Obama team wants 800 billion dollars stimulus plan
Barak Obama feels that US needs at least 800 billion worth of stimulus plan to get out of the current economic turmoil. The entire Automobile industry is in shambles with all the majors reporting huge losses, and massive job cuts.
The banking industry is in dire straits with no signs of recovery in the near future, in spite of nearly half a trillion dollar pumping in by US FED. Most of the money has gone to make up for the billions of dollars of losses these banks have made due to the sub-prime crisis.
The Insurance behemoth AIG has already swallowed over 100 billion dollars and is asking for more funds. The housing crisis is deepening and more and more foreclosures are reported every week.
So Obama’s economic think tank has come out with a 800 billion dollar revival package, which is expected to spur the sagging US economy. Obama and his team strongly feel that the focus should be in supporting the lower end population who are struggling to retain their own home. He also wants to spend more money on infrastructure which can in turn lead to lot of job creation across various sectors.
Obama team has also to provide for additional money for taking care of the continuing Iraq and Afghanistan war against terror.
