February 4th, 2009
03:57 PM ET
2 years ago

Obama warns of turning a 'crisis into a catastrophe'

 President Obama says Congress must act without delay on his economic plan.
President Obama says Congress must act without delay on his economic plan.

(CNN) - President Obama warned Wednesday that failure to act immediately on his economic aid plan "will turn crisis into a catastrophe and guarantee a longer recession."

"Millions more jobs will be lost. More businesses will be shuttered. More dreams will be deferred," Obama said, as Senate debate continued on amendments to the stimulus package.

Watch: President, Geithner discuss the economy

The House last week passed an $819 billion version of the plan, but no Republican voted in favor of it. The president has been trying to gain Republican support before the Senate votes on its version of the bill.

Debate on amendments to the bill is expected to last all week in the Senate. A vote could come as early as Friday.

Republicans are calling for a plan with more tax cuts and less spending. They also want more emphasis on helping homeowners. One Republican proposal could double the tax credit for home buying from $7,500 to $15,000.

Obama has said he wants to make sure Republican ideas are incorporated into the final legislation, but he said Wednesday that Congress should "not make the perfect the enemy of the essential" and brushed off recent criticism of the plan.

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Filed under: Congress • economic stimulus • President Obama
soundoff (232 Responses)
  1. Matthew Detroit

    oooh we are so scared.

    Barak, take your democrats and re write the bill.

    You said they wrote a bad bill. Tell Nancy girl to get it together.

    February 4, 2009 08:46 pm at 8:46 pm |
  2. fred

    Obama, why does it have to be YOUR economic plan? I'm sure 100 heads in the senate can come up with something better......for 500 billion or less.

    February 4, 2009 08:49 pm at 8:49 pm |
  3. Julie

    Max February 4th, 2009 6:08 pm ET

    The dems are in control of everything in the federal government and yet they're still trying to blame the Republicans? What a joke!

    ___

    Ah, Max, did this recession (near depression) start 1/20/2009? How soon you forget the republican president and ideology of tax cuts and deregulation – not to mention a money sucking war of choice. Did the abyssmal job creation rate under the bush admin the dems fault? Was the deregulation of the financial markets the dems doing? You want to blame the dems? Yes, I agree, your comment was a joke, a big one.

    February 4, 2009 08:55 pm at 8:55 pm |
  4. Maggie in NY

    I agree with cutting out some of the items in the stimulus package. However, I totally disagree with ANY corporate tax cuts. We gave them tax cuts before, and did they "create" jobs? NO!!! Tax cuts do not create jobs!!! Only when people have money to spend will jobs be created. If there is a demand, you can bet your bottom dollar that there will be a supply. Supply without demand (voodoo) does NOTHING but increase supply.

    February 4, 2009 08:59 pm at 8:59 pm |
  5. Simmy

    Has anyone noticed that the name Republican is becoming a "definition" of a certain type people? I won't define them, but it's scary to imagine 48M people full of hatred and contempt. And even scarier is the fact that they take their cues from Drudge and Limbaugh. Even more terrifying, is the fact that Sen. John McCain, the one who selected Sarah Palin as his running mate, is still allowed to vote on matters that concern American citizens. Thank God for freedom, but some of these facts give me cause for pause.

    God Pleaseeeeeeeeeeeeeee Bless American, and I mean it.

    February 4, 2009 09:02 pm at 9:02 pm |
  6. Eileen

    Have any of you looked at the bill? What the republicans and many on this board are calling "garbage" amounts to less than 2% of the bill. They're skewing the facts. Stop listening to talk radio and tv pundits – read the bill yourself. You have to consider that some of the expenditures in the bill will lead to long term cost savings. This needs to be both a short range and long term bill.

    Catastrophe? I think over 100,000 Americans losing their jobs just last week is pretty darned close to catastropic – especially if it continues. That's on top of the millions of other that have lost their jobs over the last year. Don't fall for the rhetoric – do your research, it is pretty horrific.

    February 4, 2009 09:03 pm at 9:03 pm |
  7. Annette Galloway

    In the real every day world we do not walk around with blue or red signs over our heads. We are not segregated at work, home, or play by our political beliefs. This country as a whole is in trouble – all of us. No one is unaffected regardless of their age, sex, race, income or religion. So why must we continue to bash each other. People say things on Blogs and comment boards that they would be ashamed to say in front of their children, neighbors, and co-workers. Anger never solves a thing! We did it one way for eight years and that has not gone so well. It seems to me that we should give the President more than a few weeks to call anything he has done so far a failure. If our familes or co-workers worked against each other like these two parties do – we wouldn't have a chance. Even if you did not vote for President Obama – he is still our leader and an intelligient one at that. He has to be – there is no way a country this racist would ever have elected a "black" man unless he was – so let the man do his job.. ( FYI – I am a white woman) Working against each other will get us nowhere good – which is where we are standing right now. We are all going to have to work together for the common good – that is not socialism – that is civility.

    February 4, 2009 09:19 pm at 9:19 pm |
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