There are two ways the government can stimulate the economy. One is through monetary policy(the federal reserve) and another is fiscal policy(taxing and spending by Congress). The cake is baked on fiscal policy. Any new spending or middle class tax relief is almost certain to blocked and what remains of the stimulus is likely to be cut to the bone by Republicans after the November elections.
The other way to stimulate the economy is fiscal policy. The federal funds rate cannot possibly go any lower at a record low .15% and the fed balance sheet increased by almost four times in 2009 and early 2010 to record $2 trillion.
The only other thing the fed could possibly do at this point that would have a noticable impact on the US economy would be if they simply used their power of the printing press and print money to pay off about half or more of the national debt.
This would do many things. One would be to put more money in people's hands. Another would be to increase the rate of inflation to avoid what is likely to be a long, scary deflationary spiral. A recovery usually needs around 4%-5% inflation at its start to get things going. Right now, we are barely over 2%.
People dont seem to realize how threatening deflation actually is. With deflation, people and businesses will hoard their cash because it will get more valuable. With inflation, people will spend their money quickly and surge the economy because they believe it will get less valuable the more they hold onto it.
The fed needs to do something along these lines and fast before its too late.