Obama 'may not wait' to get started on economy

5 November 2008

He still has two and a half months to wait before he officially takes office but US president-elect Barack Obama may not wait for his inauguration to get started on tackling America's financial crisis, it has been reported.

With Congress set to reconvene in less than two weeks, the winner of the November 4th election may bring forward plans for a $175 billion package designed to kick-start recovery, Bloomberg stated.

Proposals could include tax credits to aid job creation, spending on public works such as schools, roads and bridges, and checks to stoke consumer spending.

Any plan will need the backing of the Bush administration until Mr Obama officially moves into the Oval Office - but then he could enact the "broadest overhaul of the US economy" since FDR's New Deal in the 1930s, the site said.

A key priority could be reining in the federal budget. The US deficit is currently predicted to triple next year to $1 trillion, partly as a result of the $700 billion banking bailout.

The president-elect is also set to participate in the G20 summit on tackling the credit crisis on November 15th.

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