Bloomberg on Obama's Economic Plan Speech: "Great"

Jen Chung

Published Jan 8, 2009

Modified Jan 8, 2009

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Jen Chung

Published Jan 8, 2009

Modified Jan 8, 2009

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Mayor Bloomberg, as well as other mayor from large cities, was on hand to head President-elect Obama outline an ambitious economic stimulus plan, one that includes a $1,000 tax cut for working families, a payroll tax cut and an infusion of $800 billion. Obama urged Congress to pass a stimulus plan, “I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible. If nothing is done, this recession could linger for years. The unemployment rate could reach double digits.”

Still, there's some skepticism from both parties about the plan. However, Bloomberg said, "He gave a great speech and understands our cities have to be a central focus of any recovery plan. This was the opening salvo of a long, difficult battle to reform the way this country spends money and to get the economy moving again. He understands he is going to have to lead the charge and it is not going to get done without both ends of Pennsylvania Avenue and both sides of the aisle working together." In particular, Bloomberg was pleased with Obama's mention of infrastructure investment, noting it's "something Governors Schwarzenegger, Rendell and I have been championing for some time." Here's video of Obama's speech:

Visit msnbc.com for Breaking News, World News, and News about the Economy

And here's the full text. CNBC wonders if the plan is too big to work.

Tagged

economic stimulus

mayor bloomberg

president-elect obama