Obama Appears Before Nation & Urges Quick Passage of Stimulus Bill

By: • Mon, Feb 9 2009, 9:37 PM

Urging Congress to swiftly pass an $800 billion-plus economic stimulus plan, President Barack Obama said that to do nothing will allow the current economic crisis to turn into a "catastrophe".

In his first prime time press conference as president on Monday night, Obama also said the federal government is the "only entity" with the resources and capability to stop the bleeding of jobs that threatens to further destabilize the economy.

Referring to the $828 billion economic stimulus bill the Senate is scheduled to vote on Tuesday, Obama defended the size, saying an effective plan must be "big enough and bold enough" to meet the challenges of the economy. He added that "failure to act will only deepen the crisis as well as the pain felt by Americans."

Doing nothing now will result in greater jobs losses, income losses and a greater loss of confidence, turning a "crisis into a catastrophe," he said.

Once the economy stabilizes, Obama said the focus would return to operating "more prudently."

Obama took issue with claims that the stimulus bill contains wasteful spending, defending some components, such as funds for energy retrofitting and education spending.

To be effective, Obama said the plan needs to include a combination of tax cuts, job creation and preservation, and direct investment in education, energy, healthcare and infrastructure. Obama repeated that the stimulus plan will create up to 4 million jobs.