Obama makes pitch for stimulus plan
Posted: Thursday, January 08, 2009 12:42 PM by Mark Murray
Filed Under:
Economy
From NBC's Athena Jones
FAIRFAX, Va. -- With 12 days to go before he becomes president, Obama took to the stage here today to make a pitch for quick passage of his plan to jumpstart the economy through tax cuts, infrastructure investments, and other measures.
He argued that an already bad situation could get “dramatically worse” if the government does not take bold action now.
Video: Saying "no doubt that the cost of this plan will be considerable," President-elect Barack Obama pushes for quick passage of a stimulus bill to prevent further damage to the U.S. economy.
Obama's roughly 18-minute, teleprompter-aided speech against a backdrop of six flags at George Mason University, was his first major speech since his Election Night victory. He offered the broad outlines of a plan estimated at some $775 billion -- and touched on his campaign's themes of change and unity in an effort to make the case to the American people for a package that was large enough to be effective, despite the short-term increase in the budget deficit that would result.
“It is true that we cannot depend on government alone to create jobs or long-term growth. But at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe,” he said.
Some Republicans and fiscally conservative Democrats have expressed concern that the size of the stimulus will increase the already large budget deficit significantly, but Obama believes -- and says most economists agree with him -- that the recession could linger for years and the unemployment rate could reach double digits without a big influx of federal dollars.
He has also pledged budget reform and a transparent allocation process to end wasteful spending.
The plan, which aims to save or create at least three million jobs "over the next few years," will include investments in energy, education, and health care. Obama expects the majority of jobs the plan creates to be in the private sector, while aid to states will help save the public sector jobs like those of teachers, police officers, and firefighters.
He also stressed the importance of repairing the financial system, updating the regulatory framework governing it, and putting "significant restrictions" on firms that get federal support. He spoke of the need to help families facing foreclosure -- something he has done frequently in recent months, but did not offer specifics on such a plan.
In a continuation of the unity theme that marked his campaign, Obama spoke of the need for Republicans, Democrats ,and independents to put aside partisanship and work together. And he gave a nod to John F. Kennedy's famous "Ask not what your country can do for you" line in calling on all Americans not to ask “What’s good for me?” but “What’s good for the country my children will inherit?”
As he did in his Grant Park victory speech, Obama continued to warn of a long road to recovery, while expressing confidence that the economy would grow again. "The very fact that this crisis is largely of our own making means that it is not beyond our ability to solve, he said. "Our problems are rooted in past mistakes, not our capacity for future greatness."
He urged Congress to move as quickly as possible on the plan. "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," he said, a reference to a Langston Hughes poem. "And our nation will sink deeper into a crisis that, at some point, we may not be able to reverse."
House Speaker Nancy Pelosi said today Congress would have the stimulus package to the president by February 16, the scheduled beginning of the congressional President's Day recess.
Nearly two dozen elected officials were in attendance for the speech, including Delaware Gov. Ruth Ann Minner, Maryland Gov. Martin O'Malley, Massachusetts Gov. Deval Patrick, Michigan Gov. Jennifer Granholm, Wisconsin Gov. Jim Doyle, and Virginia Gov. Tim Kaine -- Obama's pick to head the Democratic National Committee.
Also present were 14 mayors from cities across the country. among them New York's Michael Bloomberg, Philadelphia Mayor Michael Nutter, and Washington, DC's Adrian Fenty.
