Obama calls economic crisis ‘disaster’

January 31st, 2009 - 4:42 am ICT by IANS  

Barack ObamaWashington, Jan 31 (Xinhua) US President Barack Obama said Friday that the current economic crisis was a “continuing disaster” for the US families and urged the Congress to approve the multi-billion dollar stimulus package.”Today we learned that our economy shrank in the last three months of 2008 by 3.8 percent. That’s the worst contraction in close to three decades,” said the president at a White House gathering.

“This isn’t just an economic concept. This is a continuing disaster for America’s working families,” he warned. “The recession is deepening, and the urgency of our economic crisis is growing.”

Obama said the government can’t drag its feet or delay action much longer.

“They (Americans) need action now. They need us to pass the American Recovery and Reinvestment Plan,” said the president, urging the Senate to approve the $819 billion stimulus package immediately.

“I’m pleased that the House with the urgency necessary in passing this plan. I hope we can strengthen it further in the Senate,” Obama said.

“What we can’t do is drag our feet or delay much longer. The American people expect us to act, and that’s exactly what I intend to do as president of the United States,” he added.

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