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ObamaIfNothingIsDone,ThisRecessionCouldLingerforYears
ThisistheVOASpecialEnglishEconomicsReport.
President-electBarackObamaiscallingonCongresstopassaneconomicrecovery
planinthenextfewweeks.HewarnedaboutthedeepeningrecessioninaspeechinVi
rginiaonThursday,lessthantwoweeksbeforehetakesoffice.
BARACKOBAMA:Now,
Idontbelieveitstoolatetochangecourse.Butitwillbeifwedonttakedramat
icactionassoonaspossible.Ifnothingisdone,
thisrecessioncouldlingerforyears.
OnWednesday,
theCongressionalBudgetOfficeestimatedthefederalbudgetdeficitthisyeara
tonetrilliontwohundredbilliondollars.Thatisalmostthreetimesthesizeofl
astyearsdeficit.Andtheestimatedoesnotincludeaneconomicstimulusplan,
likethepresident-electproposes.
President-electBarackObamaspeakingThursdayatGeorgeMasonUniversityinFa
irfax,VirginiaButBarackObamawarnsthatwithoutdecisiveaction,
trillion-dollardeficitswillbearealityforyearstocome.Hisproposalscould
costaroundsevenhundredseventy-fivebilliondollarsingovernmentspendinga
ndtaxcutsovertwoyears.Someeconomiststhinktheplanneedstoprovideasmucha
sonetrilliondollarsormoretobeeffective.
Fortypercentoftheplancouldcomeintheformoftaxcuts.Thatprovisionispartl
yanefforttogainsupportfromRepublicans.
BARACKOBAMA:NowIunderstandthatsomemightbeskepticalofthisplan.Ourgove
rnmenthasalreadyspentagooddealofmoneybutwehaventyetseenthattranslate
intomorejobs,
orhigherincomesorrenewedconfidenceinoureconomy.AndthatswhytheAmerica
nRecoveryandReinvestmentPlanwontjustthrowmoneyatourproblems.Wellinv
estinwhatworks.
MisterObamasaystheplanshouldsaveorcreateatleastthreemillionjobsoverth
enextfewyears,
mostlyinprivateindustry.Itincludesmoneyforneededrepairstoroadsandbrid
ges.Butitwouldalsoinvestincleanenergy,healthcareandeducation.
MisterObamasayshisteamisbeginningdiscussionswithmembersofCongressabou
thowtodealwiththedeficitandcontrolfederalspending.Hehastopresenthisfi
rstbudgetproposaltoCongressearlynextmonth.
Hesaystheemergencylegislationheproposesmust
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