Obameconomy

UPDATE: A reader has drawn my attention to a Politico piece that the stimulus package, as currently constituted, would benefit China. I've said before Defense spending would be immediate and effective and American. Marathon Pundit yesterday as well, highlighting the F-22A stealth, which hangs in the balance. Illinois suppliers to the F-22 program include Saint Technologies in Shannon and the Hamilton Sundstrand facility in Rockford. ***Notwithstanding Obama's speech today, Why Obama Will 'Own' the Recession--James Pethokoukis. And Mick on the mother of all earmarks.

And GOP reaction, crafting an alternative:

A small group of House Republicans is meeting on Thursday afternoon to craft an alternative economic stimulus package.

This is the second meeting of the select working group, headed by House Republican Whip Eric Cantor (Va.), in as many days.

A Republican leadership aide explained that the minority wants to be ready with proposals to share with the Obama administration.

"We don't just want a list of talking points," he said.

GOP members who were in the meeting included Reps. Cantor, Kevin McCarthy (Calif.), Jeb Hensarling (Texas), John Campbell (Calif.), Chris Lee (N.Y.), Judy Biggert (Ill.), Dave Camp (Mich.), David Dreier (Calif.), Thaddeus McCotter (Mich.) Kevin Brady (Texas) and Peter Roskam (Ill.).