The White House is starting to unnerve some in the business community who worry that as the administration races to make good on campaign promises, it is slapping together complicated and haphazard bills that could have unintended consequences for the economy.
"Business leaders are concerned about the pace he's moving and the debt the country is taking on regarding the reforms," Joseph Fortunato, CEO of retailer General Nutrition Centers, told Business Week.
Certainly no one could accuse the administration of being lax: So far, the White House has worked with Congress to pass a huge stimulus effort, revive the banking sector and save the auto industry. Its current agenda includes reinventing health care and creating a cap-and-trade system to fight climate change.
But critics say the result has been "legislative muddle," Business Week reports.
For instance, the $787 billion stimulus program has been criticized as a grab bag that has yet to stem job losses.
"What they got was a bill stuffed with junk," says R. Bruce Josten, the head of government affairs for U.S. Chamber of Commerce.
Obama and congressional Democrats - in their haste to pass legislation and claim political victory - have also cut less-than-ideal, last-minute deals.
For instance, Obama's original plan for the cap-and-trade bill was for greenhouse-gas-producing companies to pay for permits to continue emitting harmful materials. But because this provision would have killed the legislation, the bill was changed to give free permits to utilities, allow farmers to benefit from adding more carbon to soil and let companies buy emissions reductions elsewhere in the world, rather than cut their own. The result is that environmentalists say the bill is watered down, while businesses fear it will lead to higher costs and complex new rules.
