DDay at Hullaballoo:

The stimulus isn't a horrible bill, and there's a lot to like in there, particularly in the energy and health care provisions. But it's certainly Chamber of Commerce-friendly at a time when their member organizations are laying off tens of thousands. Obama has maintained this sugar plum fairy vision of bipartisanship, yet his bill manifestly does NOT value "what works" over ideology. Quite the opposite. It makes room for ideology, conservative ideology, and pre-empts provisions that would work much better in bringing back the economy. Despite a mandate for major new social and economic programs from the public, Obama is still playing small ball. He's responding to Republican hissy fits and teaching them that all they have to do to wring a concession is scream for a day or so and let their media allies whip up a frenzy. He's offering half-measures when they won't do the job.

And then after the Republicans get all the good stuff out of the bill and add their tax cuts, they're intending to vote against it anyway. Win win for them.

Also see Krugman.