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WASHINGTON -- President Barack Obama conceded Friday that his administration and lawmakers disagree on some of the details of the $825 billion economic recovery package being crafted in Congress, but said the legislation is on track to be completed by Presidents Day weekend.
"We are experiencing an unprecedented, perhaps, economic crisis that has to be dealt with and dealt with rapidly," Mr. Obama said in brief remarks to reporters before a meeting with Congressional leaders from both parties. "Frankly, the news has not been good. Each day brings, I think, greater focus on the problems we're having, not only in terms of job loss but also in terms of some of the instabilities in the financial system."
U.S. President Barack Obama said he expects Congress to approve a massive new package within weeks to help stimulate the battered U.S. economy.
President Obama met Friday with top Congressional Democrats and Republicans. He cautioned that the U.S. economy is facing an "unprecedented" crisis - but said he expects his new recovery plan to create three million to four million new jobs. And he said Congress is "on target" to approve the stimulus package by mid-February - President's Day weekend.
The President also stressed the need for increased accountability and transparency to ensure that government financial "bailout" money is used appropriately.
Originally posted by kettlebellysmith
If the money that was sent out to each home that actually paid taxes, then the money would be spent and economy in 2-3 months. (I have several projects here at home that I would like to start on if I had the money.)
This stimulus package is not going to work. It didn't work with FDR and it won't work now.
President Obama and his chief economic advisors Lawrence Summers and Timothy Geithner have had many weeks to plan out part two of the TARP program and the broad outlines of the stimulus package. The market clearly has rejected the Pelosi version of the stimulus as a giant giveaway to special interests that does little to reinvigorate the housing industry or bolster consumer confidence. It needs to be overhauled in the Senate, and the president should move quickly to assure investors that a trillion dollars won't be wasted.