6.8 million people travel via four Saudi airports during 2025 Umrah season    TASI recoups losses, records highest close since December 2024    Dar wa Emaar hosts annual Eid Al Fitr community celebration with residents at Saraya Al Narjis in Riyadh    Ithra to showcase its art collection at Riyadh Art Week    US defends tariffs on remote island of penguins and seals    Israeli protesters urge Netanyahu to secure hostage deal during meeting with Trump    Palestinian teen died in Israeli prison after suffering 'likely prolonged malnutrition', autopsy finds    Saudi U-17s qualify for 2025 FIFA World Cup after win over Thailand    Saudi Arabia imposes SR100,000 fine on Hajj and Umrah firms for not reporting visa overstays    The Seven Dogs wraps filming in Riyadh with a budget exceeding $40 million    Trump's crackdown on university protests is casting a long shadow    Al-Jasser: work is underway to restructure and develop aviation infrastructure    Virtual Notary Public provided over1.4 million digital documentation services in 2024    Al Qadsiah and Al Ettifaq share spoils in tense Eastern Derby stalemate    Moussa Diaby praises Al Ittihad's resilience after Jeddah Derby draw "When you can't win, you take a point"    Saudi-European Parliamentary Friendship Committee discusses cooperation during Strasbourg visit    Benzema rescues Al Ittihad with stoppage-time equalizer in thrilling Jeddah Derby    Riyadh Art Week launches with over 50 galleries showcasing global artistic dialogue    Turki Al-Sheikh announces five new Saudi film projects to be produced in Riyadh    Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Obama's $850b growth plan
Published in The Saudi Gazette on 22 - 12 - 2008

elect Barack Obama has boosted plans to kickstart the ailing US economy with an ambitious goal to create three million jobs and unveiled Sunday a task force to protect working families.
Several Obama advisors told US media that after a four-hour meeting last week with his economic advisors, Obama added another 500,000 jobs to his plan set a month ago to create 2.5 million jobs over the next two years.
Faced with fears the United States will now shed some 3.5 million jobs in 2009, driving unemployment rates up from 6.7 percent to above nine percent, Obama decided on a more aggressive strategy, the Washington Post said.
He plans to hit the ground running when he takes office on January 20, with his economic teams already drawing up a huge stimulus package to bring before Congress.
According to US media, Obama's team is looking to craft a package worth between 675 and 775 billion dollars over two years, but it could swell to 850 billion as it moves through the legislative process.
Some US media have predicted it may even top a trillion dollars.
The US economy has been the foremost concern of Americans for months, as it continues to nosedive despite a 700-billion-dollar Wall Street rescue plan agreed in October.
Vice president-elect Joseph Biden Sunday would not be drawn on precise figures of a second stimulus package.
“What we're doing is putting together what we think will be the economic package that will do two things. One, stem the hemorrhaging of the loss of jobs, and begin to create new jobs,” Biden told ABC's This Week.
“At the same time, we provide continuing liquidity for the financial markets.”
But he admitted that since the Democratic team's victory in the November 4 election, the economy has turned out to be in much worse shape than previously thought.
“Every economist that I've spoken to ... from well-known economists on the right, conservative economists, to economists on the left, and everyone in between, says the scope of this package has to be bold; it has to be big.
“There's going to be real significant investment, whether it's 600 billion dollars or more or 700 billion dollars. The clear notion is, it's a number no one thought about a year ago,” Biden said.
He revealed too that he had agreed to chair a special White House task force which will come into effect on January 20 to help boost middle-class and working families who have seen a steady erosion of living standards.
Rising unemployment, falling property prices and a credit crunch have squeezed middle-class families, who saw real incomes fall even before the US entered the current recession, economist say.


Clic here to read the story from its source.