Obama: 'Bold' Economic Recovery Plan Needed, But Will the Price Tag Reach $1 Trillion?

ABC NEWS' SUNLEN MILLER REPORTS:

At a press conference in Chicago today, President-elect Obama would not divulge final cost estimates for economic recovery package, but admitted that the plan had to be “bold” to help the nations’ economy.

Recent reports have indicated that Obama has been advised to request possibly a trillion dollar stimulus package, far exceeding what House Speaker Nancy Pelosi and Majority Leader Harry Reid have discussed.

“I'm not going to give you a number because we're still making these evaluations,” Obama said, of the anticipated price tag of his plan, “But you are exactly right that what we've seen, in terms of the evaluation of economists from across the political spectrum, is that we're going to have to be bold when it comes to our economic recovery package.”

As he has said in the past, he admitted that the recovery package will cost a significant amount of money in the front end, one that will create a larger deficient in the long-term. He said strong budget analysis must be done.

“I'm concerned about the numbers that are being talked about,” Obama said of the large figures, but promised that the money would be used wisely and responsibility, “We’re not intending to spend money lightly. You know, the tax burden on Americans are already high. We are going to be inheriting a deficit that is probably above a trillion dollars. And so, look, I'm -- I'm a taxpayer like everybody else, and I don't want to see money wasted.”

Obama also said the White House's move to aid the auto industry was necessary, and put the burden of recovery on the automakers themselves.

-- Sunlen Miller

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