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

Obama Uses Bad Jobs News To Push Stimulus Spending

President-elect Barack Obama used this morning's dire jobs-loss news to promote his jobs-heavy economic-stimulus plan that could cost taxpayers up to $850 billion.

The unemployment news -- 524,000 jobs were lost in December, pushing the unemployment rate to 7.2 percent -- "is a stark reminder about how urgent action is needed," Obama said, adding that the economy's condition is "dire and deteriorating."

Obama said that jobs were lost in all 12 months of 2008, totaling 2.6 million lost for the year.

"This is the moment to act and act without delay," Obama said.

It is the hope of Team Obama to have the stimulus package through Congress and ready for the new president's signature when he is inaugurated, but congressional Democratic leadership has dampened that expectation.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 9, 2009; 11:08 AM ET
Categories:  The Ticker  | Tags: Obama, economic stimulus  
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