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Obama promises to come out with "bold" economic recovery plan

President-elect Barack Obama has pledged to unveil a "bold" stimulus plan to help the ailing US economy once he assumes office on January 20, but refrained from divulging the final cost estimates for the package.

world Updated: Dec 20, 2008 13:36 IST

President-elect Barack Obama has pledged to unveil a "bold" stimulus plan to help the ailing US economy once he assumes office on January 20, but refrained from divulging the final cost estimates for the package.

"I'm not going to give you a number because we're still making these evaluations," Obama told a press conference in Chicago from Friday.

"But you are exactly right that what we've seen, in terms of the evaluation of economists from across the political spectrum, is that we're going to have to be bold when it comes to our economic recovery package," he said.

His remarks follow reports, which indicated that Obama has been advised to request possibly a trillion-dollar stimulus package.

"I'm concerned about the numbers that are being talked about," Obama said, but added, "We're not intending to spend money lightly. You know, the tax burden on Americans is already high.

"We are going to be inheriting a deficit that is probably above a trillion dollars. And so, look, I'm -- I'm a taxpayer like everybody else, and I don't want to see money wasted."

Obama termed as necessary the White House move to help the auto industry, but put the burden of recovery on the automakers.

He spoke shortly after the US government provided some succor to the beleaguered Big Three on Detroit-- General Motors, Chrysler and Ford Motor -- by announcing a USD 17.4 billion rescue package, which the ailing auto majors said would help save many jobs.