1/Zach has the history right (again). I doubt the current political leadership read the book where Summers et al explained what they did, unless they look at borrowed copies. Here it is: https://t.co/4gyFiagaj3

2/ But the summary is that Summers, Geithner, Orszag, Emanuel agreed on telling Obama and Biden in December 2008 that about $800b was an adequate stimulus. Would lower unemployment just below 8% by late 2010. Romer thought $2.1T or $1.7T was needed to achieve full employment.

3/ They wouldn't let her make the case in writing for $1.2T because her number could leak. The reasons for $800b were: they wanted the bill passed by February, so they could move on to health care reform and cap and trade; they had no ways to spend more;

4/ spending more might kick off inflation or cause markets to fall for fear of inflation; that might lead to more bank runs; more bank runs might require a second TARP so they couldn't ask Congress for too much for recovery; Pelosi would give them whatever they asked

5/ for but they didn't think they could get the needed 1 or 2 R Senators quickly if they asked for more; they wanted 60 but had only 58 D Senators; popular "moonshots" or signature items in the package would take too long (Biden asked for that);