December 29, 2008

US President-elect Barack Obama’s economic stimulus plan may cost between 675 billion and 775 billion dollars and will favor long-term infrastructure and job creation projects, top Obama aides said.

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With the United States facing gloomy forecasts of up to 10 percent unemployment and a deepening recession in 2009 — likely “the bleakest economic outlook since World War II” — Lawrence Summers said creating three million new jobs was a “key pillar” of Obama’s plan.

Obama senior adviser David Axelrod told CBS television Sunday that 675 billion and 775 billion were “not fixed” numbers.

“In this crisis, doing too little poses a greater threat than doing too much,” Summers, tapped to head the White House National Economic Council, wrote in an editorial in The Washington Post.

“Any sound economic strategy in the current context must be directed at both creating the jobs that Americans need and doing the work that our economy requires.”

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