WASHINGTON, Feb. 15 (UPI) -- The $787 billion stimulus package passed by Congress may not be enough to completely fix the struggling U.S. economy, experts said Sunday.
Mark Zandi, Moody's Economy.com chief economist, and Google Chairman Eric Schmidt said on "Fox News Sunday" that while the government's stimulus package will create jobs and help the economy, it likely will be just a temporary fix.
"I think the economy is in a very difficult situation," Zandi said. "The difficulties require a larger package, and I think a year from now we probably will be talking about stimulus again, yes."
Schmidt agreed that the package will likely fall short of stabilizing the economy, but said some action was necessary given the ongoing economic downturn.
"The business community wants action now. Customers don't feel comfortable; people are worried about their jobs," the Google executive said.
Schmidt also said Treasury officials and U.S. banks must take immediate action to improve the nation's devastated credit market.
"They need to rebuild trust, they need to get credit flowing again, and it has to occur quickly, over the next few months," he said. "We can't wait six months."
