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Drafting bold economic stimulus: Obama

Barack Obama said that he was crafting an aggressive warning that swift action was needed to prevent a deep slump and a spiral of falling prices.

world Updated: Nov 22, 2008 16:40 IST

US President-elect Barack Obama said on Saturday that he was crafting an aggressive, two-year stimulus plan to revive the troubled economy, warning that swift action was needed to prevent a deep slump and a spiral of falling prices.

"If we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year," Obama said in prepared remarks for the weekly Democratic radio and video address.

"We now risk falling into a deflationary spiral that could increase our massive debt even further," he said.

A day after US stock markets rallied on his apparent choice of Timothy Geithner as Treasury secretary, Obama gave a bleak assessment of the economy in his most detailed comments on the subject since winning the November 4 election.