"I don't see how that's going to cover the cost of the financial system bailout, let alone the auto industry," said economist Mark Zandi of Moody's Economy.com, who predicts the administration will need to ask for an additional $350 billion this year or early in 2010.
Congress members are unlikely to welcome such a request, particularly Republicans already concerned about runaway government spending.
"If they come back, it will not be a surprise," Sen. Bob Corker (R-Tenn.) said. "As to how that's received, I think it will be based on the way things are carried out in the interim."
More clarity about how the Obama administration is spending the stimulus and other money would help with Congress, Posen said. Much of the backlash on Capitol Hill stems from how the Bush administration sold the $700-billion bailout last fall as necessary to buy toxic assets, then changed direction to inject money into banks.
"I am hopeful if the Obama administration goes to Congress and says explicitly, 'This is what we need and this how we're going to use it,' Congress in the end would get a majority to support it," Posen said.
The administration has promised more transparency in its spending and last week launched the website Recovery.gov so people could track stimulus spending.
And Monday's summit is intended to highlight fiscal accountability and restraint amid the blizzard of cash flowing out of Washington.
Obama and Vice President Joe Biden will "lead a frank discussion on how we can address the long-term fiscal problems facing this country," White House Press Secretary Robert Gibbs said.
About 130 people will attend, including Zandi and other economists; Democratic and Republican congressional leaders; and business and labor officials. The event will feature discussion groups led by senior administration officials focusing on major economic challenges, such as healthcare and Social Security.
"The summit's a first step in the process of beginning to lay out how we can bring down the deficit and put our economy back on sound financial footing," Gibbs said.
But before the deficit can come down, it will probably continue to rise in what's shaping up as a drawn-out war against the recession, economists said.
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jim.puzzanghera @latimes.com
