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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  • by Bob Location: Belhaven on Jan 5, 2009 at 06:43 PM
    Why would the poster worry about veto power. Both Congress and the Senate are Democratically controlled. The "one" is also a democrat so veto will not come into play. I agree completely with Steve, only those that MAKE money through producing something can stimulate the economy. Yes I know its Bush's fault not programs like Fannie Mae and Freddie Mac which were extorted into giving loans to people they knew could not repay them, to buy houses they knew would be foreclosed on. Where will the money come from? The Government does not produce any product so it will come from taxes. You think from those rich people. The upper income people are the ones who own factories that produce products which stimulates the economy. If you take their money by over taxation, they will have to cut back on jobs and production further worsening the economy. Let the "one",rosie,Opra etc. give all their earnings to the "poor" annonimosly not for the publicity. Typing in caps is considered rude!
  • by VBush Location: MHCY on Jan 5, 2009 at 03:52 AM
    Steve; Well Said! A clear concise answer in response to the same old bumper sticker menatlity drivel.
  • by Steve Location: Kinston on Jan 4, 2009 at 07:24 PM
    David, it took me a while to dig through your editorial. Firstly, I would not call 775 Billion dollars(on credit, of course) a small move. Secondly, Obama is a multimillionaire, which is not bad for someone who actually has never held a job of any significance. Lastly, I will expound upon something my fellow advocate said in an earlier post. "you cannot spend yourself into prosperity". I further submit to you that a person spends because he IS prosperous. Government does not make a dime so how can they give you anything? It is truly disheartening watching our "leaders" and elitists take this country to ruin.
  • by David Location: Manteo on Jan 4, 2009 at 02:27 PM
    It is disturbing reading some of these comments. You people just want something to whine and complain about!! Like Ryan said, Bush did absolutely nothing for this country! At least Obama is trying to fix it and he is not even in office yet! Stop complaining so much about stupid stuff and be thankful that Bush is finally gone. Let's give Obama the benefit of the doubt that he is going to get this country back in order. It is not something he can do by snapping his fingers. He has to make small moves. What I do not understand is what good is having a president if everything he wants to do to make this country better, why there is always someone there who is allowed to veto it? Its those money hungry ones in those offices that have the last say and are able to veto the presidents decision because they are scared they might lose a dime from their pockets!
  • by @@@ on Jan 4, 2009 at 11:29 AM
    It seems like a lot of people in America are trying to get in the "Loud Mouth Hall Of Fame" thank God there is more than one opening in the Hall.
  • by Anonymous on Jan 4, 2009 at 09:44 AM
    The sad bottom line is you can give everyone in the entire usa millions of dollars. There will still be poor people. They are going to spend the cash away faster than it would do any good to them. They will need Handouts and it will recycle back to the eco problems again. There is nothing really to do.
  • by ACE on Jan 4, 2009 at 07:49 AM
    To Gunner, Sorry I don't except quotes from President no matter who they are. I look at the President as "THE #1 A/H AMERICAN NOTHING MORE"
  • by YOURBAMA Location: YOURBAMAHOUSE:) on Jan 4, 2009 at 06:54 AM
    I was thinking the way everybody talking about yourbama. that god himself was in office whats wrong now? the ONLY quick recovery is TO get this CLOWN OUT OF HERE :) like the song said "WE SHILE OVERCOME" you ask for it now you got it
  • by Kimo Location: Belhaven on Jan 4, 2009 at 06:16 AM
    We can only wonder where anyone ever got the idea that we can spend our way to prosperity.
  • by NoMoreMoney- Isa broke Location: PGV on Jan 4, 2009 at 04:05 AM
    How soon we forget- 2006 the Senate and House taken over by the demoncrats. Go back to this time and take note how all this "crap" occured. Need more taxes now we got da man prez hussain coming in to assist us. Where the heck is he going to get the money? As the government gives the government will take away. And it won't be coming out of the governments pockets - but ours.
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