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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Obama: I Want a Stimulus Package Now

In his first address as president-elect, Sen. Barack Obama (D-Ill.) talked about the stumbling economy and made the following key points:

- He wants Congress to convene a lame-duck session and pass a second stimulus package right away.

"I want to see a stimulus package sooner rather than later," Obama said, speaking to reporters in Chicago, adding that if it doesn't get done during a lame-duck session this year, "it will be the first thing I do as president."

- The TARP plan, the $700 billion Wall Street bailout/rescue plan engineered by Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke, will be reviewed.

That will happen "to make sure it reaches the goal of helping homeowners ... and not unduly rewarding the firms receiving assistance," he said.

- He thinks some form of additional assistance for Detroit's struggling automakers must be forthcoming.

"They are the backbone of American manufacturing," he said. "I would like to see the administration accelerate the retooling assistance." Last month, $25 billion in direct loans to automakers was approved, which will be used in converting SUV and truck factories into plants that make more fuel-efficient vehicles.

"I do not underestimate the enormity of the task that lies ahead," Obama said.

-- Frank Ahrens

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By Frank Ahrens  |  November 7, 2008; 2:01 PM ET
Categories:  The Ticker  
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