President Barack Obama

President-elect Barack Obama delivered a major speech on January 9 about the economy that presented a tone of gloom, making the case as to why Congress must pass a major economic stimulus package. Obama challenged Congress to work “day and night, on weekends if necessary,” to approve a massive stimulus package, to be funded with borrowed money that taxpayers will have to eventually pay back.

The words that came from Barack Obama spelled out that without a bold and very expensive economic stimulus package, the American economy face dire consequences. Obama warned of a recession that could last for many years, unless the U.S. government stepped in with its checkbook to jumpstart the economy.

While President-elect Obama is wasting no time in pushing Congress for quick action on the economy, there are indications, especially from Republicans but also from some Democrats, of skepticism on some of the Obama proposals. However, there is a consensus that the U.S. economy is in severe crisis, requiring decisive action by Congress.

Red ink as far as the eye can see, for years to come, predicts President-elect Barack Obama. Meeting with the media, Obama indicated that he foresees a $1 trillion U.S. deficit for the current fiscal year and “for years to come.” This is the price the United States must pay as it seeks to combat the Global Economic Crisis, which began in America. In effect, future generations of Americans will be asked to pay for the massive borrowing now being initiated by government to kick-start the economy.

The grim economic forecast was delivered by Barack Obama. after meeting with his team of economic advisers.President-elect Obama informed the media that Peter Orszag, his choice for budget director, now estimates that the current budget is on course to hit $1 trillion in deficit spending. This figure does not include the planned economic stimulus package, which may add another trillion dollars to the ballooning national debt.

New Mexico Governor Bill Richardson, former rival to Barack Obama for the Democratic Party’s presidential nomination, has withdrawn as Obama’s nominee for Commerce Secretary.

Governor Richardson’s decision was apparently linked to an investigation that is pending into a company, which has conducted business with the state of New Mexico.

In a joint statement, President-elect Barack Obama indicated that he had accepted Governor Richardson’s decision to withdraw “with deep regret.” Bill Richardson has denied any improprieties. The Governor said that the inquiry could take several months; he did not want the Commerce Department’s work to be delayed by the investigation.

“Let me say unequivocally that I and my administration have acted properly in all matters and that the investigation will bear out that fact,” Governor Richardson indicated in a statement released to the media.

In a radio and Internet broadcast, President-elect Barack Obama said that the ailing U.S. economy is in danger of even worse turmoil and more challenges. Obama is urging Congress to act expeditiously on his economic stimulus proposals.

Barack Obama said, “as we mark the beginning of a new year, we also know that America faces great and growing challenges — challenges that threaten our nation’s economy and our dreams for the future…for too many families, this new year brings new unease and uncertainty as bills pile up, debts continue to mount and parents worry that their children won’t have the same opportunities they had.”

Barack Obama will be sworn in as America’s 44^th President on January 20, with the global economic crisis facing his administration as the number one priority. Obama indicated that he would meet in the near future in Washington with both Democratic and Republican Congressional leaders to discuss his economic stimulus plan that seeks to create 3 million new jobs just as the U.S. unemployment rate is soaring.