Video below.
Pretty much, Obama says the economy is going to need big money fast-- but not without oversight.
Here is the
transcript.
Obama met with mayors before and after the speech:
Politico: NEWS RELEASE FROM THE U.S. CONFERENCE OF MAYORS: 'President-Elect Barack Obama has invited a delegation of U.S. Mayors led by Miami Mayor and U.S. Conference of Mayors President Manny Diaz to join him on Thursday at George Mason University in Fairfax, Va., for a major announcement on his economic stimulus plan for America. ... The mayors will attend a briefing with the President-elect in advance of his speech at George Mason University and will be available for one-on-one interviews immediately following President-Elect Obama's remarks.'
You might also want to check out
CNBC's John Harwood's lengthy interview with Obama. They cover the economy, the former presidents' advice to him, Leon Panetta and BlackBerrys. Here's CNN's coverage of the speech:
CNN: "For every day we wait or point fingers or drag our feet, more Americans will lose their jobs. More families will lose their savings. More dreams will be deferred and denied. And our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," he said.
Obama laid the groundwork for urgent action on his "American Recovery and Reinvestment Plan," a plan he says will save or create more than 3 million jobs and invest in health care, energy and education, among other priorities.
Obama said his plan will immediately help jumpstart the economy by doubling the production of alternative energy within three years, improving the efficiency of federal buildings and homes, computerizing medical records, equipping schools with 21st century classrooms, expanding broadband across the country, and investing in science and new technologies.
The president-elect said the cost of his plan would be "considerable" and would "certainly add to the budget deficit in the short term." He did not put a price tag on the stimulus package, but observers have estimated it would cost about $800 billion.
"Government at every level will have to tighten its belt, but we'll help struggling states avoid harmful budget cuts, as long as they take responsibility and use the money to maintain essential services like police, fire, education, and health care," he said.
Here's another good story about why the republicans fear of debt is waaaaay too late, which is why some of them need to stop whining.
Bloomberg: After meeting with President-elect Barack Obama on Jan. 5, House Minority Leader John A. Boehner of Ohio welcomed the $300 billion worth of tax cuts Obama wants. He had reservations about the rest of the $775 billion plan.
“I remain concerned about wasteful spending that might be attached to the tax relief,” Boehner said. “Simply put, we should not bury future generations under mountains of debt.”
Where was he for the last eight years while the debt almost doubled, from $5.7 trillion to $10.6 trillion?
Under normal circumstances, Boehner’s concern about the long-term budget outlook would be laudable. Obama expressed his own concern in a Jan. 6 statement. He is to make a speech on the economy today.
These aren’t normal times though, and it’s obvious that the Federal Reserve’s strenuous efforts to ease the financial crisis and give the economy a boost with low interest rates haven’t been enough. More help is needed than the Fed can provide, as Chairman Ben S. Bernanke and his colleagues have acknowledged.
