Sunday, January 11, 2009
Facing growing criticism of his economic recovery plan, President-elect Barack Obama made public Saturday a detailed analysis by his economic advisers that estimates the $775 billion plan of tax cuts and new spending would create 3.5 million jobs over the next two years.
With an eye on Obama having immediate access to bailout money already approved by Congress when he becomes president, his economic team and the Bush administration have discussed having Treasury Secretary Henry Paulson ask lawmakers for access to the $350 billion remaining in the fund.
White House spokeswoman Dana Perino said the administration hasn't decided whether to make such a request, which would be made within the next week. Under the terms of the legislation creating the fund, Congress would have 15 days to reject the request.
The Obama transition team also has asked Neel Kashkari, the head of the rescue program at the Treasury Department, to remain in that position for a short time after the inauguration to help assure a smooth transition, according to an Obama official.
The 14-page analysis of Obama's $775 billion plan, which was posted on the Internet, concedes that the estimates are "subject to significant margins of error," both because of the assumptions that went into their economic models and because no one knows the final outlines of the package that will emerge from Congress.
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Labels: English News, Politics, Social
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