Biden: U.S. Economy in Danger of ‘Absolutely Tanking’


George Stephanopoulos
ABC
Saturday, Dec 20, 2008

Vice President-Elect Joe Biden said the U.S. economy is in danger of “absolutely tanking” and will need a second stimulus package in the $600-billion to $700-billion range.

“The economy is in much worse shape than we thought it was in,” Biden told me during an exclusive interview — his first since becoming vice president-elect– to air this Sunday on “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 me.

Biden said he has canvassed Republican and Democratic members of Congress about a second “big” and “bold” stimulus package . He said the Obama team is focused on creating jobs and spending on energy and information technology infrastructure.

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

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