The job stimulus would take place over the next two years, Obama said in his weekly radio address, as he prepared to reveal the members of his economic team early next week, according to media reports.
Expected to lead Obama’s team as Treasury secretary is New York central banker Timothy Geithner, 47, who would be tasked with overseeing the 700-billion-dollar bailout package as the world’s largest economy is staring at recession.
With Congress on recess as of Friday, Obama outlined in broad strokes his plan for a broad stimulus package to lift Americans out of economic peril fueled by sweeping housing foreclosures and job losses.
Obama, who has vowed to make the economy his priority when he takes office from President George W. Bush on January 20, said the effort should produce 2.5 million new jobs by January of 2011.
“We’ll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy,” Obama said [...]
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