Obama warns of dire consequences without stimulus
"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," Obama said in a speech set to be delivered at George Mason University in Fairfax, Va., outside Washington. Excerpts from his prepared text were released in advance by his transition team.
It was the fourth day in a row that Obama has made a pitch for a huge infusion of taxpayer dollars to revive the sinking economy he will inherit from President George W. Bush.
Obama's events have increasingly taken on the trappings and air of the presidency, with the speech coming a full 12 days before he takes over at the White House a particularly showy move. Presidents-elect typically stick to naming administration appointments and otherwise staying in the background during the transition period between Election Day and Inauguration Day, but Obama has clearly made the calculation that a nation anxious about its economic outlook and eager to bid farewell to Bush needs to hear from him differently and more frequently.
Indeed, the economic news is grim.
Consumers and companies are folding under the negative forces of a collapsed housing market, a global credit crunch and the worst financial crisis since the 1930s. The recession, which started in December 2007, already is the longest in a quarter-century.
A report that came out the same day as Obama's speech showed that the number of people continuing to draw jobless benefits unexpectedly rose sharply to the highest level since November 1982, demonstrating the troubles the unemployed are having in finding new jobs.
And unemployment figures due out Friday are expected to show that the U.S. lost a net total of 500,000 jobs in December. If accurate, that would bring 2008's total job losses to 2.4 million, the first annual job loss since 2001 and the highest since 1945, though the number of jobs has more than tripled since then.
Recent comments
Its the people that are corrupt and they make lots of excuses of...
Al Pelaez | Jan. 27, 2009 at 8:55 p.m.
..have to go.
They are both as busy as they can be spending...
Both parties.. | Jan. 8, 2009 at 1:09 p.m.
YOU CAN NOT SPEND YOUR WAY OUT OF DEBT!
Obama is embarking on...
Voter | Jan. 8, 2009 at 1:04 p.m.
- Judge to send message in mink case 11:43 p.m.
- Man arrested in armed robbery 11:42 p.m.
- Smoky smell at hospital from welders 11:40 p.m.
- 4A: Brown plays big for Timpview 11:40 p.m.
- Medical debts harming families 11:40 p.m.
- Colorado St. spikes Utes 11:39 p.m.
- Agassi is 'Open' and very honest 11:38 p.m.
- 49ers edge Bears, end losing skid 11:38 p.m.
- Utes focus on game, not 'GameDay' 11:27 p.m.
- Writers contest deadline is Nov. 20 11:27 p.m.
- SLC council OKs gay rights policies
311 - TCU showdown has big implications
195 - Senators want food tax restored
158 - Editorial: Mormons and gay rights
143 - Will state consider gay rights law?
137 - Utah Jazz fall apart against Kings
131 - Letters: Strange breed in Utah
119 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - Utes remain silent about BCS
113 - S.L. vote pending on gay protections
110
Maybe someone out there can help me understand how raising the state...
the line play happens like that when you have 5 WR with no extra help. ...
1 -1-2005 - FIESTA BOWL - Utah 35, Pittsburgh 7 12-29-2005 - Emerald Bowl -...
badger is a beast - nuff said
Amen. We should all be concerned if it is Army protocol to transfer a...
Should be a good exhibition type game for the Aggies to help them get ready...
I could take the legislature seriously if they cut their salary and benefits...
I'd love to have the Deseret News pay for me to eat at all these places. How...
i have never (in the last four years since my children started attending lone...
"The church is against all sexual encounters outside of marriage. True. But...
Congratulations coach Wong, Van Orden, etc. Way to have these boys prepared...

