WASHINGTON, Jan. 24, 2009
Obama Pushes Plan To Stop Economic Slide
First Address As President Promotes Basics Of Stimulus Package, Says Actions Taken On Economy Must Be Bold, Quick
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President Barack Obama discusses his economic stimulus plan in his weekly address, January 24, 2009. (whitehouse.gov)
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Play CBS Video Video Obama Pushes Stimulus Package President Obama called on congressional leaders to pass his economic stimulus package. Obama especially wants Republicans on board but some have serious issues with the plan. Chip Reid reports.
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Video GOP, Dems And The White House President Obama met with Democratic and Republican Congressional leaders at the White House this morning to discuss his economic stimulus plan.
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Video Obama's Economic Briefings President Obama will receive daily economic briefings, White House Press Secretary Robert Gibbs announced during his first press conference.
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Special Report First 100 Days Follow the Obama administration as it gets to work after the inauguration.
It was the latest appeal from the new president for a massive spending bill designed to inject almost $1 trillion into the economy and fulfill campaign pledges.
As lawmakers consider an $825 billion plan and Obama woos them, he used his first radio and Internet address from the White House to update the public about his goals.
"Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four. And we could lose a generation of potential, as more young Americans are forced to forgo college dreams or the chance to train for the jobs of the future," Obama said in a five-minute address.
"In short, if we do not act boldly and swiftly, a bad situation could become dramatically worse."
Along with the speech, Obama's economic team released a report designed to outline tangible benefits of the plan and shore up support.
Aides said they wanted people to understand exactly what they could expect if Congress supported the proposed legislation.
The United States lost 2.6 million jobs last year, the most in any single year since World War II. Manufacturing is at a 28-year low and even Obama's economists say unemployment could top 10 percent before the recession ends. One in 10 homeowners is at risk of foreclosure and the dollar continues its slide in value.
That harsh reality has dominated Obama's first days in office. He scheduled a meeting late Saturday morning with his economic team.
A day earlier, he invited Democratic and Republican leaders to the White House to hear their ideas on the economy. At that visit, he did not share the details he released Saturday.
Many of the goals in the speech and report were familiar from Obama's two-year campaign, such as shifting to electronic medical records and investing in preventive health care. Other parts added specifics.
Obama's recovery package aims to:
The plan would spend at least 75 percent of the total cost - or more than $600 billion - within the first 18 months, either through bricks-and-shovels projects favored by Democrats or tax cuts that Republicans have pushed.
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There is heavy emphasis on public works projects, which have lagged as state budgets contracted. Governors have lobbied Obama to help them patch holes in their budgets, drained by sinking tax revenues and increased need for public assistance such as Medicaid and children's health insurance. Obama's plan would increase the federal portion of those programs so no state would have to cut any of the 20 million children whose eligibility is now at risk.
I understand that skepticism [about the size and scale of the plan], which is why this recovery plan must and will include unprecedented measures that will allow the American people to hold my Administration accountable for these results.
President ObamaObama's plan would also provide health care coverage for 8.5 million people who lose their insurance when they either lose or shift jobs.
"It's a plan that will save or create 3 to 4 million jobs over the next few years" and recognizes "there are millions of Americans trying to find work even as, all around the country, there's so much work to be done," he said.
But he cautioned again against expecting instant results: "No one policy or program will solve the challenges we face right now, nor will this crisis recede in a short period of time."
By Associated Press Writer Philip Elliott
© MMIX The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
More From 100 Days: Economy
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- Correct me if i''m wrong but isn''t abortion a voluntary
thing? I mean does someone put a gun to these stupid women and say kill your baby or I will kill you? I don''t think so. As soon as women quit going for an obortion, then abortion will go away - Reply to this comment
- Yeah check out your bible. people used to throw live babies into the fire to appease the so-called god molech....
Posted by Obamagasm
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The days of the bible have passed, we now have a new religion...
"Economics"
It is not a science, but a philosophy. A faith based religion with no more grounding in facts than any other religion. It is pure theory, with no better a record of predicting events than Nostradamous.
The whole basis for the creation of "Economics" was an attempt to provide some false sense of comfort to the masses whose lives were affected by events they could not control. They same as any other religion. And like every other religion, it is often the priests of economics who have led the people into ruin.
The economy runs in cycles; bust follows boom and none of the economic prophets ever really know when that will come. They just keep admonishing the people to have faith and all will be made right. Hallelujah! - Reply to this comment
- The devil is sure glad that the days of molech are back!
The Now enforced ban is to his liking.
The so-called Christian Obama is happy to! Because he lifted the ban!
Yeah check out your bible. People used to throw live babies into the fire to appease the so-called god molech.
God told them that this is an abomination!
Yeah check out your bible. people used to throw live babies into the fire to appease the so-called god molech.
Again God told them that this is an Obamination! - Reply to this comment
- Listen. I need to tell you a secret!
Abortion help online was voiced from a surprise guest sharing an alternative to abortion. Listen very carefully.
Please help me I am a baby thrown into the garbage can; they missed sucking out my brains but my arm has been cut off. I am trying to find comfort here but all the babies in here with me are dead. I crawl crying and cannot cuddle in this cold can with no one. My Predatory mommy did not want me and now another dead baby has just been thrown on me. Please somebody love me by saving me before its to late.
This is a live telecast!
This is truly a representation of Obamas love!
Does he love you too? - Reply to this comment
- How can the government ''help'' the economy when it is government intervention (massive deficit spending, manipulation of interest rates, inflationary printing of dollars, etc.) that CAUSED the problem in the first place?
Lest anyone realize it, the US govt is essentially bankrupt. There is a $10 TRILLION federal debt, in addition to the estimated $75 TRILLION in future debt obligations to entitlement programs.
And Obama promises even MORE deficit spending? - Reply to this comment
- Sure you haven''''t liar.
Posted by Jes
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No I haven''t. He is never on tv and I don''t listen to talk radio of any sort. I don''t have cable tv. 5 channels is enough tv to suit me. I try to live within my means.
You can call me a liar, It''s still a free country. but everyone that reads my comments here know that lying isn''t my style.
And I rebuke your spirit in Jesus name. - Reply to this comment
- Obama is trying to scare the heck out of everyone,
Posted by Credibility2
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Not really...we saw it coming didn''t we. He said what he was going to do and he is doing it. The problem is, the people that voted him in wasn''t actually listening to what he was saying. - Reply to this comment
- Getting back to basics when it comes to borrowing would help the country more than anything. Just because someonelives in America does not mean they have the right to a $200,000 home, or a brand new car, or a tv in every room. Every child in the country does not need a new Wii anditisok to repair and reuse. Get back to some basics America. Learn to say no to walmart, finance companies and credit cards.
- Reply to this comment
- You''''re just another Rash Limpballs idiot.
Posted by Jes
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Actually I have never listened to Rush L.
You must be saying he has some good ideas. Maybe I should listen...
I don''t listen to talk shows though. - Reply to this comment
- You also can''''t get taxes out of the unemployed. You can''''t get retail spending out of the newly-foreclosed. Posted by ddaryl1
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You can''t?
Unemployment benefits have taxes taken out of them.
Drop that tax!
We all go to Walmart and spend some of that money and pay taxes on it AGAIN. Newly foreclosed still spend money.
If you still have your house, there is STILL property TAX that you are expected to come up with.
Hey...what is wrong with SUSPENDING all these taxes so that we can afford to pay our mortgage!!?
THEN the banks will get their money and will have money to LEND other people!!!
No giving money to banks just so they can hand it out tightfistedly is not the answer. STOP TAXING the people to death!!!
NO, you can''t get blood out of a turnip, but when there are so many socialist programs out there handing out money, and the TAXES ARE STILL BEING paid with that money, then the problem does NOT GET FIXED.
SUSPEND THE TAXES, not just cut them. One little instance...
Our governor suspended the gas tax for just one summer and the people were sooooo grateful. They could use that money for FOOD instead of getting to work. - Reply to this comment
Author Thomas Friedman on Obama's Afghanistan plan and the war on terror.
