Obama outlines his economic stimulus plan

FAIRFAX, Va. (AP) - In a talk to the nation on Thursday, President-elect Barack Obama again vowed to keep "earmarks and pet projects" out of an economic recovery plan.

Obama, in a speech in suburban Washington that outlined his plans to revive the economy, said he knows that there are a lot of ideas in Congress on how to spend money, and that many of the projects are "worthy."

But he said leaders in both parties need to put the nation's "urgent needs" ahead their own "narrow interests."

Obama said the goal of his stimulus plan isn't a "slew of new government programs," but rather a "foundation for long-term economic growth."

He said the plan includes a host of programs to revitalize the economy and create jobs. Specifically, he said he wanted to double the production of alternative energy in the next three years, modernize more than 75 percent of federal buildings and improve medical record-keeping.

He also said Thursday that the initiative includes giving the country "21st century classrooms," expanding Internet access in rural areas and investing more in science in research.

Source: Associated Press

Story Highlights

  • Obama: "A bad situation could become dramatically worse"
  • Obama warns that delay on aid package would have major consequences
  • Obama addressing critics who oppose such a massive spending plan
  • Republicans have said they are interested in seeing significant tax cuts in plan