Obama to Congress: Act Now, Act Boldly

US President-elect Barack Obama appealed directly to the American public to back his "whole new approach" to rescuing the nation's economy, warning that failure to act now would mean a economic downturn that could "linger for years."
In a major speech on the economy delivered at George Mason University in Virginia, Obama emphasized the urgency of having Congress pass a massive economic plan that he has yet to unveil in significant detail. He described the country's current fiscal situation as "a crisis unlike any we have seen in our lifetime."
"If nothing is done, this recession could linger for years," Obama warned. "The unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four."
Although he won't become president for another 12 days, Obama has made clear he is hoping to have Congress approve by mid-Frebruary a gigantic spending plan his advisers have indicated might cost between $675 billion and $775 billion. Others insist it may cost more.
Obama and his economic team have described it as a mix of tax breaks for businesses and the middle class, and robust spending for public works, energy, health care and education, which he estimates will save or create 3 million jobs over the next few years."It is not just another public works program," he said that "There are millions of Americans trying to find work, even as, all around the country, there is so much work to be done.
Obama spelled out in broad terms today what much of the money would be spent on, including:
Doubling the production of alternative energy in the next three years.
Modernizing more than 75 percent of federal buildings and 2 million homes to make them more energy efficient.

Modernizing more than 75 percent of federal buildings and 2 million homes to make them more energy efficient.
Computerizing all of America's medical records within five years.
Equipping thousands of schools and colleges with modern classrooms, labs and libraries.
Expanding broadband across the United States.
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