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This is the VOA Special English Economics Report.President-elect Barack Obama speaking Thursday at George Mason University in Fairfax, Virginia |
But Barack Obama warns that without decisive action, trillion-dollar deficits3 will be a reality for years to come. His proposals could cost around seven hundred seventy-five billion dollars in government spending and tax cuts over two years. Some economists4 think the plan needs to provide as much as one trillion dollars or more to be effective.
Forty percent of the plan could come in the form of tax cuts. That provision is partly an effort to gain support from Republicans.
BARACK OBAMA: "Now I understand that some might be skeptical5 of this plan. Our government has already spent a good deal of money but we haven't yet seen that translate into more jobs, or higher incomes or renewed confidence in our economy. And that's why the American Recovery and Reinvestment Plan won't just throw money at our problems. We'll invest in what works."
Mister Obama says the plan should save or create at least three million jobs over the next few years, mostly in private industry. It includes money for needed repairs to roads and bridges. But it would also invest in clean energy, health care and education.
Mister Obama says his team is beginning discussions with members of Congress about how to deal with the deficit and control federal spending. He has to present his first budget proposal to Congress early next month.
He says the emergency legislation he proposes must be free of special-interest spending projects. His plan will "help struggling states avoid harmful budget cuts," he says. But he added that they must use the money to support services like police, fire, education and health care. He promises to show, online, where taxpayer6 money is being spent.
On Wednesday he named Nancy Killefer to a new White House position -- chief performance officer. She is a former assistant Treasury7 secretary currently at the management consulting company McKinsey. A big part of her job will be to look for ways to cut government waste.
And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.
1 deficit | |
n.亏空,亏损;赤字,逆差 | |
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2 stimulus | |
n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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3 deficits | |
n.不足额( deficit的名词复数 );赤字;亏空;亏损 | |
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4 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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5 skeptical | |
adj.怀疑的,多疑的 | |
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6 taxpayer | |
n.纳税人 | |
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7 treasury | |
n.宝库;国库,金库;文库 | |
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