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| Politics
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| Obama says US economy 'very sick' |
| US President-elect Barack Obama has described America's economy as "very sick" and has said that the situation was worsening
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| UNITED STATES OF AMERICA
, 6-January-2009
1:22:4 AM |
| He said he expected that the latest US unemployment figures, due out later this week, would be sobering.
Earlier, he met politicians in Washington to discuss ways to boost the economy and create new jobs.
US media reports say he is planning a stimulus package worth more than $800bn (£551bn), including $300bn of tax cuts.
Mr Obama has said he wants a plan that will create 3m jobs by 2011.
The president-elect hopes to be able to enact the package shortly after his inauguration on 20 January.
"The economy is very sick," he said.
"We have to act and act now to break the momentum of this recession.
"We've got an extraordinary economic challenge ahead of us, we're expecting a sobering job report at the end of the week."
The US Labor department will release its December employment report on Friday and many economists are expecting the jobless figure to rise by 500,000, bringing the total US job losses for 2008 to about 2.5 million.
"Economists from across the political spectrum agree that if we don't act swiftly and boldly, we could see a much deeper economic downturn that could lead to double-digit unemployment and the American dream slipping further and further out of reach," Mr Obama said.
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