Obama: ‘Bold’ Economic Recovery Plan Needed, But Will the Price Tag Reach $1 Trillion?
EmailABC NEWS’ SUNLEN MILLER REPORTS:
At a press conference in Chicago today, President-elect Obama would not divulge final cost estimates for economic recovery package, but admitted that the plan had to be “bold” to help the nations’ economy.
Recent reports have indicated that Obama has been advised to request possibly a trillion dollar stimulus package, far exceeding what House Speaker Nancy Pelosi and Majority Leader Harry Reid have discussed.
“I’m not going to give you a number because we’re still making these evaluations,” Obama said, of the anticipated price tag of his plan, “But you are exactly right that what we’ve seen, in terms of the evaluation of economists from across the political spectrum, is that we’re going to have to be bold when it comes to our economic recovery package.”
As he has said in the past, he admitted that the recovery package will cost a significant amount of money in the front end, one that will create a larger deficient in the long-term. He said strong budget analysis must be done.
“I’m concerned about the numbers that are being talked about,” Obama said of the large figures, but promised that the money would be used wisely and responsibility, “We’re not intending to spend money lightly. You know, the tax burden on Americans are already high. We are going to be inheriting a deficit that is probably above a trillion dollars. And so, look, I’m — I’m a taxpayer like everybody else, and I don’t want to see money wasted.”
Obama also said the White House’s move to aid the auto industry was necessary, and put the burden of recovery on the automakers themselves.
– Sunlen Miller
Gulf of Mexico to Become Gulf of America? 
Can Mitt Romney Win Conservatives Back?
“Obama said of the large figures, but promised that the money would be used wisely and responsibility, “We’re not intending to spend money lightly”
Well dont know about that. Apparently there are a whole laundry list of projects (most like that will be named after some local politician) that couldn’t be justified and funded before now.
from the WSJ:
“On Monday, the U.S. Conference of Mayors went to Capitol Hill to ask for a handout, or as they put it: “We are reporting that in 427 cities of all sizes in all regions of the country, a total of 11,391 infrastructure projects are ‘ready to go.’
- Hercules, Calif., wants $2.5 million in hard-earned taxpayer money for a “Waterfront Duck Pond Park,” and another $200,000 for a dog park.”
$1T of construction. Who does these construction jobs… a big chunk are illegal aliens. How is hiring illegal aliens to build duck parks with future revenue going to help the economy?
Posted by: BertieW | December 19, 2008, 5:13 pm 5:13 pm
As long as the printing presses can out run the spending, we will be OK. Right?
Posted by: Rasputin3.14 | December 19, 2008, 5:22 pm 5:22 pm
No comment from Obama means a rising stimulus price tag. But bigger is probably better – at least according to most economists – with an economy in this much trouble.
Posted by: matt | December 19, 2008, 5:22 pm 5:22 pm
$1T of construction. Who does these construction jobs… a big chunk are illegal aliens. How is hiring illegal aliens to build duck parks with future revenue going to help the economy?”
$1 Trillion….hmmm where did we throw $1 trillion down a hole with near zero accountability.
Oh right….in Iraq. The war you love so much.
Maybe we should just seize the assets of Cheney’s Haliburton and call it even.
Posted by: Ryan C | December 19, 2008, 5:25 pm 5:25 pm
please,
maybe you have not noticed, but jake has moved to the white house (press corp) also, sulen miller is writing this blog now.
and she has not just been writing about a clinton or an obama.
there have been other articles.
i will just be glad when there is no more writing about bush.
Posted by: ohno | December 19, 2008, 5:29 pm 5:29 pm
jake is here in picture only.
some of you are obsessed with the clinton or obama, that you don’t notice the other news that they report.
you go hunting for articles on clinton or obama, and this is the season to find them.
but they do report the other news,
you just don’t notice.
Posted by: ohno | December 19, 2008, 5:31 pm 5:31 pm
but…but…….Sunlen – you seem to be writing about substantive issues that will actually affect our lives!
What’s up with that? Could it be that you’ve realized along with the vast majority of Americans that Blago is just an irrelevant and kooky sideshow? Is there hope for actual journalism?
Posted by: Tungsten | December 19, 2008, 5:34 pm 5:34 pm
I am all for the assets of cheney.
I think that will put the us’ books back in the black.
I think they have looted and plundered this country enough.
Posted by: ohno | December 19, 2008, 5:44 pm 5:44 pm
OK, I’ll see your Cheney assets and raise you Dodd, Frank, Kennedy, Jackson and all the other worthless Professional Politicans stolen monies of the taxpayers booty!! Cmon…belly up!!
Posted by: commrat72 | December 19, 2008, 5:52 pm 5:52 pm
“You cant defend things by saying “what about the other guy, blah blah blah.”"
I am not defending Obama.
I am exposing your critique as hollow and hypocritical.
“And, continuing your streak, you are factually incorrect on the cost of Iraq.”
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The end result of all this wishful thinking? As we approach the fifth anniversary of the invasion, Iraq is not only the second longest war in U.S. history (after Vietnam), it is also the second most costly — surpassed only by World War II.
Why doesn’t the public understand the staggering scale of our expenditures? In part because the administration talks only about the upfront costs, which are mostly handled by emergency appropriations. (Iraq funding is apparently still an emergency five years after the war began.) These costs, by our calculations, are now running at $12 billion a month — $16 billion if you include Afghanistan. By the time you add in the costs hidden in the defense budget, the money we’ll have to spend to help future veterans, and money to refurbish a military whose equipment and materiel have been greatly depleted, the total tab to the federal government will almost surely exceed $1.5 trillion.
But the costs to our society and economy are far greater. When a young soldier is killed in Iraq or Afghanistan, his or her family will receive a U.S. government check for just $500,000 (combining life insurance with a “death gratuity”) — far less than the typical amount paid by insurance companies for the death of a young person in a car accident. The stark “budgetary cost” of $500,000 is clearly only a fraction of the total cost society pays for the loss of life — and no one can ever really compensate the families. Moreover, disability pay seldom provides adequate compensation for wounded troops or their families. Indeed, in one out of five cases of seriously injured soldiers, someone in their family has to give up a job to take care of them.
But beyond this is the cost to the already sputtering U.S. economy. All told, the bill for the Iraq war is likely to top $3 trillion. And that’s a conservative estimate.
Posted by: Ryan C | December 19, 2008, 5:59 pm 5:59 pm
“hmmm where did we throw $1 trillion down a hole”
“Throw” past tense. Thats what you said. You are off by $440B.
Again.
Posted by: BertieW | December 19, 2008, 6:08 pm 6:08 pm
Where are they going to get the money? Taxes? Spending cuts? Oh right, they’ll just print (i.e. counterfeit) it!!! Get ready for hyperinflation not seen since the ’70′s! Very soon your dollars won’t buy you a darn thing! Thanks to the “geniuses” at the Federal Reserve. (Which is NOT federal and has NO reserves!) Question: “How do you stop inflation by creating more inflation?” You can NOT stop a overflowing sink by turning the faucet all the way to the max!!! Duh!!!
Posted by: please! | December 19, 2008, 6:29 pm 6:29 pm
“Why doesn’t the public understand the staggering scale of our expenditures?”
This Democratic-created debacle absolutely dwarfs the cost of all past wars.
And the moon program. All together.
Democrats.
This is ALL Democrat.
Way to go!
Posted by: drjohn | December 19, 2008, 6:36 pm 6:36 pm
Obama is in way over his head. We need real leadership not someone who structures his administration to fit a narrative posited by Doris Kearns Goodwin.
Where is the next Ronald Reagan? Where is the next politician with the courage and wisdom of Abraham Lincoln? God help our nation if Barack Obama is the best we can do.
It really appear he has no other plan than to throw money at it and hope it goes away.
Posted by: James | December 19, 2008, 7:01 pm 7:01 pm
First they will change the monetary system of the Country.
Then when they print the new money, they will have it all and the value will high.
Then they will increase taxes.
Then they will nationalize
The will make the market a private market
Then they will put people to work for the government. The more the merrier, the more that are dependent on the government the better for them.
Weeeeeeeeeeeeeeee
Should be more than interesting.
If they would just stop playing the market and screwing with things, we would be better off.
God Bless America
Posted by: seah | December 19, 2008, 7:03 pm 7:03 pm
Maybe the russian who commented on the potential break up of America was right. How can we continue to spend money like this and not eventually have a total economic meltdown?
We cannot pay the debt we already have and we are going to add another trillion dollars to it. That trillion dollars will cost tax payers 30-50 billion dollars in interest every year. The sheer arrogance shown by Washington when they throw out these staggering numbers is just unbelievable. The Democrats have always been suspect on the issue of spending and now they have been given a blank check. This will not end well.
Posted by: morney | December 19, 2008, 7:10 pm 7:10 pm
“Where is the next Ronald Reagan? Where is the next politician with the courage and wisdom of Abraham Lincoln? ”
The arise when needed. First we have to get these Rage Against the Allowance teenagers and terminally hip baristas out of politics.
They treat politics like a debating society and since their art degrees have prepared them for no useful occupations they are filled with venom for the productive sectors of society. Not otherwise gainfully occupied they amuse themselves with political muckranking, calumny and astroturf consensus building.
What happened in Clinton 1.0? Democrats controlled the Presidency and both houses of Congress, swept into power on the greased rails of a compliant press core that never questioned any of Clinton’s whoppers. The Democrats were left to their own devices trying to run a country and soon enough the horror of all their little backroom deals and and ill advised politics caused them to loose the Congress in 2004.
In Clinton 2.0 there was no one left to lie to. Obama, Clinton 3.0, will have no one left to blame. He cant get people thrown off the ballot anymore. A bomb goes off, its on him. A hurricane hits somewhere his fault, aide caught with a hand in the cookie jar, he’ll get the questions. $1T for Duck Parks? Thats his program.
Eventually HopenChange’s disaffected shock troops will drift off and lose interest in him too. Just like they forgot about KNOTB and Double Dare.
Then the adults can take back over. 60% of the country pays hardly any federal taxes at all. When they drift off the rest of us can put this back together.
The marketing Blitz for Crystal Pepsi cost $474M but it was gone in 2 years.
Posted by: BertieW | December 19, 2008, 7:30 pm 7:30 pm
“Then the adults can take back over.”
ROFLMAO.
The “adults” also known as right wingers have run this country into the ground and have proven themselves to have a level of corruption on par with Boss Tweed.
What kind of delusional person thinks Americans will be clamoring for unnecessary war, government indifference to national disaster and economic meltdown!
Oh yeah…right wingers.
Posted by: Ryan C | December 19, 2008, 7:37 pm 7:37 pm
Frankly, I don’t care what the cost may become if it keeps our economy from tanking and keeps us out of depression.
I trully don’t know what the neo-cons want, other than a totally collapsed US economy and tens of millions out of work, do they really think that will help America?
Posted by: JR | December 19, 2008, 7:41 pm 7:41 pm
“What happened in Clinton 1.0? Democrats controlled the Presidency and both houses of Congress, swept into power on the greased rails of a compliant press core that never questioned any of Clinton’s whoppers.”
Democrats had control of Congress for decades before Clinton.
After Clinton’s arrival, quite a few Democrats were nailed in scandals(Congressional Bank Scandal was the big one).
Couple that with a positive reform message by the Contract with America and you have the 94 revolution.
Of course when most of the rw reformers then ignored the reforms they promised, the GOP began to lose its grip with net losses in 98 & 00.
Posted by: Ryan C | December 19, 2008, 7:41 pm 7:41 pm
“A bomb goes off, its on him. A hurricane hits somewhere his fault, aide caught with a hand in the cookie jar, he’ll get the questions.”
ROFLMAO
Right winger calls for Obama to be held to the standard same right winger thinks is ridiculous for Bush.
Posted by: Ryan C | December 19, 2008, 7:42 pm 7:42 pm
See thats why you are going to drift away disaffected.
You dont remember Rostenkowski, Jim Wright, Tony Cohelo, FBI files, the House Banking scandal.
It will be such a shock to you when you find out about Charlie Rangle.
Posted by: BertieW | December 19, 2008, 7:49 pm 7:49 pm
Just print the money.
Posted by: Huh | December 19, 2008, 8:44 pm 8:44 pm
The best thing for this economy is for the Rebpulcian Cox’s SEC-ruined companies (like Lehman) to have investors restored to full value after the Republican Paulson’s decision to let it collapse.
$20-year U.S. investments/savings down the tube? I THINK NOT!
There are petitions out there to be found via google searches. Get your money back via Obama/Shapiro by making your voice heard by petitions.
We the people, won’t lie down. Stand up!
Posted by: Common Sense | December 19, 2008, 10:44 pm 10:44 pm
I miss Jake writing on his own blog. Is he on vacation?
Posted by: Question | December 20, 2008, 2:57 am 2:57 am
At least the trillion is going into economic stimulus, specifically for green jobs and technology along with the infrastructure. With the financial bailouts, the trillion figures will be primarily for mismanaged banks and investment companies that were enabled by deregulatory regulations. And this was enacted with little to no oversight to boot.
Posted by: kat | December 20, 2008, 9:18 am 9:18 am
Eliminate the deficit and reduce government spending/bureaucracy and stop the squandering of tax payer money on crooks and Dolittles in Washington and New York. Put America First. Invest in realizing the dreams of every American. When I was campaigning for you, President elect in inner cities in neighboring states, I could not believe I was in America. It was just scary and gloomy and far cry from the areas that I was used to. Every door had to be carefully knocked to ensure that we would not get blown by an angry resident. Traveling around the country by bus also opened my eyes to the crumbling infrastructure in comparison to the one I had seen 20 years ago. It is time to fix America and the American dream. A lot needs to be invested in the public transit system along the lines of Europe. Build a rapid rail network that covers all parts of the country. While putting America First make saving the people of Zimbabwe from the brutal dictator who has brought misery, starvation and disease to his people, a foreign policy priority, and of course fight global terrorism tooth and nail. Look at more comprehensive solution for bringing the war in Afghanistan to an end, besides trying to gain a military victory. Iraq seems like it is ready to end our occupation and return our troops home. Redefine government role in governing. Throwing money at problems is not the solution, it is just waste and results in just increasing the deficits. Eliminate earmarks and pork. Use the bully pulpit to the maximum extent and use your oratory skills to create opportunities and get people to take responsibility for their own their health and well being. Get private and nonprofit partnerships to finance changes and to support innovative research. The government does not have to be all things for all people. It has to serve the people not be self serving. While your cabinet is diverse and praise worthy, the basic government staff remains the same. Try and bring renewal and new blood to Washington. The people are tired of the same entrenched people repeating the same mistakes and bringing the same crappy results. There also needs to be a strict enforcement of government rules and laws in the finance sector and no new bail outs and no new taxes on the middle class. The government has a stake in the 401K plans and that needs to be restored with government help. Finally the social security needs to remain solvent and not be another Ponzi scheme in which the Social security is dependent on new contributors and it should never invest in wall street. Hope you can do the right thing and make pulling America out of the shambles of the past 8 years. Merry Christmas and happy new year to you, your dear ones and the nation. God speed and God bless America.
Posted by: gjkotw01 | December 20, 2008, 11:35 am 11:35 am
Sunlen Miller quotes The CHANGEling:
“We’re not intending to spend money lightly.”
Gosh, no … not a crew who paid $750 million for the presidency, and voted for a “bailout” run on the Treasury in which billions have gone to no one knows whom for no one knows what.
Posted by: Belle Starr | December 20, 2008, 12:57 pm 12:57 pm
“At least the trillion is going into economic stimulus, specifically for green jobs and technology along with the infrastructure.”
No it isnt.
The Big Dig- for all it took decades and was a giant project- employed 5,000 people. With heavy machinery t no longer necessary to employ an army of people to get a lot of construction done.
When the New Deal came along the country was largely unskilled labor. It is now largely skilled labor. We dont need to put people to work on dubious duck park construction projects that couldnt get funding on their own merits.
Obama has started with the premise that he want to be the new New Deal and he is going around looking for rationale. In the spring when the economy was going well it was we have to take money away from those nasty rich people to ‘stuff’. Now that the economy is doing badly we need to spend money to build ‘stuff’. Funny how that worked out.
Posted by: BertieW | December 20, 2008, 1:27 pm 1:27 pm
If ever there was a time to have well educated (Phd) persons [intellectuals] in power at the White House this is it.
It is beyond comprehension to think, what our state of affairs would be had McCain (who admitted he did not know economics) been elected. We would be lucky if he could even start a recovery by the end of his term.
So why do not you right wingers wait just a bit and stop being nasty. You know what they say when you feel every one else is wrong, and you the only on who is correct.
Posted by: Ranger Phx | December 20, 2008, 1:32 pm 1:32 pm
“At least the trillion is going into economic stimulus, specifically for green jobs and technology along with the infrastructure.”
Woops, they forgot to include the mortgage, utility bills, groceries, meds, health care, etc….. that was promised if we voted for him. Where re our checks?????? Lots of folks believed that hogwash, now they have to live with the ridiculous spending.
Posted by: Mildred | December 20, 2008, 1:55 pm 1:55 pm
“If ever there was a time to have well educated (Phd) persons [intellectuals] in power at the White House this is it.”
Go google Robert MaNamera and tell us how that worked out last time.
Posted by: BertieW | December 20, 2008, 3:15 pm 3:15 pm
I think it is very mysterious that Obama and the Office Of The President Elect called Blago to resign as governor.So far as it is, Blago did nothing wrong, he is innocent until proven guilty.So why Obama want him out of his office so fast? I think something is very wrong here. Blago could be a strong and honest leader, I think he is better Suited for presidency Of the USA than Baraka Obama.
Posted by: Karl | December 20, 2008, 8:19 pm 8:19 pm
Dems in total control shortly. Soon
it’ll be their outhouse being examined
with a sieve. “Let’s move along…..
keep moving folks; nothing to see here”
will no longer be be valid. May the
left have its moment to squirm in the
spotlight. They have earned this in
spades. If you think the right did you
wrong………
Posted by: CandyKane | December 23, 2008, 1:11 am 1:11 am
With the incredible mess the Bush White House and the Republicans have left, please don’t expect ridiculous miracles. The right wing has left America in dire, dire straits. It will be a very difficult couple of years coming up.
Posted by: pefros | December 23, 2008, 2:27 am 2:27 am
When the New Deal came along the country was largely unskilled labor. It is now largely skilled labor. We dont need to put people to work on dubious duck park construction projects that couldnt get funding on their own merits.
Obama has started with the premise that he want to be the new New Deal and he is going around looking for rationale. In the spring when the economy was going well it was we have to take money away from those nasty rich people to ‘stuff’. Now that the economy is doing badly we need to spend money to build ‘stuff’. Funny how that worked out.
———————————
BINGO!!!!!!
Posted by: Mike_C | December 23, 2008, 7:29 am 7:29 am
commrat72,
“OK, I’ll see your Cheney assets and raise you Dodd, Frank, Kennedy, Jackson and all the other worthless Professional Politicans”
You lose. Jokers Cheney, Chris Cox and Hank Paulson trump all those presented.
Posted by: Common Sense | December 24, 2008, 7:53 am 7:53 am
>>>>
“At least the trillion is going into economic stimulus, specifically for green jobs and technology along with the infrastructure.”
Woops, they forgot to include the mortgage, utility bills, groceries, meds, health care, etc….. that was promised if we voted for him. Where re our checks?????? Lots of folks believed that hogwash, now they have to live with the ridiculous spending.<<<<<
Mildred- It for this reason why people like you, Palin and those who think like you should consider running for any position of responsibility like Predident. You think with your belly. How much mortgage and food and utility bills can that money pay for when divided up among the masses? Do you not realize that providing employemnt for people would be providing far more to that person and to the general economy that would paying a bill or two. See if you can fathom the meaning of this statement: Give a man a fish, you feed him for a day. Teach a man how to fish, you feed him for a lifetime.
Posted by: kdeeone | December 24, 2008, 3:58 pm 3:58 pm
Give the American people a large chunk of that money! Let them pay off cars, credit cards, down payment of a home, pay on medical bills, home remodleing, invest in solar, etc. etc. etc. Its very evident to me the Federal Government and all the bureaucrats have no idea how to distribute this money. Give the American People a big Stimulas Check and the economy would over turn immediately! No one will listen, as I am just a litle old taxpayer watching my money go down the drain.
Posted by: SUNMAKER777 | January 2, 2009, 3:31 pm 3:31 pm
Politicians are getting bored of mere billions or 100′s of billions, so this week’s word is TRILLION! Why don’t we just get the government to give every American $1 billion of this funny money. Then we can all be billionaires and our troubles will be over. Wheeee!
Posted by: DiggyZazz | January 2, 2009, 5:49 pm 5:49 pm
What is the Big Deal. Give Mr President What he ask for. If its going to help America go ahead and do it. Thanks
Posted by: Sharmaine Luckey | February 4, 2009, 3:04 pm 3:04 pm
I beleive if you give the American People the money you are passing out to all of these banks, and Government. We will spend the money and get this world going in the right direction again. Give us what we want. Is anybody listening. Give the American people the money. Big money we will spend it. Thank You
Posted by: Sharmaine Luckey | July 22, 2009, 1:24 pm 1:24 pm