With the economy in crisis, President-elect Barack Obama called on the new Congress to act quickly in passing a costly stimulus package to create jobs as a follow-up to the hundreds of billions of dollars the Bush administration has committed to rescue financial markets.
“The economy is likely to get worse before it gets better,” Obama said Monday in a downbeat forecast, delivered 57 days before he takes the oath of office and with Americans heading into the year-end holiday season.
“Most experts now believe that we could lose millions of jobs next year,” he said, urging the newly elected Congress to act quickly on his plans after opening its session on Jan. 6.
At a news conference, Obama was critical of the Big Three automakers, saying he was surprised they did not have a better-thought-out plan for their future before asking Congress to approve $25 billion in emergency loans.
He said once he sees a plan, he expects “we’re going to be able to shape a rescue.”