Obama Wants $500-Billion Stimulus

You heard it here first.

As we first reported two weeks ago, President-elect Barack Obama is considering a stimulus package in the $500-billion range, which is 3 to 4 percent of GDP.

That's a far larger stimulus package than the $175-billion Obama proposed on the campaign trail. Or the $300-billion stimulus which had been discussed as the upper limit.

Yesterday, Sen. Charles Schumer, chair of the Joint Economic Committee, told me he is pushing for a stimulus package of about 5 percent of GDP in the $500-700-billion range.

Obama's incoming White House senior adviser David Axelrod signaled on "This Week" that the President-elect  "wants a plan big enough to deal with the large challenges." 

But watch for Obama at his news conference today to signal that he would like to see a large stimulus package on his desk by Inauguration Day to sign into law.

--George Stephanopoulos 

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