President Barack Obama

Referred to as the Obama Plan, the economic stimulus package being proposed by President Barack Obama, it is the number one legislative priority of the new administration. President Obama’s economic recovery plan will require the government to borrow $825 billion. Several officials of the Obama administration and allies in Congress have also indicated that more money may be needed to be distributed to banks, beyond the $700 billion already appropriated for TARP funding.

Barack Obama has indicated that it is urgent that Congress moves quickly and boldly on the Obama stimulus package. President Obama warned that a bad situation might get much worse for the American economy without speedy action. New jobless claims are at record levels as companies continue to announce layoffs. America’s banks remain in a weak condition. The bad economic news explains why President Barack Obama will be highly focussed on the economy and the passage by Congress of his plan to revitalize the U.S. economy.