Bonzer Wolf™ (bonzerwolf) wrote,
Bonzer Wolf™

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Obama stimulus plan nears $1 trillion

President-elect Barack Obama is considering a stimulus package that could reach $1 trillion.   In Washington on Wednesday, Obama’s aides said incentives to get the country out of its financial malaise would likely dwarf last spring’s tax rebates and could rival drastic government actions used to fight the Great Depression.  On Wednesday, the Obama transition team confirmed an Associated Press report that the president-elect is contemplating, but has not settled on, an economic-recovery plan that could cost as much as $1 trillion over two years.

Included could be programs similar to those of the Works Progress Administration, an agency created during Franklin Roosevelt’s administration that put millions back to work during the Depression. 

Obama, who has proposed a massive economic recovery plan aimed at creating 2.5 million jobs, said in a news conference on Monday his administration would work on creating long-term solutions for sustained economic growth. 

"Here's what I'm confident about, that our economic recovery plan, our 21st-century investments will create jobs immediately that would not otherwise be created," Obama told reporters.

"We've got shovel-ready projects all across the country that governors and mayors are pleading to fund. And the minute we can get those investments to the state level, jobs are going to be created."

Tags: economy, politics, recession

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