said Schumer, the chairman of the Joint Economic Committee, adding that “partisan fights and dithering” would only worsen the situation.

{mosads}Speaking on Fox News Sunday, the senator noted that the White House and the majority party in Congress agree “that the centerpiece of such a plan should be tax relief particularly aimed at middle income people.”

However, Schumer also indicated that Democrats would make sure that a likely tax rebate would not just go to the wealthy.

“I’m not going to draw any lines in the sand, but I think an unbalanced package that says to those making $30,000, $35,000, $40,000, even $50,000, ‘You get very little or nothing,’ and somebody making $200,000, $300,000, $400,000, ‘You get the whole rebate,’ doesn’t make much sense from either a fairness or economic point of view,” Schumer stated.

The senator noted that Democrats are open to accept tax relief for business as part of a package as long as such a measure would have a quick impact on the economy.

“There’s a real spirit of compromise in Washington right now, a spirit of let’s get together, put away the bipartisan differences, because the economy is in poor shape,” Schumer said when asked whether Democrats could accept some of the things President Bush wants to see in the stimulus package.

Schumer praised Bush for listening to the pleas of Democrats and not go into specifics when he outlined his plan for such a measure. The senator said this “showed a good deal of good will” on the part of the president.

House Ways and Means Committee Chairman Charlie Rangel (D-N.Y.), who appeared on ABC’s This Week with George Stephanopoulos, also touted a spirit of cooperation between the Bush administration and Democrats in Congress.

“I don’t know any Democrat or Republican in the House or Senate or the executive branch that won’t agree that we have to agree,” Rangel said, that “absolutely nothing” is off the table as the negotiations are beginning.

“We got to get it done, and we got to get it done speedily,” Rangel said, indicating the urgency of the situation. “We have to.”