Obama calls for ‘urgent’ action on $825-billion-stimulus

January 17th, 2009 - 6:44 am ICT by IANS  

Barack ObamaWashington, Jan 17 (DPA) US president-elect Barack Obama Friday called for urgent action to stem the country’s economic decline, lending his backing to a $825-billion stimulus package introduced by lawmakers a day earlier.But Obama warned that even with a massive injection of public cash into the world’s largest economy “things could get worse before they get better.”

“I want everybody to be realistic about this,” Obama said in a speech at a factory in Ohio.

Democratic leaders in the House of Representatives Thursday unveiled the details of the $825-billion stimulus, which includes $550 billion in public spending and $225 billion in tax relief.

Obama, who takes office Tuesday, said the year-long recession in the US was “unlike any we’ve seen in our lifetime.” It had “never been more urgent” to act to halt the economic slide.

Tags: , , , , , , , , , , , , , ,

Posted in Politics |