Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200812/20081221/article_385311.htm
Obama team locked in for 'bold action'
Created: 2008-12-21 1:28:14
PRESIDENT-ELECT Barack Obama has completed naming his Cabinet a month before taking office, but warned it will take time for his team to have an impact.
"It will take longer than any of us would like - years, not months. It will get worse before it gets better. But it will get better if we are willing to act boldly and swiftly," Obama said on Friday as he promised to do just that.
He noted the speed with which he put his full economic team in place, saying he had done so at an earlier point than previous presidents because of the magnitude of the troubles the country faced.
Obama declined to put a price tag on an economic stimulus plan he would propose, though economists who have been advising him have suggested a package of as much as US$850 billion over two years.
Vice President-elect Joe Biden, speaking in an interview set to air in the US today, said he believed there would be another stimulus package of roughly US$700 billion to keep the economy from "absolutely tanking."
"The economy is in much worse shape than we thought," Biden told ABC's "This Week," according to excerpts released on Friday. "Every single person I've spoken to agrees with every major economist. There is going to be real significant investment, whether it's US$600 billion or more, or US$700 billion, the clear notion is, it's a number no one thought about a year ago."
Obama signaled that it could be huge because of his priorities, creating jobs, getting the economy on track and fixing financial markets.
"That is going to cost a significant amount of money," he said, emphasizing what he called long-term benefits of acting and dangers of doing too little. Vowing to spend responsibly, he said "we're not intending to spend money lightly" and "if we're building a road, it better not be a road to nowhere."
"It will take longer than any of us would like - years, not months. It will get worse before it gets better. But it will get better if we are willing to act boldly and swiftly," Obama said on Friday as he promised to do just that.
He noted the speed with which he put his full economic team in place, saying he had done so at an earlier point than previous presidents because of the magnitude of the troubles the country faced.
Obama declined to put a price tag on an economic stimulus plan he would propose, though economists who have been advising him have suggested a package of as much as US$850 billion over two years.
Vice President-elect Joe Biden, speaking in an interview set to air in the US today, said he believed there would be another stimulus package of roughly US$700 billion to keep the economy from "absolutely tanking."
"The economy is in much worse shape than we thought," Biden told ABC's "This Week," according to excerpts released on Friday. "Every single person I've spoken to agrees with every major economist. There is going to be real significant investment, whether it's US$600 billion or more, or US$700 billion, the clear notion is, it's a number no one thought about a year ago."
Obama signaled that it could be huge because of his priorities, creating jobs, getting the economy on track and fixing financial markets.
"That is going to cost a significant amount of money," he said, emphasizing what he called long-term benefits of acting and dangers of doing too little. Vowing to spend responsibly, he said "we're not intending to spend money lightly" and "if we're building a road, it better not be a road to nowhere."
Agencies
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