President Barack Obama

President Barack Obama has increased pressure on Congress to pass the stimulus package he believes is essential for economic recovery. Obama is now warning Congress that, “the time for talk is over,” amid worsening economic data.

Responding to White House pressure, Senate Majority leader Harry Reid is now saying that the Senate could vote on the $900 billion stimulus package by the end of the week. Moderate Republican and Democratic senators are seeking to remove some spending elements from the stimulus bill in an attempt to enhance bipartisan support for the legislation.

“The time for talk is over, the time for action is now,” President Obama indicated in a speech he delivered at the U.S. the Energy Department. “I am calling on the members of Congress, Democrats and Republicans to rise to this moment. The scale and the scope of this plan is the right one.”

Democratic Senator Ben Nelson and his centrist Republican colleague Susan Collins have been meeting in an effort to create a listing of spending cuts in the stimulus bill. The purpose is to attract more bipartisan support. Senator Collins of Maine prefers that the stimulus bill be reduced to $650-700 billion from the current level of $900 billion.

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.