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‘We face deep depression unless we act soon’ – Obama urges Congress to pass ‘$775bn’ rescue package

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Daily Mail
Thursday, January 8, 2009

Barack Obama has warned America could remain mired in recession for years without bold action in his first speech since being elected.

The President-Elect warned of dire and lasting consequences if Congress doesn’t pump unprecedented dollars into the U.S. economy.

His speech – which doubled up as an urgent pitch for his mammoth spending proposal – said an ‘irresponsible era’ had led to the current crisis but was optimistic it was not to late to change things.

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‘In short, a bad situation could become dramatically worse’  if Washington doesn’t go far enough to address the spreading crisis, Obama said as fresh economic reports showed an outlook growing increasingly grim, with less than two weeks to go before he takes office.

Since his November election Obama has deferred to President George W. Bush on foreign policy matters such as the Middle East.

Full story here.

This article was posted: Thursday, January 8, 2009 at 12:49 pm





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