Why are waiting to pass a stimulus package? Why not pass it now?

I get the symbolic "cool factor" of passing a huge stimulus package on Obama's first day in office, or the new Congress' first week in office. But judging by what I'm reading, we need something huge, soon, before mass panic sets in. Two interesting points from Nobel-winning economist Paul Krugman in the past couple of days.

1. Krugman is now "getting scared" and thinks the economy is "falling off a cliff." And about a week ago, or so, I saw him on CNBC saying that the economy was in a "free fall." He keeps using this kind of over-the-top, panic-inspiring language. And it strikes me that beneath his hyperbole language is some serious prodding of our elected officials do something huge, fast. He sounds like he's desperately signaling to Washington that whatever is happening isn't coming fast enough and big enough.

2. Krugman has said that it's going to take a while for any stimulus package to really work its way through the economy (you can only build roads so fast). Why wait a month to get this stimulus package passed. Why not pass it now? Obama has a plan, Bush is doing nothing. We can't afford waiting another 6 weeks, as each day's news is sending consumers, and Wall Street, into a greater panic (and guess what that's going to do to consumer and business spending).

Obama wants to sign the stimulus package into law right after he takes office on January 20. I think Congress may need to pass the package now and let the chimp sign into law. And let the Republicans, George Bush included, try to stop the Democrats from passing the package now - and if they do, the Second Great Depression will be forever named the Republican Depression. If the Democrats can muster some of their non-existent backbone (see: Nancy Pelosi caves to lame duck president with 22% approval rating, agrees to gut environmental bill), we can do this now and hopefully stop the economic panic that stole Christmas.

It's getting ugly out there.