Barack Obama

“ I'm not going to discuss numbers right now, Kim, because I think it's important for my economic team to come back with a recommendation. But what I want to emphasize is that there is a consensus among – across the political spectrum, that we need a stimulus, and we have to make sure that the stimulus is significant enough that it really gives a jolt to the economy, that it is putting people back to work, that is making invests, that it is restoring some confidence in the business community that in fact their products and services are going to have customers. ”

“ And the Bush tax cuts were disproportionately targeted towards the very wealthiest Americans. Those who are making more than a quarter-million dollars a year can afford to pay a little bit more. And it is impotant if we're going to help pay for some of these expenditures that are absolutely necessary to get our economy back on track, that those who are in position to pay a little bit more do so. Whether that's done through repeal, or whether that's done because the Bush tax cuts are not renewed, is something that my economic team will be providing me a recommendation on. ”

“ The news this past week, including this morning's new about Citigroup, has made it even more clear that we are facing an economic crisis of historic proportions. Our financial markets are under stress. New home purchases in October we the lowest in half-a-century. Recently, more than half-a-million jobless claims were filed – the highest in eighteen years. And if we do not act swiftly and boldly, most experts now believe that we could lose millions of jobs next year. ”

“ That means we have to invest in clean-energy; we're going to have to invest in the systems in our – in healthcare that can reduce costs for families and for businesses. It means that we're going to have to invest in the education system to ensure that we're competitive over the 21st Century. So not only do I want the stimulus package to deal with the immediate crisis, I want it also to lay the groundwork for longterm sustained economic growth. ”

“ Further: beyond any immediate actions we may take, we need a recovery plan for both Wall Street and Main Street: a plan that stabilizes our financial system and gets credit flowing again, while at the same time addressing our growing foreclosure crisis, helping our struggling auto industry, and creating and saving 2.5-million jobs. Jobs rebuilding our infrastructure – our roads, our bridges – modernizing our schools, and creating the clean-energy infrastructure of the 21st Century. ”

“ I think that the auto industry needs to present us with some clarity in terms of the dollar figures that they're talking about. But more importantly, are they describing for us an auto industry that is focused on retooling, understands that we're entering into a new energy economy, that is going to be competitive globally? That's the kind of plan that the American people, I think, want to see. Nobody wants to see more job loss. And I think Americans take great pride in the history of the American automobile industry. ”

“ Ninety-five percent of workers in this country would receive a net tax cut under my plan. Now the reason that's important is, not only is that good for families who are struggling, but it's also part-and-parcel of what we need when it comes to stimulus. We're going to be putting money into people's pockets so that they can spend on buying a new computer for their kids' school, so that they can make sure that they are able to deal with heat and groceries and all the other strains on family budgets. ”

“ The reality is that the economic crisis we face is no longer just an American crisis: it's a global crisis. And we will need to reach out to countries around the world to craft a global response. Tim's extensive international experience makes him uniquely suited to do that work. ”

“ And my attitude is that we should help the auto industry, but what we should expect is that any additional money that we put into the auto industry, any help that we provide, is designed to assure a long-term, sustainable auto industry and not just kicking the can down the road. ”

“ I’ve requested that they brief me on these matters on a daily basis, and in the coming weeks, I will provide the American people, and the incoming Congress, with an overview of their initial recommendations. It is my hope that the new Congress will begin work on an aggressive economic recovery plan when they convene in early January so that our administration can hit the ground running.
With our economy in distress, we cannot hesitate, and we cannot delay. Our families can’t afford to keep on waiting and hoping for a solution. They can’t afford to watch another month of unpaid bills pile up ”

“ Because at this moment, we need to restore both confidence in the markets, and restore confidence of middle class families who find themselves working harder, earning less, and falling further and further behind. I’ve asked my economic team to develop recommendations for this plan, and to consult with Congress, the current administration, and the Federal Reserve on immediate economic developments over the next two months. ”

“ And that we can't separate those two things, and a working principle for me is going to be: are we looking at, for example, home foreclosures, in a systematic way, and addressing some of the struggles that are taking place outside of Wall Street. ”