Obama calls for ‘urgent’ action on $825-billion-stimulusJanuary 17th, 2009 - 6:44 am ICT by IANS
Washington, 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.
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