Obama: Economy to get worse before it improves
President-elect Barack Obama said today the US economy will get worse before it gets better, pledged a recovery
plan "equal to the task" and warned lawmakers that the days of pork barrel spending are over.
Less than six weeks before his inauguration, Obama declined to say how large an economic stimulus plan he envisions. He said his blueprint for recovery will include help for homeowners facing foreclosure on their mortgages if President George W. Bush has not acted by Inauguration Day, Jan. 20.
"We've got to provide a blood infusion to the patient right now to make sure that the patient is stabilized. And that means that we can't worry short term about the deficit. We've got to make sure that the economic stimulus plan is large enough to get the economy moving," he said.
