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Posted by admin on 2019-01-12 in 上海性息 with No Comments


US president-elect Barack Obama has admitted millions of Americans could lose their jobs in the economic crisis, playing down hopes his administration will find a quick solution.

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The next president has urged the new US Congress to pass what is expected to be a massive stimulus package quickly, pledged help for US car makers and backed George W Bush\’s moves to bail out the financial industry.

But he warns America faces a “crisis of historic proportions”, and said there was a desperate need to “scour our federal budget, line by line, and make meaningful cuts and sacrifices as well,” to help fix the troubled economy.

“This will not be easy. There are no shortcuts or quick fixes to this crisis, which has been many years in the making, and the economy is likely to get worse before it gets better,” he said.

“Full recovery will not happen immediately. Most experts now believe that we could lose millions of jobs next year.”

He would not put a figure on how large a stimulus package he wants from Congress, saying only that it would be “costly,” but Democratic lawmakers speculated the price tag could reach $US700 billion over two years.

Heavyweight economic team

On Monday, Obama named New York Federal Reserve President Tim Geithner as his treasury secretary, just days after calling on his economic team to create or save 2.5 million jobs by the end of 2010.

He also announced Lawrence Summers as director of his National Economic Council. Summers was treasury secretary under former president Bill Clinton and is a former president of Harvard University.

Democratic officials say he also intends to name Peter Orszag as his budget director, turning to Congress\’ chief adviser on spending and taxes as he fills out his economic team. Orszag, 39, is serving a four-year term as head of the Congressional Budget Office.

Christina Romer has been chosen as chairwoman of Obama\’s Council of Economic Advisers, and Melody Barnes as director of his White House Domestic Policy Council.

Obama said the economic and financial crisis confronting the United States and the world demanded the “sound judgment and fresh thinking” his new team would bring to bear on problems as great as any since the Great Depression of the 1930s.

The president-elect expressed confidence the nation would pull out of the economic morass “because we\’ve done it before”.

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