Today the Fed announced that it would inject another $1 trillion into mortgage backed securities and Treasury securities. Given the unprecedented level of money that the government is pumping into the economy to address various aspects of the economic crisis, this news is not as shocking as it would have been just six months ago. While a lot of conservatives have argued that spending to revive the economy would force Obama to pare down his ambitious domestic agenda, the reverse might be true. With the public so used to hearing these big numbers thrown around, they may become desensitized to the point where spending $634 billion — or even $1.5 trillion — to expand government health care no longer seems like a big deal.
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