Happy Friday!
Today in a national news conference, president-elect Barack Obama said that he will push a stimulus package through “immediately after” taking office. The call to action will be necessary if the Bush Administration doesn’t approve a stimulus prior to exiting office. This news conference took place after morning reports of jobless claims grew to 6.5% in October, the highest since 1994. Obama said the reports are “an urgent reminder that we are facing the greatest economic challenge of our lifetime.”
On October 20th I wrote about Ben Bernanke’s call to congress for the need of another stimulus package (click here to read post). With the Federal Reserve, the Bush Admimistration, and president-elect Obama’s focus on the need for an additional stimulus package, it seems to be just a matter of time until we hear the confirmation.