US vice President-Elect Joe Biden warned in a television interview that the economy is in danger of "absolutely tanking." "The economy is in much worse shape than we thought it was in, " Biden told ABC News in an interview to air Sunday morning. He called for an economic stimulus package of $600 billion to $700 billion. "There is no short run other than keeping the economy from absolutely tanking. That's the only short run," Biden said according to excerpts made public before the broadcast and quoted by DPA. He said the economy will be the top priority for the Obama administration during its first year.
