WASHINGTON - AN influential Democrat in the US Senate said yesterday a large economic stimulus package of up to $700 billion was needed to lift the American economy out of its current downturn.
Senator Charles Schumer, a New York Democrat who is part of the majority leadership team in the Senate, told ABC's This Weekthat an economic recovery package of between $500 billion and $700 billion was needed and could be ready by the time president-elect Barack Obama takes office on January 20th.
"In my view it has to be between five and seven hundred billion dollars," Mr Schumer said.
President-elect Obama said yesterday he aims to save or create 2.5 million jobs in a two-year plan to stimulate an economy facing a crisis of historic proportions. (Reuters, Bloomberg)