Obama to focus on stimulus not deficit

Financial Times reports Barack Obama on Sunday spelled out his plans for the biggest infrastructure investment in the US for half a century. The president-elect argued that with the economy reeling, his incoming administration could not afford to worry about a spiralling budget deficit. Mr Obama's proposals for government works on roads, bridges, internet broadband and school buildings, together with energy efficiency measures and health spending, are far more detailed than the normal announcements during a time of transition.

Noting the US budget deficit might surpass $1,000 bln before his spending plans are factored in, Mr Obama added: "We understand that we've got to provide a blood infusion to the patient right now to make sure that the patient is stabilised. And that means that we can't worry short term about the deficit. We've got to make sure that the economic stimulus plan is large enough to get the economy moving."

He wanted a strong set of financial regulations to make banks, credit ratings agencies, mortgage brokers and others "much more accountable and behave much more responsibly".

"I am absolutely confident that if we take the right steps over the coming months that not only can we get the economy back on track but we can emerge leaner, meaner and ultimately more competitive and more prosperous," Mr Obama said at a subsequent press conference.

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Posted: 12/8/2008 7:59:14 AM by Global Administrator | with 0 comments

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Obama to focus on stimulus not deficit

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