POLITICS
12/25/2008 05:12 am ET | Updated May 25, 2011

Obama's Economic Ambition: Stimulus By Jan. 20

CBS News reports on President-elect Barack Obama's economic plans, which have rapidly expanded as the crisis has worsened:

With the stock market wobbling, job losses soaring over a million for this year alone and the economy not responding to the measures taken to stem the tide of the crisis, President-elect Barack Obama is setting the table for a long struggle to make things right, reports CBS News correspondent Dean Reynolds.

Mr. Obama will introduce his new economic leadership team Monday, a key step toward enacting a huge new economic recovery plan that aims to save or create 2.5 million jobs over the next two years.

The plan is likely to far exceed the $175 billion Mr. Obama proposed during the campaign. It would include an infusion of money for infrastructure projects, new environmental technologies and tax cuts for low- and middle-income taxpayers. It will not call for tax hikes for the wealthy.

Mr. Obama aides on Sunday called on the new Congress to pass by the Jan. 20 inauguration legislation that meets Obama's two-year goal of saving or creating 2.5 million jobs. Democratic congressional leaders said they would get to work when Congress convenes Jan. 6 with bigger Democratic majorities in the House and Senate.

ABC News adds that Obama's transition team is working with Congress to have a stimulus package ready by inauguration day. On Sunday, senior Democrats hinted that the package could reach into the hundreds of billions. "It's a little like having a new New Deal, but you have to do it before the Depression. Not after," said New York Sen. Chuck Schumer.