Obama team considering over 600 billion-dollar economic-stimulus plan

December 13th, 2008 - 6:12 pm ICT by ANI  

Barack Obama

Chicago, Dec.13 (ANI): US President-elect Barack Obama’’s economic team is considering an economic-stimulus program that could be in excess of 600 billion dollars to be used over a period of two years.
According to a Wall Street Journal report, sources close to the Obama camp said with the unemployment rate now expected to hit nine percent without aggressive intervention, Obama aides and advisers have set $600 billion over two years as “a very low-end estimate.”
The final number is expected to be significantly higher, possibly between 700 billion dollars and a trillion dollars over two years.
Obama has said the package will include an initial tax cut and a massive infusion of funds for roads, bridges, water systems, school repair, spreading broadband access, promoting health-care information technology, improving energy efficiency in buildings, renewable-energy projects, and assisting struggling state and local governments. But the balance of those projects is still under debate.
Transition spokeswoman Stephanie Cutter denied any decisions have been made on the scope of the plan.
Christina Romer, who will lead Mr. Obama’’s Council of Economic Advisers, is also surveying economists, trying to build political consensus around a larger number before it is presented to Congress in early January.
The process of putting together the package is now far enough along to bring the president-elect into the mix.
The economic team will brief Obama next week, largely about the size of the package. Discussions are still under way about content. (ANI)

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