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Friday, January 9, 2009

Obama bailout faulted

President-elect Ba-rack Obama’s economic recovery plan ran into crossfire from his own party in Congress on Thursday, suggesting that quick passage of spending programmes and tax cuts could require more time and negotiation than Democrats once hoped.

Senate Democrats complained that major components of his plan were not bold enough and urged more focus on creating jobs and rebuilding the nation’s energy infrastructure rather than cutting taxes. Just hours earlier, Mr Obama called for speedy passage of the stimulus measure, warning that the recession "could linger for years" if Congress did not pass his plan within weeks. For his recovery plan, Mr Obama has been assembling a package worth $775 billion over two years to revive the sagging economy.

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