It's the economy, again, stupid

Big surprise: the faltering economy, and the Bush administration's response, is becoming a political football in the presidential race.

Acknowledging the risk of recession, President Bush this morning proposed about $145 billion worth of tax relief, including incentives for business investment and help for individuals. Congressional leaders are working on a broader package that also would include a temporary increase in food stamps and an extension of and perhaps increase in unemployment benefits.

Democrat Hillary Clinton immediately bashed the president's plan, asserting that it "shortchanges the 50 millions Americans who most need an economic shot in the arm."

"For the White House to propose spending over $100 billion to jumpstart the economy, while shortchanging assistance to the 50 million families who are struggling the most and are most likely to inject those funds into the economy makes no sense," she said in a statement. "The Bush approach would fail to fully help the millions of lower income senior citizens who live on fixed incomes and are under enormous financial stress. And it would disproportionately leave out African American and Hispanic families who have, on average, lower incomes than white families."

Democrat John Edwards chimed in, issuing a statement that said, "The economic damage done by Bush and Cheney is deep and long-lasting, and the temporary tax cuts he proposes will not solve it alone. Making matters worse, his plan provides little or no help to some 50 million low-income and middle class families."

Clinton and Edwards, along with fellow Democratic hopeful Barack Obama, have issued their own economic stimulus packages.

The Clinton criticism prompted this missive from the Republican National Committee: "Senator Clinton is clearly more concerned with poll numbers than economic numbers. That’s why Speaker Pelosi didn't even bother to review Clinton's proposal. Clinton can’t be trusted with the economy when she proposes nearly $1 trillion in new spending without explaining how she'll pay for it. She promises to put money in people’s pockets, and then in the same breadth calls for massive tax increases on hard working families. Clinton’s attacks and political pandering will not grow the economy."

Republican Mitt Romney also came to the president's defense.

"Today, the President took an important step forward to jumpstarting our economy by laying out his principles for an economic stimulus package," Romney said in a statement. "We must immediately cut taxes on both individuals and businesses, and address the housing crisis to help American homeowners. Permanent reductions in both individual and corporate tax rates are vital to strengthening the economy in the long term."