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Read more with google mobile : Obama urges spending jolt to avert 'severe' recession
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Obama urges spending jolt to avert 'severe' recession AFP - Friday, January 9 FAIRFAX, United States (AFP) - - US president-elect Barack Obama on Thursday warned that only immediate and massive spending to jolt the world's largest economy could avert a deep recession and double-digit unemployment. The economic costs of not launching a huge stimulus even in the face of a budget deficit forecast to top one trillion dollars this year could be far worse, he said. "I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible. If nothing is done, this recession could linger for years," Obama said, as he prepares to take office on January 20. He warned that if nothing were done "the unemployment rate could reach double digits ... Our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world. In short, a bad situation could become dramatically worse." Despite a Democratic majority in both the Senate and House of Representatives, Obama will need to sell the stimulus package to a Congress where Republicans have expressed strong opposition, complaining of opacity and open-ended promises in the stimulus while questioning how much of the huge sums would actually trigger growth. The non-partisan Congressional Budget Office (CBO) has forecast the US government deficit will reach a record 1.2 trillion dollars in the current fiscal year ending in September. That is more than double the 438 billion dollars (321 billion euros) in the last fiscal year and amounts to a whopping 8.3 percent of gross domestic product -- its highest level since World War II. And that sea of red ink does not take into account Obama's stimulus plans, which Democrats in Congress hope to adopt by mid-February. In his speech at George Mason University in Washington's Virginia suburbs, Obama said the stimulus spending "will certainly add to the budget deficit in the short-term. "But equally certain are the consequences of doing too little or nothing at all, for that will lead to an even greater deficit of jobs, incomes, and confidence in our economy," he said. "We cannot depend on government alone to create jobs or long-term growth, but at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe," Obama said. "Only government can break the vicious cycles that are crippling our economy -- where a lack of spending leads to lost jobs which leads to even less spending; where an inability to lend and borrow stops growth and leads to even less credit. In a bid "to get people spending again," Obama promised that 95 percent of working families would get a 1,000 dollar tax cut under his plan, which he said would also save of create three million jobs. "This recovery and reinvestment plan will provide immediate relief to states, workers and families who are bearing the brunt of this recession," the president-elect said. He also pledged to double US production of alternative energy in three years, as part of a raft of proposals to drag the economy out of recession. "To finally spark the creation of a clean energy economy, we will double the production of alternative energy in the next three years," he said. "A world that depends on the strength of our economy is now watching and waiting for America to lead once more. And that is what we will do." Obama earlier told CNBC, when asked about the price tag for the plan, that "we've seen ranges from 800 (billion dollars) to 1.3 trillion and our attitude was that given the legislative process, if we start towards the low end of that, we'll see how it develops." The CBO said the budget was under worsening strain from slumping tax revenues allied to higher social spending and a 700-billion-dollar bailout for Wall Street initiated by the administration of President George W. Bush. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Most Popular – Top Stories Viewed Marks & Spencer to axe 1,230 jobs and close 27 stores Israel approves tougher war on Hamas Finance fights sex for Aussie dictionary honour Pink iguanas discovered on Galapagos Islands Shares skyrocket as Porsche takes over Volkswagen View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular
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Friday, 9 January 2009 - Obama urges spending jolt to avert 'severe' recession