Obama Has Votes Now to Pass Stimulus Plan

During his economic speech today titled "The Need for Urgent Action on an American Recovery and Reinvestment Plan" President-elect Barack Obama urged congress three times to pass an economic stimulus package without delay.

He's been just as adamant with bipartisan Congressional leaders on the need to act quickly.

What we saw today was the President-elect essentially giving a State of the Union-type of address on the economy -- even before he is officially President-elect.

It's all because the economic crisis facing the nation is so unprecedented.

If he is successful, he will have passed probably the largest piece of legislation of his presidency in his first 30 days.

We've never seen anything like this before.

He's going to run into a fair amount of skepticism in Congress on this stimulus package.

But he's also done a fair amount of work to get buy-in from both Democrats and Republicans.

About 40 percent of this package will be tax cuts -- which has gone a long way to soften some Republican opposition.

They might be opposed to many other parts of the plan such as some of the spending proposals.

Democrats and Republicans that I talk to on Capitol Hill say that Obama certainly has the votes he needs in the House and likely already has 60 votes in the Senate.

But his goal is to get it up to 80 Senate votes . . . to have complete buy-in from both parties.

--George Stephanopoulos

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