Obama stresses need for economic stimulus bill to avoid long-lasting recession
www.chinaview.cn 2009-02-06 02:29:03   Print

    WASHINGTON, Feb. 5 (Xinhua) -- U.S. President Barack Obama on Thursday once again urged Congress to approve the economic stimulus plan quickly, warning that the country could sink into a deeper and long-lasting recession.

    "What Americans expect from Washington is action that matches the urgency they feel in their daily lives -- action that's swift, bold and wise enough for us to climb out of this crisis," Obama noted in an opinion article published by the Washington Post.

    The president argued that each day without his stimulus package, more people lose their jobs, savings and homes.

    "If nothing is done, this recession might linger for years," he said. "Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not able to reverse."

    "That's why I feel such a sense of urgency about the recovery plan before Congress," Obama wrote in the newspaper piece titled "The Action Americans Need."

    With the plan, the president said, "we will create or save more than 3 million jobs over the next two years, provide immediate tax relief to 95 percent of American workers, ignite spending by businesses and consumers alike, and take steps to strengthen our country for years to come."

    Obama pointed out that the plan is "more than a prescription for short-term spending -- it's a strategy for America's long-term growth and opportunity in areas such as renewable energy, health care and education."

    The U.S. House of Representatives on Jan. 28 approved an 819-billion-dollar stimulus plan backed by the president and Democrats, sending it to the Senate.

    In the Senate, the huge bill has been growing even larger. The addition of a new tax break for homebuyers on Wednesday sent the price tag well past 900 billion dollars.

    Senate Republicans, however, have persisted in their efforts to reduce government spending in the plan, to add tax cuts and reduce the cost of mortgages for millions of homeowners.

    In his article, Obama asked the lawmakers to "place good ideas ahead of old ideological battles" and "act boldly to turn crisis into opportunity."

    Senate Democratic leaders hope that the plan can get approval and be sent to the president to sign before mid February. 

Editor: Mu Xuequan
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