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Obama and Democrats plan huge economic stimulus

With an increasingly bleak economic outlook, president-elect Barack Obama and other Democrats are planning a enormous fiscal stimulus program that could end up costing as much as $700 billion over the next two years.
Speaker of the House Nancy Pelosi said on Sunday that a new stimulus package should focus on creating jobs and could possibly include a tax cut, the BBC reports.
The Washington Post said that Obama hopes to create 2.5 million jobs by 2011, although it is unknown what exactly would be have to be done or how much money would be needed.
The plan would have funding for public works projects intended to improve the nation’s infrastructure, money to promote green technology and tax cuts targeted at a variety of different demographics, the Washington Post reports.
David Axelrod, Obama’s senior campaign strategist, was quoted by the BBC as saying that Obama would do “what’s necessary? as president, saying that it is going to take a combination of stimuli to get the economy moving again.
Axelrod did admit to the BBC that the Bush tax cuts for the wealthy, which Obama promised to repeal repeatedly on the campaign trail, may be left in place for a time after Obama takes office.
Republicans criticized the plan, the Washington Post reports, instead pushing for more tax cuts that they think would spur economic growth.