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[[Image:Stim1.jpg|thumb|380px|Cartoonist Chuck Asay summarizes the debate]]  

[[Image:Stim1.jpg|thumb|380px|Cartoonist Chuck Asay summarizes the debate]]  

The economists were pessimistic, predicting the economy would shed another 2.8 million jobs over the next 12 months after the presidents program was passed.<ref>uThe Unemployment rate climbed to 9.5% in June 2009, then hit 10,2% in October, as the GDP fell at an alarming -6.4% annual rate in the first quarter of 2009.</ref> Economists see a one-in-six chance that the U.S. will fall into a depression, defined as a decline in per-person GDP or consumption by 10% or more.  They gave equally poor marks to the efforts of other countries to end the recession.

The economists were pessimistic, predicting the economy would shed another 2.8 million jobs over the next 12 months after the presidents program was passed.<ref>The Unemployment rate climbed to 9.5% in June 2009, then hit 10,2% in October, as the GDP fell at an alarming -6.4% annual rate in the first quarter of 2009.</ref> Economists see a one-in-six chance that the U.S. will fall into a depression, defined as a decline in per-person GDP or consumption by 10% or more.  They gave equally poor marks to the efforts of other countries to end the recession.

The economists, however, were broadly supportive of the Federal Reserve. Over 85% agreed that its proliferating lending programs are well-designed, well-executed and helping the economy.

The economists, however, were broadly supportive of the Federal Reserve. Over 85% agreed that its proliferating lending programs are well-designed, well-executed and helping the economy.

==Senior Staff==

==Senior Staff==

Bill Daley replaced [[Rahm Emanuel]] as chief of staff in early 2011; Emanuel retired under a cloud to run for Mayor of Chicago after allegations that favors were promised to Rep. [[Joe Sestak]] in the [[Jobsgate]] scandal; [[Robert Gibbs]] was ousted as press secretary in the wake of the disasterous [[2010 Midterm elections]]; Gregory Craig was dispatched in less than one year as White House counsel after the botched handling of the Guantanamo closing and was replaced by Robert Bauer;<ref>http://www.time.com/time/politics/article/0,8599,1940537,00.html</ref> old Chicago friends [[Valerie Jarrett]] remained while [[David Axelrod]] fell victim the midterm White Hoiuse shake up and returned to Chicago to head up fundraising for Obama's 2012 election bid.

Bill Daley replaced [[Rahm Emanuel]] as chief of staff in early 2011; Emanuel retired under a cloud to run for Mayor of Chicago after allegations that favors were promised to Rep. [[Joe Sestak]] in the [[Jobsgate]] scandal; [[Robert Gibbs]] was ousted as press secretary in the wake of the disastrous [[2010 Midterm elections]]; Gregory Craig was dispatched in less than one year as White House counsel after the botched handling of the Guantanamo closing and was replaced by Robert Bauer;<ref>http://www.time.com/time/politics/article/0,8599,1940537,00.html</ref> old Chicago friends [[Valerie Jarrett]] remained while [[David Axelrod]] fell victim the midterm White Hoiuse shake up and returned to Chicago to head up fundraising for Obama's 2012 election bid.

In private White House strategy sessions Dana Milbank of the ''[[Washington Post]]'' reported Emanuel was bitterly opposed the effort to close the Guantanamo Bay prison early, arguing that it wasn't politically feasible. Obama overruled Emanuel. Emanuel fought against the plan to send [[Khalid Sheik Mohammed]] to New York for a trial. Emanuel lost. On health care Emanuel argued for a smaller bill with popular items that could win [[Republican]] support and opposed the public option as a needless distraction. Obama disregarded that strategy and sided with Congressional liberals who hoped to ram a larger, less popular bill through Congress with Democratic votes only. Milbank writes,

In private White House strategy sessions Dana Milbank of the ''[[Washington Post]]'' reported Emanuel was bitterly opposed the effort to close the Guantanamo Bay prison early, arguing that it wasn't politically feasible. Obama overruled Emanuel. Emanuel fought against the plan to send [[Khalid Sheik Mohammed]] to New York for a trial. Emanuel lost. On health care Emanuel argued for a smaller bill with popular items that could win [[Republican]] support and opposed the public option as a needless distraction. Obama disregarded that strategy and sided with Congressional liberals who hoped to ram a larger, less popular bill through Congress with Democratic votes only. Milbank writes,

==112th Congress (2011 - 2013)==

==112th Congress (2011 - 2013)==

After the drubbing the president's party took in the [[2010 Midterm elections]] and ouster of [[Nancy Pelosi]] as [[Speaker of the House]], Obama solicited former President [[Bill Clinton]] for advice on dealing with the new [[Republican]] majority. President Clinton endorsed extending the "tax cuts for the rich" of former President [[George W. Bush]], which lowered rates for everyone below the level of President Clinton's tax hikes. Obama followed Clinton's counsel and signed on to extending the Republican across the board tax reductions including a 2% "payroll tax holiday", or reduction in the amount of Social Seurity withholding taxes from workers paychecks.

After the drubbing the president's party took in the [[2010 Midterm elections]] and ouster of [[Nancy Pelosi]] as [[Speaker of the House]], Obama solicited former President [[Bill Clinton]] for advice on dealing with the new [[Republican]] majority. President Clinton endorsed extending the "tax cuts for the rich" of former President [[George W. Bush]], which lowered rates for everyone below the level of President Clinton's tax hikes. Obama followed Clinton's counsel and signed on to extending the Republican across the board tax reductions including a 2% "payroll tax holiday", or reduction in the amount of Social Security withholding taxes from workers paychecks.

Longtime Chicago friend and operative [[Rahm Emanuel]] resigned under a cloud of suspicion surrounding the [[jobsgate]] scandal, and was replaced by [[William Daley]].  Many other "Clinton retreads", as the press dubbed them, were also brought back into government. One crtic observed, "Mr. Obama failed to notice that President Bill Clinton saw his strongest period of [[economic growth]] only after his [[Clinton health care plan|health-care takeover]] and [[stimulus bill]]s were defeated, welfare rolls were pared, the capital gains tax was cut, and the budget was balanced."<ref>http://online.wsj.com/article/SB10001424052748703983104576262763594126624.html?mod=djemBestOfTheWeb_h</ref>

Longtime Chicago friend and operative [[Rahm Emanuel]] resigned under a cloud of suspicion surrounding the [[jobsgate]] scandal, and was replaced by [[William Daley]].  Many other "Clinton retreads", as the press dubbed them, were also brought back into government. One crtic observed, "Mr. Obama failed to notice that President Bill Clinton saw his strongest period of [[economic growth]] only after his [[Clinton health care plan|health-care takeover]] and [[stimulus bill]]s were defeated, welfare rolls were pared, the capital gains tax was cut, and the budget was balanced."<ref>http://online.wsj.com/article/SB10001424052748703983104576262763594126624.html?mod=djemBestOfTheWeb_h</ref>