According to the President-elect Barack Obama, the economic situation in US is likely to worsen before it finds a stronghold and starts recovering. He went on to assure that a powerful economic stimulus plan will be offered by him and that he will not worry unduly about the short term consequences on the budget.
Obama outlined his immediate plans on NBC and said that as a top priority, he will be dealing with falling prices in the home market, credit markets which are frozen and loss of jobs. He will also be addressing immediately all signs of economic turmoil.
At a news conference in Chicago, Obama said the housing crisis has to be addressed in a more aggressive manner.
He said to the NBC in a program called “Meet the Press”, that even though the deficit in the Federal budge is expected to touch $ 1 trillion, we must not unduly worry about it as it is bound to be short term. He reiterated the fact that the economic stimulus plan must be strong and large enough to get the economy moving. He also said the recession which is rippling through the economy right now will get better but not until it sees the worst.
Since the elections on November 4th, the country has seen a further decline and signs of worsening in the economy. The job market situation added to the recession concerns as it resulted in the US stock market fall for the fourth time in just five weeks. Obama aged 47 is expected to assume office on 20th of January.
