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

December 19, 2008 4:47 PM

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

December 19, 2008 | Permalink | Share | User Comments (42)

User Comments

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I beleive if you give the American People the money you are passing out to all of these banks, and Government. We will spend the money and get this world going in the right direction again. Give us what we want. Is anybody listening. Give the American people the money. Big money we will spend it. Thank You

Posted by: Sharmaine Luckey | Jul 22, 2009 1:24:02 PM

What is the Big Deal. Give Mr President What he ask for. If its going to help America go ahead and do it. Thanks

Posted by: Sharmaine Luckey | Feb 4, 2009 3:04:30 PM

Politicians are getting bored of mere billions or 100's of billions, so this week's word is TRILLION! Why don't we just get the government to give every American $1 billion of this funny money. Then we can all be billionaires and our troubles will be over. Wheeee!

Posted by: DiggyZazz | Jan 2, 2009 5:49:22 PM

Give the American people a large chunk of that money! Let them pay off cars, credit cards, down payment of a home, pay on medical bills, home remodleing, invest in solar, etc. etc. etc. Its very evident to me the Federal Government and all the bureaucrats have no idea how to distribute this money. Give the American People a big Stimulas Check and the economy would over turn immediately! No one will listen, as I am just a litle old taxpayer watching my money go down the drain.

Posted by: SUNMAKER777 | Jan 2, 2009 3:31:17 PM

>>>>

"At least the trillion is going into economic stimulus, specifically for green jobs and technology along with the infrastructure."

Woops, they forgot to include the mortgage, utility bills, groceries, meds, health care, etc..... that was promised if we voted for him. Where re our checks?????? Lots of folks believed that hogwash, now they have to live with the ridiculous spending.<<<<<
Mildred- It for this reason why people like you, Palin and those who think like you should consider running for any position of responsibility like Predident. You think with your belly. How much mortgage and food and utility bills can that money pay for when divided up among the masses? Do you not realize that providing employemnt for people would be providing far more to that person and to the general economy that would paying a bill or two. See if you can fathom the meaning of this statement: Give a man a fish, you feed him for a day. Teach a man how to fish, you feed him for a lifetime.

Posted by: kdeeone | Dec 24, 2008 3:58:08 PM

commrat72,

"OK, I'll see your Cheney assets and raise you Dodd, Frank, Kennedy, Jackson and all the other worthless Professional Politicans"

You lose. Jokers Cheney, Chris Cox and Hank Paulson trump all those presented.

Posted by: Common Sense | Dec 24, 2008 7:53:40 AM

When the New Deal came along the country was largely unskilled labor. It is now largely skilled labor. We dont need to put people to work on dubious duck park construction projects that couldnt get funding on their own merits.

Obama has started with the premise that he want to be the new New Deal and he is going around looking for rationale. In the spring when the economy was going well it was we have to take money away from those nasty rich people to 'stuff'. Now that the economy is doing badly we need to spend money to build 'stuff'. Funny how that worked out.

---------------------------------

BINGO!!!!!!

Posted by: Mike_C | Dec 23, 2008 7:29:13 AM

With the incredible mess the Bush White House and the Republicans have left, please don't expect ridiculous miracles. The right wing has left America in dire, dire straits. It will be a very difficult couple of years coming up.

Posted by: pefros | Dec 23, 2008 2:27:06 AM

Dems in total control shortly. Soon
it'll be their outhouse being examined
with a sieve. "Let's move along.....
keep moving folks; nothing to see here"
will no longer be be valid. May the
left have its moment to squirm in the
spotlight. They have earned this in
spades. If you think the right did you
wrong.........

Posted by: CandyKane | Dec 23, 2008 1:11:17 AM

I think it is very mysterious that Obama and the Office Of The President Elect called Blago to resign as governor.So far as it is, Blago did nothing wrong, he is innocent until proven guilty.So why Obama want him out of his office so fast? I think something is very wrong here. Blago could be a strong and honest leader, I think he is better Suited for presidency Of the USA than Baraka Obama.

Posted by: Karl | Dec 20, 2008 8:19:42 PM

"If ever there was a time to have well educated (Phd) persons [intellectuals] in power at the White House this is it."

Go google Robert MaNamera and tell us how that worked out last time.

Posted by: BertieW | Dec 20, 2008 3:15:04 PM

"At least the trillion is going into economic stimulus, specifically for green jobs and technology along with the infrastructure."

Woops, they forgot to include the mortgage, utility bills, groceries, meds, health care, etc..... that was promised if we voted for him. Where re our checks?????? Lots of folks believed that hogwash, now they have to live with the ridiculous spending.

Posted by: Mildred | Dec 20, 2008 1:55:19 PM

If ever there was a time to have well educated (Phd) persons [intellectuals] in power at the White House this is it.

It is beyond comprehension to think, what our state of affairs would be had McCain (who admitted he did not know economics) been elected. We would be lucky if he could even start a recovery by the end of his term.

So why do not you right wingers wait just a bit and stop being nasty. You know what they say when you feel every one else is wrong, and you the only on who is correct.

Posted by: Ranger Phx | Dec 20, 2008 1:32:21 PM

"At least the trillion is going into economic stimulus, specifically for green jobs and technology along with the infrastructure."

No it isnt.

The Big Dig- for all it took decades and was a giant project- employed 5,000 people. With heavy machinery t no longer necessary to employ an army of people to get a lot of construction done.

When the New Deal came along the country was largely unskilled labor. It is now largely skilled labor. We dont need to put people to work on dubious duck park construction projects that couldnt get funding on their own merits.

Obama has started with the premise that he want to be the new New Deal and he is going around looking for rationale. In the spring when the economy was going well it was we have to take money away from those nasty rich people to 'stuff'. Now that the economy is doing badly we need to spend money to build 'stuff'. Funny how that worked out.

Posted by: BertieW | Dec 20, 2008 1:27:25 PM

Sunlen Miller quotes The CHANGEling:

“We’re not intending to spend money lightly."

Gosh, no ... not a crew who paid $750 million for the presidency, and voted for a "bailout" run on the Treasury in which billions have gone to no one knows whom for no one knows what.

Posted by: Belle Starr | Dec 20, 2008 12:57:37 PM

Eliminate the deficit and reduce government spending/bureaucracy and stop the squandering of tax payer money on crooks and Dolittles in Washington and New York. Put America First. Invest in realizing the dreams of every American. When I was campaigning for you, President elect in inner cities in neighboring states, I could not believe I was in America. It was just scary and gloomy and far cry from the areas that I was used to. Every door had to be carefully knocked to ensure that we would not get blown by an angry resident. Traveling around the country by bus also opened my eyes to the crumbling infrastructure in comparison to the one I had seen 20 years ago. It is time to fix America and the American dream. A lot needs to be invested in the public transit system along the lines of Europe. Build a rapid rail network that covers all parts of the country. While putting America First make saving the people of Zimbabwe from the brutal dictator who has brought misery, starvation and disease to his people, a foreign policy priority, and of course fight global terrorism tooth and nail. Look at more comprehensive solution for bringing the war in Afghanistan to an end, besides trying to gain a military victory. Iraq seems like it is ready to end our occupation and return our troops home. Redefine government role in governing. Throwing money at problems is not the solution, it is just waste and results in just increasing the deficits. Eliminate earmarks and pork. Use the bully pulpit to the maximum extent and use your oratory skills to create opportunities and get people to take responsibility for their own their health and well being. Get private and nonprofit partnerships to finance changes and to support innovative research. The government does not have to be all things for all people. It has to serve the people not be self serving. While your cabinet is diverse and praise worthy, the basic government staff remains the same. Try and bring renewal and new blood to Washington. The people are tired of the same entrenched people repeating the same mistakes and bringing the same crappy results. There also needs to be a strict enforcement of government rules and laws in the finance sector and no new bail outs and no new taxes on the middle class. The government has a stake in the 401K plans and that needs to be restored with government help. Finally the social security needs to remain solvent and not be another Ponzi scheme in which the Social security is dependent on new contributors and it should never invest in wall street. Hope you can do the right thing and make pulling America out of the shambles of the past 8 years. Merry Christmas and happy new year to you, your dear ones and the nation. God speed and God bless America.

Posted by: gjkotw01 | Dec 20, 2008 11:35:34 AM

At least the trillion is going into economic stimulus, specifically for green jobs and technology along with the infrastructure. With the financial bailouts, the trillion figures will be primarily for mismanaged banks and investment companies that were enabled by deregulatory regulations. And this was enacted with little to no oversight to boot.

Posted by: kat | Dec 20, 2008 9:18:16 AM

I miss Jake writing on his own blog. Is he on vacation?

Posted by: Question | Dec 20, 2008 2:57:40 AM

The best thing for this economy is for the Rebpulcian Cox's SEC-ruined companies (like Lehman) to have investors restored to full value after the Republican Paulson's decision to let it collapse.

$20-year U.S. investments/savings down the tube? I THINK NOT!

There are petitions out there to be found via google searches. Get your money back via Obama/Shapiro by making your voice heard by petitions.

We the people, won't lie down. Stand up!

Posted by: Common Sense | Dec 19, 2008 10:44:23 PM

Just print the money.

Posted by: Huh | Dec 19, 2008 8:44:31 PM

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