Schumer: $500 billion to $700 billion stimulus

Sen. Charles Schumer, D-N.Y., said Sunday that he thinks the economic stimulus package should be between $500 billion and $700 billion.

In an interview with ABC's "This Week," Schumer said, "I believe we need a pretty big package here." He added that Congress is working on getting the economic package to President-elect Barack Obama by Inauguration Day. "I think it has to be deep. In my view, it has to be between $500 and $700 billion, and that's because our economy is in serious, serious trouble."

"It's a little like having a new New Deal, but you have to do it before the Depression. Not after," Schumer added.

Amie Parnes is the Hill’s White House correspondent. They are authors of the forthcoming HRC: State Secrets and the Rebirth of Hillary Clinton (Crown Publishing, Feb. 11), from which this excerpt is adapted.