Fred Harteis News Articles - President-elect Barack Obama on Thursday urged Congress to act quickly to pass sweeping economic stimulus measures, including a tax cut and an infusion of as much as $800 billion, or face the likelihood that “this recession could linger for years.”
In making an unusually direct and high-profile appeal in remarks at George Mason University in northern Virginia, Mr. Obama was building on a campaign for swift economic action that he has conducted for weeks — each time in ever-sharper terms.
Every day this week he has issued a sobering message about the nation’s perilous economic outlook, intended to prepare the public for difficult times, to show investors that he is focusing on the global crisis, and to goad reluctant members of Congress to act decisively.
“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,” Mr. Obama said. “If nothing is done, this recession could linger for years. The unemployment rate could reach double digits.”
The unemploymemt rate, now hovering around 7 percent nationally, is already projected to approach 9 percent by the end of this year. And although initial jobless claims unexpectedly fell by 24,000 to 467,000 in the week that ended Jan. 3, the Labor Department said today, the total number of people getting benefits rose to 4.6 million, the most since 1982.
Mr. Obama’s speech came a day after the Congressional Budget Office released a stunning estimate that the federal budget deficit will reach $1.2 trillion this year, even before accounting for spending and tax cuts in the planned stimulus package that is expected to approach $800 billion over two years.
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Source; Nytimes.com
About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.

