Nancy Pelosi open to second stimulus package

WASHINGTON (CNN) -- House Speaker Nancy Pelosi said Tuesday that another stimulus package might be needed to help the ailing economy.

Pelosi, whose comments followed a meeting with several economists, said the measures already taken by the Obama administration are helping to restore confidence in the shaky financial markets.

But "we have to keep the door open and see how this goes," the California Democrat added.

House Appropriations Committee Chairman David Obey of Wisconsin said on Tuesday night he's already instructed his staff to start drafting a second stimulus proposal. Obey said his staff is preparing the outline of a stimulus bill but he cautioned there is no timeline to move on it.

One of the economists in the meeting with Pelosi and other Democrats, Mark Zandi with Moody's Economy.com, said more taxpayer money would likely be needed to bolster the economy.

Another economist, Allen Sinai, chief global economist at Decision Economics Inc., urged patience. But he questioned President Obama's prediction that the $800 billion stimulus package enacted last month would create or save as many as 3 million to 4 million jobs.

"Initially ... the jobs created may be a little disappointing," Sinai said.

Sinai said his analysis showed that about 2.5 million jobs would be saved or created over the next two years and he said it is more realistic to project 3 million jobs over a longer period of three years.

The most recent prediction from the Congressional Budget Office, released last week, estimates the recovery package will create or save from 1.2 million jobs to 3.6 million jobs.

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