The plan proposed by President Obama, while inadequate, is a step in the right direction, and should be passed by Congress. The macroeconomic lessons of the Great Depression are all too clear, and are being ignored.
At the same time, we must turn our attention to strategic considerations: how do we best facilitate growth in the U.S. economy, while over the longer term balancing government revenues with spending.
See http://www.bloomberg.com/news/2011-09-09/risk-of-worldwide-recession-has... for a background discussion