This is the VOA Special English Economics Report.
President-elect Barack Obama is calling on Congress to pass an economic recovery plan in the next few weeks. He warned about the deepening recession in a speech in Virginia on Thursday, less than two weeks before he takes office.
BARACK OBAMA: "Now, I don't believe it's too late to change course. But it will be if we don't take dramatic action as soon as possible. If nothing is done, this recession could linger for years."
On Wednesday, the Congressional Budget Office estimated the federal budget deficit this year at one trillion two hundred billion dollars. That is almost three times the size of last year's deficit. And the estimate does not include an economic stimulus plan, like the president-elect proposes.
President-elect Barack Obama speaking Thursday at George Mason University in Fairfax, Virginia
But Barack Obama warns that without decisive action, trillion-dollar deficits will be a reality for years to come. His proposals could cost around seven hundred seventy-five billion dollars in government spending and tax cuts over two years. Some economists think the plan needs to provide as much as one trillion dollars or more to be effective.F
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