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Administration Backers Plead for Patience on Economic Recovery Efforts

Concern is growing that the Obama administration's prescriptions for the ailing economy aren't working because the stock market still continues to collapse, unemployment rates are up and no signs of a turnaround can be seen yet, but the president's supporters say patience will pay off. 

"I wouldn't measure the stock market over the day to day as to how well we're doing. I think that you're going to have to give the president's plans, which are just taking effect this week, some time to work," Sen. Charles Schumer, D-N.Y., said Sunday. 

"It does take some time before things -- before people realize that the substance is actually getting better. My guess is that'll start later this year or the first part of next year, and we're moving aggressively to make sure that it does," said Sen. Evan Bayh, D-Ind.

Peter Orszag, the director of the Office of Management and Budget, said the economy is in a shambles and even the White House's estimates may need to be revised, but it's too soon to consider a sequel to the $787 billion tax and spending plan that passed a month ago.

"I don't think we should be chasing our tail, constantly revising assumptions," Orszag said. "Let's see what happens, let it work. We'll have a mid-session review later in the year. We'll have an opportunity to revise the assumptions at that point."

As the stimulus plan starts to get pumped into the economy, a number of criticisms have been made about the spending bill being offered up by President Obama for fiscal year 2010. 

"We had a plan to stimulate the economy that cost half as much as the president's proposal and would have created twice as many jobs," Republican Minority Leader John Boehner said on CBS' "Face the Nation. 

"And as we look at their budget, it's pretty clear that their budget spends too much. It taxes too much. And it borrows too much from our kids and grandkids. It's time for government to go on this diet. It's time for government to tighten their belt and show the American people that we get it," Boehner said. 

On top of the proposed $3.7 trillion budget, several are questioning the existing budget bill for that has yet to be passed for the remainder of fiscal year 2009, which is halfway finished.

"The budget is a radical, reckless exercise that is scaring the hell out of everybody who is watching this country's financial situation," said Sen. Lindsey Graham, R-S.C.

"We're talking about $480 billion of taxpayers' money loaded down with $8 billion worth of earmark pork barrel projects," Sen. John McCain, R-Ariz., told "FOX News Sunday." "And it is not last year's business. It's money that's going to be spent as soon as the president signs the bill. And he shouldn't sign it. He should veto it and send it right back."

But Orszag said what is reckless are Republican efforts led by Rep. Paul Ryan, R-Wis., to privatize Social Security and Medicare

"The senior Republican on the House Budget Committee has put forward a plan that includes $3 trillion in tax cuts for the wealthy and corporations, a Medicare program, when you turn 65, you'd be handed a check for 80 percent of the cost of health care and then you're on your own; and a Social Security plan in which your Social Security fund would be invested in the stock market. I'm not making this stuff up," he said.

Ryan told FOX News that his plan avoids efforts to "effectively nationalize health care and the energy sector by fall" and privatization would work because it would be voluntary and would've kept older workers in the bond market, not dealing in stocks. 

He said the rate of return on Social Security taxes for his children is estimated at negative 1 percent. 

"Social Security is already telling younger people that the money is not going to be there right now, so let's dispel the illusion" that privatization would be riskier than the government program. 

Schumer and Graham appeared on NBC's "Meet the Press;" Orszag appeared on CBS' "Face the Nation;" and Bayh spoke on ABC's "This Week."

FOX News' Shannon Bream contributed to this report.

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