Obama plans to add 2.5 million jobs in US in 2 years
22 Nov 2008
US President-elect Barack Obama is in the process of drafting a two-year revival plan for the US economy that aims to create 2.5 million jobs by January 2011.
In a radio address, Obama said swift and bold action was needed to prevent a deep slump, a spiral of falling prices, and millions of job losses.
He also said a much larger package than the $175 billion stimulus measure may be required for reviving economic growth.
America's problems have been compounded by a further darkening of the corporate scenario, with US automaker General Motors Corp considering bankruptcy, and the worsening liquidity problem is expected to force another bailout plan on the federal government.
Already, billionaire investor George Soros has assessed that the US economy would need an additional $300-600 billion in support funds to help it withstand a financial crisis.
Also, banking major Citigroup Inc is reported to have started talks with the U.S. government amid doubts about its ability to survive.
"There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better," said Obama said in a radio address.
Obama will take over as the next US president from George W Bush on 20 January.
News that Obama has selected New York Federal Reserve president Timothy Geithner as Treasury secretary gave markets some cheer and US stock markets rallied earlier tis week.
The Obama administration is expected to also appoint Jacob Lew, former President Bill Clinton's White House budget director as the new National Economic Council director; and Peter OrszagOrszag, head of the Congressional Budget Office, as the next White House budget director.
Obama is expected to announce his economic team as early as Monday.
