November 25, 2008

President-elect Barack Obama was set Tuesday to promote swift action to revive the US economy, and appeal for sacrifice from voters and politicians alike, in his second press conference in as many days.

  • A d v e r t i s e m e n t

A day after naming his economic team and touting a plan to create 2.5 million jobs through an infrastructure spending spree, Obama was expected to detail plans to slash the federal budget at the 1700 GMT briefing here.

Obama urged Congress Monday to draft a new stimulus package quickly so he could sign it as soon as he takes office on January 20, warning there is not a “minute to waste” in dealing with an economy “trapped in a vicious cycle.”

He declined to reveal the cost of a plan that some reports said could top 700 billion dollars but said: “It is going to be of a size and scope that is necessary to get this economy back on track.”

Obama added: “To make the investments we need, we’ll have to scour our federal budget, line by line, and make meaningful cuts and sacrifices as well — something I’ll be discussing further tomorrow.”

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