Obama Not Waiting for Inauguration to Act
EmailWith the country combating "an economic crisis of historic proportions," President-elect Barack Obama Monday took the historic step of leaping into presidential action two months before his inauguration. Obama today pushed for a large, two-year economic stimulus package and introduced the key players on his economic team, a group of "sound judgment and fresh thinking" he believes will navigate the nation through its current financial troubles.
"That work starts today, because the truth is, we do not have a minute to waste," he said.
At the mid-day press conference at the Chicago Hilton, his second since winning the election, Obama urged Congress to have a stimulus package ready for him "right away," reiterated his campaign trail plan to raise taxes on the wealthiest Americans, and applauded Capitol Hill lawmakers for insisting that the troubled auto industry produce a plan before providing them with any bail-out money.
Standing behind the President-elect were Obama’s picks for numerous high-ranking economic posts: New York Federal Reserve President Timothy Geithner for Treasury Secretary, former Treasury chief Lawrence Summers as Director of the National Economic Council, Cal-Berkeley economic professor Christina Romer for Chair of the Council of Economic Advisers, and Melody Barnes as Director of the White House Domestic Policy Council.
"We know this won’t be easy, and it won’t happen overnight," Obama said. "We’ll need to bring together the best minds in America to guide us, and that is what I’ve sought to do in assembling my economic team."
Vice President-elect Joe Biden was also on stage, with key aides such as incoming Chief of Staff Rahm Emanuel, future White House spokesman Robert Gibbs, and senior adviser David Axelrod looking on from a side wall.
STIMULUS PACKAGE
While touting his new economic team, headed by two Clinton administration advisers in Geithner and Summers, Obama still warned of the dire situation they will inherit, citing experts’ forecasts that millions of jobs will be lost next year.
"The economy is likely to get worse before it gets better," he forecasted.
So today Obama emphasized the need to "act swiftly and boldly," urging Congress to have a stimulus package ready when he comes to Washington in late January. Obama Transition aides are working with lawmakers so a stimulus package has passed both the House and Senate and is awaiting Obama’s signature on his first day in office, on January 20.
"It is my hope that the new Congress will begin work on an aggressive economic recovery plan when they convene in early January so that our administration can hit the ground running," he said. "With our economy in distress, we cannot hesitate and we cannot delay."
However, Obama declined to provide any dollar estimates for the package, saying only that it would be "big" and "costly."
"I want to see it enacted right away," he said. "It is going to be of a size and scope that is necessary to get this economy back on track. I don’t want to get into numbers right now."
Dollars aside, Obama, who on Saturday outlined a two-year plan to create or save 2.5 million jobs, noted that any stimulus package would have to serve both short-term and long-term needs.
“Not only do I want the stimulus package to deal with the immediate crisis, I want it also to lay the groundwork for long-term sustained economic growth.”
AUTO INDUSTRY BAIL-OUT
Part of this immediate crisis is the struggling auto industry, with executives from Detroit’s Big Three coming to Congress last week in search of $25 billion in federal aid, only to be turned away by lawmakers and told to return next month with a better plan of attack.
"We can’t allow the auto industry simply to — to vanish. We’ve got to make sure that it is there and that the workers, and suppliers, and businesses that rely on the auto industry stay in business," Obama said. "What I also have said is that we can’t just write a blank check to the auto industry. Taxpayers can’t be expected to pony up more money for an auto industry that has been resistant to change."
"And I was surprised that they did not have a better-thought-out proposal when they arrived in Congress," he said of the auto executives. "I think Congress did the right thing, which is to say, "You guys need to come up with a plan and come back before you’re getting any taxpayer money."
Whatever plan is eventually enacted, Obama said, cannot be merely “a blank check to the auto industry” nor “just kicking the can down the road.”
"Taxpayers don’t want to see more money wasted, so we need to see a plan," he said. "And when we see a plan, we’re going to, I think, be able to shape the kind of assistance package that makes sense."
TAX HIKES FOR THE WEALTHY
Obama reiterated that the Bush tax cuts for the most wealthy Americans would soon enough be a thing of the past, but said he would await a recommendation from his advisers before deciding whether to repeal the Bush tax cuts or simply let them expire in 2010.
"We’re going to help pay for some of these expenditures that are absolutely necessary to get our economy back on track, that those who are in a position to pay a little bit more do so," Obama said. "Whether that’s done through repeal or whether that’s done because the Bush tax cuts are not renewed is something that my economic team will be providing me a recommendation on."
THE BUSH ADMINISTRATION
Invited by a reporter to criticize the current administration’s handling of the economy — Obama aide Austan Goolsbee described the Bush administration as "dithering" — the Illinois lawmaker noted that he did not want to "look backwards," although he did comment on current Treasury chief Hank Paulson.
"I’m sure there are some things that didn’t work exactly the way Secretary Paulson intended –- he’d be the first to admit that."
But, noting that he had spoken to President Bush this morning, Obama attempted to reassure the American people with a message of unity, promising to “honor the public commitments” made by the Bush administration and have his team consult with the current leaders, Congress, and the Federal Reserve in the next 57 days before he takes over the Oval Office.
“I think what’s most important for the American people to understand is that we are united in making sure that the financial system works and operates the way it needs to," he said.
Despite the often downcast tone of today’s press conference, Obama still struck an optimistic chord that the country can — and will — overcome this financial crisis.
"I believe deeply in the resilience and the spirit of this nation," affirmed the future 44th president. "I know we can work our way out of this crisis because we’ve done it before. And I know we will succeed once again if we put aside partisanship and politics and work together. That’s exactly what I intend to do as president of the United States."
SAME TIME, SAME PLACE TOMORROW
After laying low the past few weeks, spending most of his time in private meetings at his transition offices, Obama will hold another press conference tomorrow morning. Tuesday’s newser, Obama indicated, would likely focus on budget cuts.
"To make the investments we need, we’ll have to scour our federal budget, line by line, and make meaningful cuts and sacrifices, as well, something I’ll be discussing further tomorrow," he said.
On a lighter note, today’s press conference paid homage to the rivalry that divides this baseball-crazed town. Reporters sat on one of two sides of the ballroom: the South side for the Chicago White Sox, Obama’s favorite team, or the North side for the rival Cubs. And the President-elect showed some favoritism today, taking four questions from the Sox half of the room and just two from the Cubs side.
– Matt Jaffe and Jake Tapper
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From above
“Dollars aside, Obama, who on Saturday outlined a two-year plan to create or save 2.5 million jobs,…”
If he did indeed “outline a plan” I sure can’t find it. All that I can find is the challange to his advisors to come up with a plan…
That said at least PEBO is keeping everyone posted as he assembles his team
Posted by: smith | November 24, 2008, 3:58 pm 3:58 pm
HE IS NOT THE PRESIDENT YET.
Posted by: Janice | November 24, 2008, 3:58 pm 3:58 pm
Janice maybe not. but the one that is President no one is paying attention to. hes president in my eyes.
Posted by: john | November 24, 2008, 4:02 pm 4:02 pm
LOL…2.5, 3.5 , 5.5 million jobs….the entire idea that he thinks anything he can do right now will hae that effect over a 2 year period is at best foolish.
There is one & only one way he can actually do that. He can create 2.5 million new federal jobs. Aside from that, it is rhetoric with Zero substance!
Posted by: Mike_C | November 24, 2008, 4:17 pm 4:17 pm
Obama continues to break promises. First he states he is not president and won’t act that way until it is made official in January.
Then he says he’ll wait until after Thanksgiving to announce his pick for Secretary of State. Then he picks Hillary a couple days later. Nice payoff for her endorsement a few months back eh. Don’t even try to convince me otherwise on that one.
What is his problem? Does he really like to hear himself speak that much? Why does the press love him so much? Instead of questioning why he is sticking his nose into business he shouldn’t yet, they claim it is a historical move. Except the only historical thing he is doing is breaking the rules of government laid down over 230 years ago.
The guy has accomplished nothing yet and they are already naming schools after him.
Good luck to him to live up to this kind of hype. Good luck to America if he can’t.
Posted by: seth | November 24, 2008, 4:20 pm 4:20 pm
At 4:03:33 PM, “sugar” opined:
>> thank god,
>> the calvary has arrived.
Not knowing the difference between “calvary” and “cavalry” tells me how closely to pay attention to all the words that followed!
Posted by: costamesabob | November 24, 2008, 4:20 pm 4:20 pm
All the talk during the primaries about who is and who is not “ready to be president on day one” seem quaint. We have the need for someone ready to be president almost two months ahead of schedule and it looks like he’s already working.
Posted by: brain | November 24, 2008, 4:22 pm 4:22 pm
can you people not STOP all this political bickering for once? our nation is going through a very difficult time, many people are having financial hardships, i’m glad someone is trying to do something about it!! i don’t care who it is, but i’m glad someone is trying to save our economy instead of letting it tank.
just STOP all this name-calling. it’s pointless….election’s over, let’s focus on rebuilding America!!
Posted by: Mike | November 24, 2008, 4:25 pm 4:25 pm
seth:
>>Except the only historical thing he is doing is breaking the rules of government laid down over 230 years ago.
Sorry, Bush already set the precedent to breaking 230 year old rules.
Posted by: brain | November 24, 2008, 4:25 pm 4:25 pm
“We know this won’t be easy, and it won’t happen overnight,” Obama said. “We’ll need to bring together the best minds in America to guide us, and that is what I’ve sought to do in assembling my economic team.”
Posted by: pefros | November 24, 2008, 4:37 pm 4:37 pm
So far so good. He has named intelligent people to the team. Much better players than any other administration.
Posted by: Phil | November 24, 2008, 4:38 pm 4:38 pm
jake,
I hope you will be the one who breaks the story:
Bush has left the white house for good.
left message saying: obama can run the country from chicago, until jan.
Posted by: sugar | November 24, 2008, 4:50 pm 4:50 pm
Obama: “I want to see it enacted right away,” he said. “It is going to be of a size and scope that is necessary to get this economy back on track. I don’t want to get into numbers right now.”
=====
I would feel a little better if he wasn’t signaling that he wanted to sign something right away. I fear that will invite Congress to insert all kinds of crazy into it, confident that Obama won’t say “no” to anything.
Posted by: MayBee | November 24, 2008, 4:57 pm 4:57 pm
Five intellectuals and no one with real life experience. Well, well. What a shock. At least they will have some wonderful theoretical discussions while they are telling their staffs where to place those chairs on the Titanic. hahahahaha
Posted by: beebop | November 24, 2008, 5:04 pm 5:04 pm
you clowns, if i see obama, im gonna spit chew on his shiny shoes. He makes me sick. He is a liar, and we will all come to hate him just like bush. America is just too stupid to figure it out. If you voted, then you are a fool. you wasted your time and gas to vote between 2 players from the same team. oh well, enjoy your stay at the obama soup kitchen.
Posted by: Obama Direspector | November 24, 2008, 5:06 pm 5:06 pm
Seth, you been bashing Obama since day one on every blog I go to. It’s a shame you’re gonna let this man send your silly self to hell. You have given him more power than you know.. I love Obama, and I am so very glad he is our President, but you should never let someone consume you like this man consumes you. It tickles me to see how many people will be going to hell because of their hatred for President Obama.. You all are given him way too much power over your lives..
Posted by: Obamaall theway | November 24, 2008, 5:13 pm 5:13 pm
why are there such hateful people on this blog?
Where were yall when W. was ruining the country…sitting at your computer typing!!! LOL
losers!
Posted by: ltj | November 24, 2008, 5:16 pm 5:16 pm
Obama Disrespector, I hope you have someone to bail you out of jail, and I hope you know Obama ain’t no punk.. He might just spur you in the jaw… Trick the Secret Service, he is from the southside of Chicago.. Don’t let the cute suit and shiny shoes fool ya…
Posted by: Obamaall theway | November 24, 2008, 5:17 pm 5:17 pm
I am sorry, but didn’t our Greatest Changest Leader say there is only one President and he will do nothing, say nothing, and support nothing.
He feels waters to nominate his family crony Pritzker for the job of DoC, only tanked the Dow by 900 points, more than 11% in two days. He had to make her announcing she is not interested in the job, having the Stock Market regained some of its loses (Still nearly 200 points short).
Now, he felt criticism in the air, he changed his mind to do something?
What a PEBO! Job well done, fully in charge, indeed.
Posted by: fat cat | November 24, 2008, 5:23 pm 5:23 pm
Obama certainly has the public support for a mandate to act early. Paulson’s botching things enough that there’s no other choice.
Posted by: Matt | November 24, 2008, 5:23 pm 5:23 pm
Obama Disrespector, I hope you have someone to bail you out of jail, and I hope you know Obama ain’t no punk..
Posted by: Obamaall theway | Nov 24, 2008 5:17:06 PM
——
We know….
Our Smartest Greatest Leader already cleared his way of spying on you by passing the law to first give Bush that power.
Our Greatest Leader is a true visionary. He knew he will need to use that power to spy on you, so he’d rather eat his words than keeping his promise to you blind voters.
Posted by: fat cat | November 24, 2008, 5:27 pm 5:27 pm
At least he isn’t sitting on his rear end doing nothing like Bush.
Stop with the negativity. At least he is attempting to do something about the current situation. If it doesn’t work, then I am sure they will go back to the drawing board and figure out something else.
Posted by: Jwench | November 24, 2008, 5:30 pm 5:30 pm
!!Go Mr. President!!.. Do ya thang!!! Dont’ worry about these haters… Some people are just unhappy and don’t want to see anyone else happy.. I work with two people just like that…
Posted by: Obamaall theway | November 24, 2008, 5:30 pm 5:30 pm
!!Go Mr. President!!.. Do ya thang!!! Dont’ worry about these haters… Some people are just unhappy and don’t want to see anyone else happy.. I work with two people just like that…
Posted by: Obamaall theway | Nov 24, 2008 5:30:58 PM
I agree. Some people never have a good word to say about anything or anybody.
Posted by: Jwench | November 24, 2008, 5:35 pm 5:35 pm
ltj -
The Repbulican Party now has a 34% approval rating and 59% of those think that the party should move further to the right. The Know Nothing wing is now in charge of the party. While there aren’t many of them, they’re loud.
Posted by: Brooklyn Democrat | November 24, 2008, 6:02 pm 6:02 pm
First, let me say that I am still waiting for those appointments who are Republicans. Remember he promised to “reach across the aisle” in filling his cabinet? That was a crock of bull, wasn’t it? Second, I am just a little creeped out about his press conference. When did there become an office of the president-elect? He has a set like he would have if he were president. He says there is only one president now, but he sure is pretending he is already, isn’t he? I also question his website which seems to be an extension of a campaign: selling merchandise, not allowing you to leave a commment unless you leave personal information (so they can e-mail you with stuff), things you can do to help the administration. It just does not seem very neutral. I think I’m going to sign up just to see what kind of e-mails I get. I am still getting them from the “campaign” when I signed up just to see what they sent around. I suspect it will be the same. Is that website even legal? It’s all too “1984″ and cultish. Are we going to see huge pictures of “our leader” all over the place, like you might see in China or some weird futuristic movie?
Posted by: esq1991 | November 24, 2008, 6:09 pm 6:09 pm
Another question: when those tax cuts expire, we are ALL going to be affected, right? Find the old tax rates during Clinton’s years. There are more marginal tax rates and higher rates at each bracket. So to think that only the wealthiest will be affected is a pipe dream.
Posted by: esq1991 | November 24, 2008, 6:29 pm 6:29 pm
Jwench – he does not have the authority to do anything yet. And some of the people he has chosen for key positions must be approved by Congress – so they are also acting without authority. This is a very dangerous precedent to be setting.
Posted by: ellsbells930 | November 24, 2008, 6:35 pm 6:35 pm
His plan is to create green jobs. It has already done wonders in pennsylvania. One wind farm on lake erie would power the whole eastern coast, and will permantly employ 24,000 people. Not to mention, if we were the country to spur the industry of alternative forms of energy, the rest of the world would actually have to rely on us again.Not to mention, it would cut our energy cost nearly in half, while saving the environment.
Posted by: isis221 | November 24, 2008, 6:41 pm 6:41 pm
hope obama does not spend an obscene amount of money on an elaborate inauguration in this economy. better to take that money, no matter the source, and add it to the stimulous package, bail out fund, infrastructure budget, give it to taxpayers.
Posted by: Lawrence | November 24, 2008, 6:42 pm 6:42 pm
Yes… it’s about time we got a president who is concerned with the middle class.He’s using the Clintonian motto,”you won’t have a successful business, without customers purchasing the goods.” After the likes of Bush/Cheney, Obama’s a genius.
Posted by: Sunshine | November 24, 2008, 7:15 pm 7:15 pm
Sunshine – how is allowing the Bush taxcuts to expire help the middle class? We were paying quadruple the taxes we pay now when Clinton was in charge.
Posted by: ellsbells930 | November 24, 2008, 7:34 pm 7:34 pm
Lawrence – most inaugural bashes are privately funded, meaning if they don’t spend the money they will be harming the economy.
Posted by: ellsbells930 | November 24, 2008, 7:35 pm 7:35 pm
Obama has done more for this country in 2 weeks, than Bush did in 8 years.
Posted by: bob | November 24, 2008, 8:36 pm 8:36 pm
ellsbells, you may be paying more in taxes, the rest of us had the sense to take advatange of the 2001 tax cut. It’s called the Economic Growth Tax Relief and Reconciliation Act. For people like me, whom make 40k, it cut my FICA withholdings from $5500 to $3700. That’s the so called “tax cut for the rich”. Guess it’s nice to know that I’m rich.
Posted by: tanave | November 24, 2008, 8:48 pm 8:48 pm
bob- what exactly had he done? Nothing, because he has no authority to do anything.
Posted by: ellsbells930 | November 24, 2008, 8:50 pm 8:50 pm
Monday, November 24, 2008
Hiddy,
I think Obama is doing a great job, so far.
Wish people would quit picking on Obama. I think he’s gonna be a good President when goes into office on Tuesday, January 20. Maybe he can help the economy.
I was thinking about the same thing. Why are people being hateful towards Obama. I’m very happy that people also support him. I sure do.
Sincerely,
Terry
Posted by: Terry Marvin | November 24, 2008, 9:18 pm 9:18 pm
somebody got to do some work other than give crooks money.OBAMA cant afford to let Paulson destroy our economic plight as he and Bush has done so far.iam glad someone got a mindset to improve our conditions for all peoples. dam the haters they will still hate tomorrow and find out its themeselves they truly dont like.
Posted by: Joseph | November 24, 2008, 9:28 pm 9:28 pm
the first thing in the auto bailout is the corporate jets need to be sold as part of the money and anything else they don’t need that would save money and reduce the price of the vehicles so people can afford them.
Posted by: 1draftman | November 24, 2008, 9:55 pm 9:55 pm
I really think that everyone should stop judging our new elect President Obaman. Its time we move on and let our new elect President and his Team to do their work, bring America back and united. While I appreciates President Bush and his team had done the good things and I don’t appreciate the bad choices they made but we have to remember the country elected President Bush to two terms and now we are pointing fingures at him and content with the new elect President Obama. This is the moment of time we need to put our haterd and criticisms aside, let them do their work and provide the Ameircans the land of purity and unity that once was recognized and respect by other countries. We all in the same boat regardless the colour of our skins or where we came from, but we all bleed the same colour and we all breath in the same air. Lets get our recognition and respect back as once we were known as the great country and great people.
Posted by: Philip | November 24, 2008, 10:29 pm 10:29 pm
As a chinese, I am strongly back Mr. Obama! 2.5million new jobs creation, wonderful
Posted by: lovelydaisy66 | November 24, 2008, 11:04 pm 11:04 pm
It’s a good thing Obama has over 50 days before becoming president. Maybe the American taxpayers can save a trillion dollars in welfare (Bailout) money. I hope President Bush does NOT sign a bailout plan for the auto industry.
Posted by: NoBamaPeriod | November 24, 2008, 11:48 pm 11:48 pm
Obama wants Bush to sign the stimulus package so he won’t have to take the blame when it doesn’t work.
Posted by: Eyes Wide Open | November 24, 2008, 11:51 pm 11:51 pm
We need to boycott ALL companies that receive bailout money. Don’t buy their products and close accounts with banks and insurance companies. Washington will hear that loud and clear.
Posted by: Boycott Bailout Companies | November 24, 2008, 11:55 pm 11:55 pm
Unity forever let it rain.
Posted by: Ade-Ade | November 25, 2008, 4:22 am 4:22 am
Sad fact is he (and we) can’t afford to wait to put out at least the basics of a plan as would normally happen. If he does, there won’t be anything left but rubble to work with when Bush finally leaves.
I don’t like Obama, but he can’t possibly be as bad as Bush.
Posted by: jan | November 25, 2008, 4:43 am 4:43 am
Philip – Obama has no legal authority to do any work. At the moment, he has no legal standing in the political arena. He isn’t even legally President-Elect because Congress hasn’t officially recognized the Electoral College.
Posted by: ellsbells930 | November 25, 2008, 6:34 am 6:34 am
obamaall the way:
You love Obama? You know him personally? He’s friend, family, what?
Talk about giving him power over your life….
And apparently, for your love and devotion, he’s given you the power to send those who don’t believe as you do to your version of hell. Quite a perk, there.
Finally, for all his words and making of new rules (Office of President Elect), he’s not planning anything that hasn’t already been done. Stimulus packages, bailouts, it’s all been done and been ineffective. His choices are mostly insiders who are directly related to the problems we face. But he’s riding the wave, so we’re just waiting for the wave to hit the rocky coast.
Posted by: Laughing Cynic | November 25, 2008, 7:45 am 7:45 am
WELCOME TO THE DEATH OF THE FIRST AMENDMENT
PRAVDA ABC PROPAGANDA MACHINE FOR THE 0BAMA MONSTROSITY
Posted by: Amazing | November 25, 2008, 7:56 am 7:56 am
It’s just so sad to see that most of these comments on this site and others is not really about the president- elect or what he can or can’t do. It’s so much deeper then the words printed on the screen. I ask every one who says they hate this man or hate the things he’s about take a look at them selves;because this man you hate soooo much first you don’t really know and second has never done anything to you so how can you dislike him so much. I say stop judging him by skin color and give him the chance you gave all those other presidents that really screwed us over. Most of you wont say it out loud but deep inside an on these comments the hidden message is how can a black man run your country? The answer. Just like anyother man, but just maybe this time BETTER!!! Give him the chance
Posted by: singdeja | November 25, 2008, 8:25 am 8:25 am
This country and the rest of the world is in deep trouble.
This country elected Pres. Bush for 8 years. I don’t know about the rest of you
but 8 yrs. ago my accounts were paying me
almost 6% interest now less then 2%.
We were sent into this Iraq war. This country did nothing to us. Now it has cost us billions to finance. We the American people are now and will be in
the future spending our money over there
Think about the jobs we could have created with these war billions. And in Education.
Now We have lost millions of jobs and people are hurting. But we elected Pres. Bush for 8 year.
So for my thinking. GIVE THE NEW PRESIDENT OUR SUPPORT. SEE WHAT HE CAN DO. “NEVER JUDGE A BOOK BY ITS COVER”
As a united people we can do great things. And get back our country’s self
respect.
Posted by: mitchem | November 25, 2008, 10:06 am 10:06 am
Janice “HE IS NOT THE PRESIDENT YET”
What is our lame President doing for this economy other then begging Congress to Bail out his rich Ceo Friends and taking going away photos, Bush needs to step aside and let Obama act now we cannot wait for Lame duck to leave. at least obama cares about his country and the shape its in and willing to do something more then I can say for the last dreadful 8 years of lame Bush!
Posted by: ANGIE | November 25, 2008, 10:07 am 10:07 am
Hey Obama, I think it’s great you don’t want the auto workers to be out of jobs. How about us people who have been out of work? I have been laid off for 5 months now. When can I have my bailout?
Posted by: vici | November 25, 2008, 2:32 pm 2:32 pm
singdeja – How dare you assume that those of us who are less than thrilled with Obama being President-elect feel that way because of the color of his skin. My reasons are because of his policies. I don’t agree with ANYTHING he has proposed, either during the campaign nor since. I can’t abide someone who thinks the American people can’t think or fend for themselves, as he obviously does.
Posted by: ellsbells930 | November 25, 2008, 5:40 pm 5:40 pm
“So far so good. He has named intelligent people to the team. Much better players than any other administration.”
Yea, right. Most of them are old Clinton administration cronies. What your going to get is Clinton/FDR policies. Nothing new or “change”. Some of you think he’s going to change everything overnight. Keep dreaming. It’s going to get worse before it gets better and will take years to recover. All of you that think Obama is the great saviour, put your heads back in to the sand.
Posted by: Steve | November 25, 2008, 7:00 pm 7:00 pm