Obama plans to create 2.5 million jobs

“These aren’t just steps to pull ourselves out of this immediate crisis; these are the long-term investments in our economic future that have been ignored for far too long,” Obama said.

He termed the economic recovery plan, being developed by his staff, as ‘big enough to meet the challenges we face’ and ‘lay the foundation for a strong and growing economy’.

The two-year stimulus plan aims to create 2.5 million jobs by January 2011, with Obama looking to get it through the US Congress as quickly as possible.

Admitting that a Congressional approval for his broad economic plan will not be easy, he sought the support of lawmakers irrespective of their parties to get it through.

“I will need and seek support from Republicans and Democrats, and I’ll be welcome to ideas and suggestions from both sides of the aisle,” he said.

“But what is not negotiable is the need for immediate action,” he maintained.

The news of Timothy Geithner, the President of the New York Federal Reserve, being Obama’s apparent choice for Treasury secretary, sent the US stock market soaring on Friday.

The number of Americans on the unemployment rolls surged to the highest in 16 years, up more than 540,000, the Labour Department said on Thursday.

Acknowledging that the country is facing an economic crisis of ‘historic proportions’, Obama cautioned that there are ‘no quick or easy fixes to this crisis, which has been many years in the making, and it’s likely to get worse before it gets better’.