Economic battle plan set out
Monday 24 November 2008
Barack Obama will formally unveil his economic team in Chicago today, as he sets to work on fleshing out ambitious proposals to lift the US out of its rapidly-escalating financial crisis. Timothy Geithner has been tapped as Treasury Secretary, while Larry Summers, a treasury secretary under president Bill Clinton, will head the National Economic Council.
Over the weekend, the President-elect said the US economy needed to create 2.5 million jobs by 2011, through government investment in infrastructure projects such as new roads and bridges. No price tag has been put on this economic stimulus package. During the election race, Mr Obama was talking about $175bn, but Charles Schumer, a leading Democratic Senator, now estimates the new president needs to come up with $500bn-700bn to make a meaningful difference.
In another sign of how swiftly the economic climate is deteriorating, there were signs that Mr Obama may have to forget his election pledge to raise taxes on those earning more than $250,000 a year. In a television interview yesterday, his aide David Axelrod suggested that the tax cuts for high-earners, introduced by George Bush, might be allowed to expire in 2010, rather than being revoked when Mr Obama takes office in January.
- 2 Italian police 'reveal' what Jesus looked like as a young boy
- 3 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for? The Independent quiz matches best political party for undecided voters ahead of the general election
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian combined with near-naked ensemble
Syria's 'circle of hell': Aleppo residents describe children without heads, streets filled with blood and injuries never before witnessed by surgeons
General Election 2015: Photographic history of Bullingdon Club tracked down - including new picture of David Cameron in his finery
In defence of liberal democracy
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: Clegg warns of second election before Christmas without Lib Dems
£20000 - £25000 per annum + Commission: SThree: Are you great at building rela...
£20000 - £22000 per annum + excellent benefits: Ashdown Group: Application Sup...
£20000 - £25000 per annum + Uncapped Commission: SThree: Do you want to get in...
£35000 - £40000 per annum: Ashdown Group: IT Project Manager - Birmingham - ...