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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.

Early morning preparations continue for President-elect Barack Obama's Inaugural Reviewing Stand on Pennsylvania Avenue in front of the White House in Washington, December 31, 2008. [Agencies]

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.

US President-elect Barack Obama gives a press conference in Chicago, December 2008 file photo.[Agencies]

The nation's economy remains the top challenge facing Obama when he takes office on Jan. 20. The Federal Reserve estimated that lenders were on track to initiate 2.25 million foreclosures this year, more than doubling the annual pace before the crisis set in. One in 10 US homeowners is delinquent on mortgage payments or in foreclosure.

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."

Related readings: Obama, Congress near stimulus deal Obama: Stimulus plan crucial Obama urges Americans to share burden of economic woes

Obama aides had hoped to have an economic plan approved by the House and Senate before Obama takes office. That timeline, though, appears unlikely as time is running out and Republicans have urged a delay to review the plans. Sen. Mitch McConnell, the Republicans' top official, said the plan needs time so that "every dollar needs to be spent wisely and not wasted in the rush to get it spent."

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.