Obama Unveils Economic Stimulus Plan

U.S. President Barack Obama on Thursday unveiled his economic stimulus plan, designed to help lift the economy out of a deepening recession, urging Congress to approve it as soon as possible.

I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible, Obama warned in a speech at George Mason University in Fairfax, Virginia, outside Washington.

The ongoing crisis could last for years without solutions, he noted.

As part of a raft of stimulus proposals to revive the economy, Obama vowed to double U.S. production of alternative energy in three years.

He also pledged to modernize more than 75 percent of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills.

The president-elect, who will take office on Jan. 20, also laid out goals of making medical records electronic, expanding broadband networks and updating schools and universities.

However, his remarks shed little new light on the details of his plan that could cost as much as 775 billion dollars over two years in tax cuts and spending intended to jolt the economy and create new jobs.

 

Source: CRIEnglish