Obama: Country Needs Economic Stimulus Plan

In the face of a massive economic crisis and just two and a-half weeks away from moving into the White House, President-elect Barack Obama is urging congressional leaders to move quickly on a recovery plan.

During his weekly radio address, Obama argues economists from across the political spectrum agree that failing to act quickly and
boldly could lead to "a much deeper economic downturn" that includes "double-digit unemployment."

Obama says his plan is designed to create 3 million jobs. Congressional aides briefed on the measure say it's likely to blend tax cuts of $500 to $1,000 for middle-class individuals and couples with about $200 billion to help revenue-starved states. A large chunk would also go to infrastructure projects.

Republican leaders have been stressing that they want time to look over the plan, which could cost as much as $775 billion.

House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid
will be getting the details on Monday. Obama also plans to meet with other congressional leaders from both parties next week.

(Copyright 2009 by The Associated Press. All Rights Reserved.)


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