US President Barack Obama has urged the Congress to pass the stimulus plan of USD 829 billion, to avoid a major crisis.
US President Barack Obama has urged the Congress to passu00a0the stimulus plan of USD 829 billion, to avoid a major economic crisis.
Speakingu00a0in his first news conference after assuming office on January 20, the US President candidly spoke about the crisis confronting the US economy and promised radical changes in dealing with energy, education and health care sectors to create immediate jobs and stop the downward spiral.
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The stimulus plan, Obama says would save or create as many asu00a0four million jobs in next two years. "You didn't send us to Washington because you were hoping for more of the same.
Describing the grim situation the country is facing right now, Obama said economists from across the spectrum have warned that if immediately action is not taken, millions more jobs will be lost, and national unemployment rates will approach double digits.
"I'm not going to tell you that this bill is perfect. It isn't. But it is the right size, the right scope, and has the right priorities to create jobs that will jumpstart our economy and transform it for the 21st century," Obama said.
"I also can't tell you with one hundred per cent certainty that everything in this plan will work exactly as we hope. But I can tell you with complete confidence that endless delay or paralysis in Washington in the face of this crisis will bring only deepening disaster," Obama said.
Since the recession hit the US in December 2007, about 3.6 million Americans have lost their jobs.
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