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Obama: US needs economic stimulus plan
(Agencies)
Updated: 2009-01-03 20:39 CHICAGO –US President-elect Barack Obama urged congressional leaders Saturday to move quickly on an economic recovery plan, even as some Republicans are saying they want more time to review the details.
Obama said Congress should pass an American Recovery and Reinvestment Plan designed to create 3 million jobs. The Democratic president-elect hasn't announced a final price tag on it, but aides said the cost could be as high as US$775 billion. "For too many families, this new year brings new unease and uncertainty as bills pile up, debts continue to mount and parents worry that their children won't have the same opportunities they had," Obama said in an address taped Friday and distributed on radio and posted on YouTube Saturday morning.
House Speaker Nancy Pelosi, and Senate Majority Leader Harry Reid, are to receive details on Monday. Obama plans meetings next week with other congressional leaders, including Republican members whose support he will need, and made an effort not to blame his predecessor, President George W. Bush. "However we got here, the problems we face today are not Democratic problems or Republican problems," Obama said. "The dreams of putting a child through college, or staying in your home, or retiring with dignity and security know no boundaries of party or ideology. ... I am optimistic that if we come together to seek solutions that advance not the interests of any party, or the agenda of any one group, but the aspirations of all Americans, then we will meet the challenges of our time just as previous generations have met the challenges of theirs."
Congressional aides briefed on the measure say it's likely to blend tax cuts of US$500 to US$1,000 for middle-class individuals and couples with about US$200 billion to help revenue-starved states with their Medicaid programs and other operating costs. A large portion of the measure will go toward infrastructure projects, blending old-fashioned brick and mortar programs such as road and bridge repairs and water projects with new programs such as research and development on energy efficiency and an expensive rebuilding of the information technology system for health care. "Economists from across the political spectrum agree that if we don't act swiftly and boldly, we could see a much deeper economic downturn that could lead to double-digit unemployment and the American dream slipping further and further out of reach," Obama said. |