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Obama stimulus could reach $1 trillion: report

Posted By admin On December 14, 2008 @ 8:34 am In U.S. News | Comments Disabled

Reuters [1]
Sunday, Dec 14, 2008

President-elect Barack Obama’s team is considering a plan to boost the recession-hit U.S. economy that could be far larger than previous estimates and might reach $1 trillion over two years, the Wall Street Journal reported on Saturday.

Obama aides, who were considering a half-trillion dollar package two weeks ago, now consider $600 billion over two years “a very low-end estimate,” the newspaper said, citing an unidentified person familiar with the matter.

The final size of the stimulus was expected to be significantly higher, possibly between $700 billion and $1 trillion over that period, it said, given the deteriorating state of the U.S. economy.

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Officials with Obama’s camp have declined to comment on media reports about the size of the boost his administration might seek to give the economy through increased public spending and tax cuts.

Obama is due to take office on January 20.

Battered stock market investors around the world have taken heart from previous indications of how Obama’s administration may seek to kickstart growth in the world’s largest economy.

Full article here [1]


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URLs in this post:

[1] Reuters: http://www.reuters.com/article/newsOne/idUSTRE4BC1PV20081214

[2] Democrats’ Stimulus Plan May Reach $700 Billion: http://www.prisonplanet.com/democrats-stimulus-plan-may-reach-700-billion.html

[3] Congressional Budget Office Projects $9.5 Trillion In Deficits By 2021, $2.3 Trillion More Than Obama’s Estimate: http://www.prisonplanet.com/congressional-budget-office-projects-9-5-trillion-in-deficits-by-2021-2-3-trillion-more-than-obamas-estimate.html

[4] US budget deficit to reach USD 1 trillion: http://www.prisonplanet.com/us-budget-deficit-to-reach-usd-1-trillion.html

[5] Obama, Boehner close gap on fiscal cliff deal, eye trillion-dollar tax hike: http://www.prisonplanet.com/obama-boehner-close-gap-on-fiscal-cliff-deal-eye-trillion-dollar-tax-hike.html

[6] China gets $1 trillion boost from dodgy data: Report: http://www.prisonplanet.com/china-gets-1-trillion-boost-from-dodgy-data-report.html

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