Washington, Jan 03: President-elect Barack Obama's
transition team is putting the finishing touches on an
economic recovery plan that could run from USD 675 billion to
USD 775 billion.
Briefings for top congressional Democratic officials are
likely this weekend or on Monday, a senior transition official
said yesterday.
Obama is slated to meet Monday with House Speaker Nancy
Pelosi and Senate Majority Leader Harry Reid in a Democratic
strategy session likely to focus on the economic recovery
package.
Democrats had hoped to get the recovery plan set for
Obama's signature as close to Inauguration Day as possible,
but it is plain that the schedule is slipping.
When Congress convenes next week there will only be two
weeks before the inauguration. The earliest the measure could
reach the House floor is the week of January 12, said a Pelosi
spokesman, and even that is looking doubtful.
Republican leaders have demanded time to scrutinize the
measure, a request that seems likely to be granted, at least
in part. A separate Obama transition official promised "full
transparency" in considering the plan.
The Senate's top Republican, Mitch McConnell, again
protested yesterday that his party and the public need time to
scrutinise the Obama plan so that "every dollar needs to be
spent wisely and not wasted in the rush to get it spent."
Congressional aides briefed on the measure say it's
likely to blend tax cuts of USD 500 to USD 1,000 for
middle-class individuals and couples with about USD 200
billion to help revenue-starved states with their Medicaid
programs and other operating costs.
Bureau Report
First Published: Saturday, January 03, 2009, 00:00