@Thomas,
All depends on one's perspective. If the intent was to insult the President by depicting his color as a chimpanzee, then yes it is racist. There is absolutely nothing in the cartoon to draw that correlation, however, and to make that assumption could in itself be....well....racist.
If the intent was to insult the author of the stimulus package--the authors who were the President and members of Congress--by insinuating that it must have been written by a monkey, then there is an element of humor.
What makes the cartoon unfunny to me is the correlation with the truly tragic incident, unrelated to the stimulus package, that led to the shooting of the chimpanzee. That puts it in the really REALLY insensitive and bad taste category rather than the racist category.