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the problem was underestimated. = we tax the in the first place. the economy it wound up being in far deeper free fall than the white house or anybody recognize. when i talked to the administration economic team, they made clear to me in the beginning that they thought they needed a package $1.20 trillion to make up for the hole that was developed in the private economy. we were facing a $3 trillion multi-year hole in the economy and we were trying to counter that by having temporary, i emphasize temporary, public spending in order to generate the consumer demand that would create a demand for products and help put people back to work until the private economy could recover. what happened then was that in making concessions to conservatives who were nervous about going that route, the size of that package was cut down and when it went to the senate, it was cut down more in order to get republican votes. we went up with a stimulus package about half as large as the package

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