Obama: Stimulus Plan Likely Not More Than $1 Trillion

At a press conference just concluded, President-elect Barack Obama said he is working out the final details of his big stimulus plan with Congress and gave a ballpark of how much money it will cost.

Obama has said before that his package could run from $675 billion to $775 billion. Economists, however, said that a stimulus plan might need to be as much as $1.3 trillion to be really effective.

In remarks today, Obama said that the stimulus package will be "on the high end of our estimates," meaning about $775 billion, "but not as high as some economists have recommended," meaning it likely will not break the $1 trillion ceiling.

-- Frank Ahrens
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