President-elect Barack Obama’s top adviser insisted Sunday that Obama’s economic plan would be big enough to handle the country’s financial challenges, but he declined to speculate about how large the plan would need to be.
During the presidential campaign, Obama proposed a $175 billion stimulus package over a two-year period, but some of his economic advisers have said recently that the package would need to be much larger.
Asked if Obama would scale up the package, given the economic conditions, Obama’s incoming senior adviser, David Axelrod, said he thinks Obama is “going to do what’s necessary.”
“I’m not going to throw a figure out here. What he said is, he wants a plan big enough to deal with the large challenges we face. And I think there’s a growing consensus across the spectrum among economists that we’re going to have to do something big,” Axelrod said Sunday on ABC’s “This Week.”
Obama on Saturday offered an outline of his economic recovery plan to create 2.5 million jobs by 2011, saying American workers will rebuild the nation’s roads and bridges, modernize its schools and create more sources of alternative energy.
Details of the plan are still being worked out by his economic team, Obama said, but he hopes to sign the two-year, nationwide plan shortly after taking office January 20.
Obama noted he will need support from both Democrats and Republicans to pass such a plan, and said he welcomes suggestions from both sides of the aisle.