Obama Urges Quick Passage Of Economic Recovery Plan So Nation Can Start Over, Succeed In Turning Economy Around

Washington, D.C. (AHN) - President-elect Barack Obama made his case for enacting his new economic stimulus package in a speech Thursday, saying, "if we are able to look out for one another," then the nation can succeed to start over.

His plan is necessary, because only the government can provide the amount of money needed to turn the nation's economic crisis around, Obama said.

He added that Americans were facing a crisis not seen in their lifetimes with millions of Americans unemployed, millions more settling for part-time work, and many unable to meet their bills and uncertain about the future.

"It is time to set a new course for this economy and that change must come now," Obama said. Dragging feet costs Americans jobs, savings, dreams "and our nation will sink deeper into a course that we might not be able to reverse."

He said America had gotten to this point after an extreme time of financial irresponsibility. He painted a very serious situation for a nation with soaring unemployment and facing a projected $1.2 trillion deficit in 2009.

"If nothing is done this recession could linger for years," force Americans to forgo dreams of college and cost the average American more than $12,000 a year in lost wages, Obama said. From corporate boardrooms to Washington, D.C., there were decades of financial irresponsibility, Obama said and bluntly called for quick, dramatic action.

Obama made his strongest case for quick action on his $774 billion economic stimulus plan, the "American Recovery and Reinvestment Plan" to rescue the nation's floundering economy, to jumpstart the nation's economy and create job growth.

"Our problems are rooted in past mistakes," not in lack of ability, Obama said, adding that our workers are still among the most productive on earth and that we have greatness in our entrepreneurs and educational systems.

His plan calls for a "whole new approach" for dealing with the problem that calls for trading old habits and setting a new course for America, Obama said, adding that there would be terrible consequences if the federal government failed to act, including a deficit in jobs and incomes as well as a worsening federal deficit.

"Only government can break the cycle that is crippling our economy," Obama said. "That's why we need to act boldly and act now," there is a need to put money in the pockets of Americans and into the economy.

His plan would call for giving families a tax break of $1,000 and individuals $500, although he still has not said what the income limits would be for his proposed tax break.

He said that his proposed plan isn't just a bailout without any tangible goals and that it would save or create at least 3 million jobs over the next three years. He pointed out that millions of Americans are trying to find work and that there is work to do, on the nation's infrastructure and other private sector things, while there is a need to save public sector jobs in vital services such as police, fire, education and health care.

The proposed plan would save consumers and taxpayers billions in energy costs by modernizing structures and investing in jobs that can't be outsourced, such as those in green energy and in replacing or rebuilding crumbling infrastructure, building a new smart grid to deliver clean alternative energy to all corners of the nation and to safeguard energy supplies, Obama said. He added that there would also be investments in science to help fund discoveries that would help society.

And the proposal would invest in upgrading Internet services to provide broadband society to all areas of the nation.

His proposal calls for a $300 billion tax cut that would be given to taxpayers with couples getting a $1,000 reduction in taxes while individuals would see their taxes cut by $500, there was still no word on what the income limits would be for those tax cuts.

He also said that he would extend unemployment compensation payments to the jobless and that although he was asking governors to tighten their belts that he would help states if they maintain essential services by police, fire, education and health care employees.

Most of the things Obama mentioned were things he has already proposed, but he gave more examples of how those things would help the economy and employ more people.

He said he understood skepticism about proposing government spending plan after the government had already spent so much money without seeing any results in terms of job creation and economic growth. But he said the new plan would require results, not just throw money at the problem. He added that his plan would create jobs and grow the economy. He also said that decision about where the government invests money will be transparent, so people can follow where the tax dollars are spent, and that the money will not be doled out in secret.

Obama emphasized the need to get the nation's fiscal house in order and to establish a foundation for recovery and future growth, rather than create a slew of new programs.

He also emphasized the need to put the urgent needs of our nation above narrow self-interest.

There is a "need to stabilize and repair" the financial sector, address the foreclosure crisis and prevent the catastrophic collapse of financial industry but with restrictions on how the firms that get that support can use the money, Obama sadi. He added that Wall Street had to be regulated to prevent abuse and unscrupulous borrowing and lending.

"It will not come easy and it won't happen overnight," Obama said, calling it likely that things would get worse before they got better, but he said that is why Congress must act now, and work with him and his team, day and night, if necessary, to pass the plan within the next few weeks.

Obama's delivered his speech at George Mason University in Virginia, to an in-house audience that included many mayors and governors, it was telecast live to average Americans by CNN.