Obama unveils plan to rescue US from recession

US President-elect Barack Obama has been giving details about his plan to rescue the American economy. Obama, who takes office on January 20, is proposing a range of initiatives to create there million reporters.

He said: “It’s not just another public works programme. It’s a plan that recognises both the paradox and the promise of this moment — the fact that there are millions of Americans trying to find work, even as all around the country there is so much work to be done. And that’s why we’ll invest in priorities like energy and education, healthcare and a new infrastructure, that are necessary to keep us strong and competitive in the 21st century.”

The package will include tax cuts for families and businesses and money for the building of new roads, bridges and schools.

Obama has asked the US Congress to work to quickly pass a plan for tax cuts and public works spending that could total the equivalent of around 800 billion euros. But soaring deficits may make it difficult to sell the plan to Congress members.

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tags: Barack Obama