US must act swiftly, Obama says

Bloomberg

"These are America’s problems, and we must come together as Americans to meet them with the urgency this moment demands," he said Saturday in his weekly radio address. "If we don’t act swiftly and boldly, we could see a much deeper economic downturn that could lead to double-digit unemployment."

With the U.S. amid its worst economic slump since World War II, Obama said he is looking forward to meeting with leaders of both political parties.

The incoming 44th president, back on the U.S. mainland after a 12-day vacation in Hawaii, is working on a package of tax cuts and spending on infrastructure, such as roads, bridges and transit systems, to stimulate growth and create 3 million jobs.

Eighty percent of these will be in the private sector, he said.

"We must make strategic investments that will serve as a down payment on our long-term economic future," Obama said. Citing a long-term goal of reducing the federal deficit, he said there would be "tough choices" ahead on spending.

Obama advisers and congressional Democrats estimate the stimulus plan may total $850 billion. Some economists are recommending as much as $1 trillion.

The stimulus package must pass Congress, and Representative Chris Van Hollen, the Maryland Democrat who is a liaison between Congress and Obama’s transition team, said Congress aims to have a package on his desk by Jan. 20, the day Obama will be inaugurated. "That may not be possible, but this is an urgent situation," said Van Hollen in an interview.

Obama will meet privately with Democratic congressional leaders today in the Capitol and will hold discussions later with leaders in both parties, said Brendan Daly, a spokesman for House Speaker Nancy Pelosi. Obama and lawmakers will discuss the stimulus measure and other legislation slated to move in the first weeks of the congressional session, Daly said.