Team Obama mulls $1 trillion stimulus plan

New York: 

US Presidentelect Barack Obama’s team is considering an economicstimulus programme of up to $1 trillion to revive the economy, a media report says. Quoting people familiar with the process a financial newspaper said, “Obama’s economic team is considering an economic-stimulus program that will be far larger than the two-year, half-trillion-dollar plan under consideration two weeks ago.” 
    The daily further said, “Obama aides and advisers have set $600 billion over two years as “a very lowend estimate,” and the final number is expected to be significantly higher, possibly between $700 billion and $1 trillion over two years. However, transition spokeswoman Stephanie Cutter denied that any decisions have been made on the scope of the plan and the newspaper quoted her as saying “any speculation on size or scope is premature at this time.” 
    “Christina Romer, who will lead Obama’s Council of Economic Advisers, is trying to build political consensus around a larger number before it is presented to Congress in January,” the report said. As economic conditions worsen, Obama’s economists now say the package will have to be larger than expected. 
    “The economic team would brief Obama next week, largely about the size of the package. Discussions are still under way about content,” the report said. Obama is scheduled to take office on January 20. The report said Lawrence Lindsey, President Bush’s first National Economic Council director, has counseled $800 billion to $1 trillion in stimulus over two years. AGENCIES

Source: TOI, Page 15 - Dated: 15-Dec-08