December 17th, 2008
06:10 PM ET
14 years ago

Obama team dismisses reports of trillion dollar stimulus

(CNN) - An Obama transition official says reports that the president-elect will release a stimulus plan with a trillion-dollar price tag are overblown, and that the actual figure being discussed is far smaller.

Some outside economists have pushed the trillion-dollar figure. One recent report suggested the transition team was working with an $850 billion plan. But this official describes the amount Obama advisors are currently considering as significantly lower than both.

Obama and his economic team met for four hours yesterday. They are still working on the package, which will not be announced before the president-elect returns from Hawaii later this month.

Filed under: Obama transition • stimulus plan
soundoff (16 Responses)
  1. Deanna

    I think what ever the amount is it would be nice to wait instead of second guessing on what it could be. Rumors and speculations never got us anywhere except in trouble. I am sure that President elect and his team all have out best intrest at heart. I thine the media needs to back off and give them a chance to present the package at the appropriate time. I just pray that it helps all of us

    December 17, 2008 07:32 pm at 7:32 pm |
  2. DC Observer

    Obama is living in Disney World. Watch for the sparks to fly between Pelosi and Obama during the first 100 days. Watch for Obama to retreat from his promise to get out of Iraq completely in 16 months. Taxes on the wealthy and corporations ain't gonna happen, and neither is the great tax cut for middle America. And watch for Obama to accelerate the War in Afghanistan which will be the worst decision of his presidency. The US has 20,000 troops in Afghan; Russian could not win in ten years there with 100,000 troops. Ahghanistan will become Obams's Vietnam. In terms of saving the auto industry – this, too, will not happen correctly as the UAW will call in its markers, and without a UAW concession of gigantic proportions, GM and Chrysler are doomed to fail

    December 17, 2008 07:53 pm at 7:53 pm |
  3. Wil

    Any stimulus would be good if it goes directly to the people via. check and, not distributed through the IRS, who in fact withhold the money from individuals that have a pre-arranged tax repayment plan vwith them.

    December 17, 2008 07:59 pm at 7:59 pm |
  4. No Hillary = No Obama

    Obama is one slick trick. When a reporter asked him questions about the sale of his senate seat, he quickly said he didn't want the reporter to "lose" his question becaue he was not going to answer about that topic. He didn't care if the reporter "lost his turn" – he was protecting himself. He's transparent alright. I am glad I did not vote for him.

    December 17, 2008 07:59 pm at 7:59 pm |
  5. Dennis

    One thing is certain, the Obama team incorrectly feels that the Federal Government is the answer to all our economic problems. The precise amount of the "stimulus" package is unimportant. We know it will be huge. It is also a step in the wrong direction. Obama should be reducing taxes for all and greatly reducing the size of the Federal bureacracy and the Federal non defense budget.

    I'm in support of an "Obama 180" program, which would be the reversal of all his campaign promises. A smaller, less active government is needed. An activist Federal Government is the root of most of our probelms ranging from education to the economy. It's insane to expect that more government will solve these probelms. The solutions lie with the people.

    December 17, 2008 08:00 pm at 8:00 pm |
  6. John

    I wonder if the shoe-throwing guy ever tried doing that to Saddam. He can thank Bush for freedom of the the press. ! 1 trillion–wow.

    December 17, 2008 08:16 pm at 8:16 pm |
  7. Armando

    Whatever the amount it won't work. Borrowing and spending made this mess. It's not going to fix it. We need to get back to producing and saving. Not consuming and spending. The money can only come from a printing press. Which will devalue the dollar and our purchasing power. 10 bucks for a loaf of bread doesn't sound that good to me.

    December 17, 2008 08:28 pm at 8:28 pm |
  8. Give Me A Break!

    If the government make Haliburton give back all the money given to them by their friends in White House (Bush, Cheney), that should cover the cost of a stimulus package.

    December 17, 2008 08:49 pm at 8:49 pm |
  9. Flo

    The media can speculate all they want but on January 20th the people will know the truth. I'm amazed everyday the amount of chatter the radio talk show hosts spend on Obama and what he will do when the man hasn't even stepped in the WH. They critisize, demean Obama on all topics and their audience just as ignorant will go along with the absurdity. Let Obama take office and critisize him on policy he actually institute, not before.

    A stimulus package geared toward workers is fine with me no matter the costs. We need jobs in this country!!!!!!!!!!!!!!!!

    December 17, 2008 09:05 pm at 9:05 pm |
  10. Mark, B'ham., Al.

    With it being a democrat party proposal the actual cost will be 3 to 5 times hihger. So our children and grandchildren will have to pay it back.

    December 17, 2008 09:17 pm at 9:17 pm |
  11. L Williams

    All I have to say about this is, giving more food stamps to help the "poor" will only make us taxpayers poorer! Give me a break! The only way to help the so-called "Poor" make them go out and get a job!

    December 17, 2008 09:20 pm at 9:20 pm |
  12. Joe Fattal

    Last stimulus I recieved a check for 300.00 dollars. This stimulus I am getting........What am I getting out of it? Mr. Obama you are talking about a billion plan. Then my check this time ought to be at least 1000.00 dollars. Yaah, that will be great. They won't call you Mr. Obama Mr. President, they will call you the promise one, the chosen one and maybe the messiah.

    December 17, 2008 09:26 pm at 9:26 pm |
  13. No incumbents 2010

    That's ok Obama. It took a war to get us out of the first depression and to make FDR a hero.

    December 17, 2008 09:47 pm at 9:47 pm |
  14. Godluvr

    Let the printing presses begin; let the critics shut up! We need a strong jolt to get the economy resuscitated. Nothing short of a trillion plus dollars will do it. Do your thing Mr. President-Elect, we're praying for your success!

    December 17, 2008 10:26 pm at 10:26 pm |
  15. Sue

    Obama may be in Disney, but that's far better than anything Bush gave us...he's on Mars someplace. I believe we will be out of Iraq..didn't Bush just sign that agreement with them? They want us out so the violence against our troops will end.
    There have to be new taxes-we will sink under the deficit if there aren't any, and the states will have to tax us if the feds do and education are already suffering badly, not to mention infrastructure things that Bush ignored for 8 years.
    The UAW has already made huge concessions and their workers are in fact making less than the Honda workers in Alabama.
    I agree that we must get out of Afghanistan as well-that is another money pit in the making.
    I am praying for clear heads, good thinkers, and good judgment in the year ahead-all needed to begin to clean up after the corrupt administration of GWB.

    December 17, 2008 10:55 pm at 10:55 pm |
  16. big rob

    Can the man take office first? people are criticizing him over he he picked to speak at the inauguration, who cares? He is being all inclusive. And he doesn't have to explain his decisions to anyone he is the next POTUS.

    December 18, 2008 05:46 am at 5:46 am |