Economy At Risk Of 'Absolutely Tanking,' Biden Says

December 20, 2008 8:32 a.m. EST

Washington, DC (AHN) - Vice President-elect Joseph Biden said the U.S. economy is in danger of "absolutely tanking" and that a second stimulus package of up to $700 billion will be needed.

Biden told his remarks to ABC's George Stephanopoulos, and the interview will be aired on his Sunday morning talk show, "This Week with George Stephanopoulos."

"There is no short run other than keeping the economy from absolutely tanking. That's the only short run," Biden told Stephanopoulos.

Biden said he also conducted a bicameral survey of Congress and found that a second major stimulus package will be needed to get the economy back on its feet again.

"Every single person I've spoken to agrees with every major economist. There is going to be a real significant investment, whether it's $600 billion or more, or $700 billion, the clear notion is, its' a number no one thought about a year ago," Biden said.

Biden said saving the economy will be the Obama administration's top priority its first year in office.