After meeting with his economic team, President-elect Barack Obama warned, "…we are in a very difficult spot. The economy is bad. The situation is getting worse."
Flanked by economic advisers Obama said, "It's clear that we have to act and we have to act now to address this crisis and break the momentum of the recession or the next few years could be dramatically worse."
When questioned about the transparency of an economic package that is expected to cost around $800 billion and be passed in just a few short weeks, Obama stood strong predicting "unprecedented transparency."
"We are confident that we can accomplish unprecedented transparency, even as we move this package forward," adding his new economic team hopes to put detailed information about economic projects online.
After scheduled meetings with both sides of the aisle on Capitol Hill, Obama made it clear both democrats and republicans have to work to solve the economic crisis. "This is not a Republican problem or a Democratic problem at this stage. This is an American problem, and we're all going to have to chip in and do the hard work that's required and what the American people expect of us." more
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