Obama pitches his economic plan
WASHINGTON — President Barack Obama on Saturday laid out more pieces of an economic plan he says would add 3,000 miles of electrical lines, increase security at 90 ports and double the United States' renewable energy capacity within three years.
It was the latest appeal from the new president for a massive spending bill designed to inject almost a trillion dollars into a flailing U.S. economy and to fulfill campaign pledges. As members of Congress consider an $825 billion plan and Obama woos them, his White House released his radio and Internet address.
Along with the speech, Obama's economic team released a report outlining benefits of the plan.
The United States lost 2.6 million jobs last year, the most in any single year since World War II. Manufacturing is at a 28-year low and even Obama's economists say unemployment could top 10 percent before the recession ends.
Obama's recovery package aims to:
4 Double within three years the amount of energy that could be produced from renewable resources, an ambitious goal given the 30 years it took to reach current levels.
• Upgrade 10,000 schools and improve learning for about 5 million students.
• Save $2 billion a year by making federal buildings energy efficient.
• Triple the number of undergraduate and graduate fellowships in science.
The plan would spend at least 75 percent of the total cost — or more than $600 billion — in the first 18 months.
