Obama pushes $825bn stimulus plan,meets economic advisorshttps://indianexpress.com/article/news-archive/web/obama-pushes-825bn-stimulus-plan-meets-economic-advisors/

Obama pushes $825bn stimulus plan,meets economic advisors

US President Barack Obama pledged on Saturday to use a proposed $825 billion economic recovery package...

US President Barack Obama pledged on Saturday to use a proposed $825 billion economic recovery package to create jobs,improve healthcare and expand renewable energy.

Obama met with his economic advisors on Saturday after several days of lobbying lawmakers for quick passage of the stimulus package.

The President’s economic team also is working on a plan for the remaining half of a $700 billion bailout that the Congress approved last year to help US financial firms. The plan is expected help distressed banks as well as providing aid for people who face losing their homes. The Washington Post said on Saturday the plan could go to Congress next week.

The White House did not immediately release details of what was discussed at the economic team meeting or who attended. Obama used his first weekly Internet and radio address as President to press the case for quick passage of the plan.

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Saying more people filed for unemployment this week than at any time in the past 26 years,Obama warned joblessness could hit double digits and the economy could fall $1 trillion short of its full capacity if nothing was done.

“If we do not act boldly and swiftly,a bad situation could become dramatically worse,” he said. Obama hopes to sign an economic recovery plan into law within a month.

The White House posted a four-page report outlining the impact of the stimulus plan on its website,www.whitehouse.gov,on Saturday morning. Aides said the report began to put “meat on the bones” of Obama’s previously stated goals.

Obama said the economic recovery plan would save or create 3 million to 4 million jobs while investing in clean energy development,education and improving health care efficiency.

The recovery programme includes what one aide said was “the single largest investment in preventive healthcare in our nation’s history” to ensure people receive immunisations and get help to stop smoking and reduce obesity. Officials did not place a dollar figure on the programme.

Obama said the plan included financing to modernize or renovate 10,000 schools and provide grants for 4 million university students.

Funds also would be used to repair US roadways and expand mass transit systems,to provide better security at 90 major US ports and to build more effective communications networks for police.