I'm not so sure a second stimulus bill will be enacted this year, although Congress will certainly try. President Bush is likely to veto it and receive enough Republican support to avoid an override.

A second stimulus bill has already been sketched out. It would include an extra six months of unemployment benefits, additional money for food stamps, children's health care, and state infrastructure, an increased loss carryback for businesses, and maybe an extension of renewable energy credits that expire at the end of this year.

President Bush sees a second stimulus bill as unnecessary and expensive. Congressional Democrats see a win-win. If they overcome Mr. Bush's objections they get credit for the increased spending, and, if they don't, they get a campaign issue.

Too often, Washington spends more time fighting for political advantage than agreeing on policies that might actually help the economy.