President-elect Barack Obama is warning that without bold action the nation's recession could linger for years as seeks support among lawmakers and the general public for a massive fiscal stimulus package.
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 said in excerpts from a speech to be delivered at George Mason University in Fairfax, Va.
As Obama prepares to take office January 20, he has been working daily with Congress on a two-year stimulus plan that is expected to total nearly $800 billion.
After stunning new government estimate that the federal budget deficit will reach an unprecedented $1.2 trillion this year in fiscal 2009, Obama acknowledged some sympathy with those who might be skeptical of this plan because already there has been so much federal money spent.
He has vowed to undertake long-term fiscal restraint for federal government spending.
Obama hopes to secure passage of the economic plan by mid-February.
In addition to the package he plans to tackle the task of preventing home foreclosures, raising confidence in the financial system and updating financial regulations to make them stricter.