Vice President-elect Joe Biden released new details on the incoming administration's planned stimulus package, saying 85% of the three million jobs to be generated would be in the private sector and that no pet projects of lawmakers would be accepted.
Mr. Biden met Tuesday with the Obama administration's economic team as they closed in on a final price tag and set of programs for what will be the largest economic-stimulus proposal since the Depression. The Obama team has been releasing details for a week, in an apparent bid to appear engaged as the economy deteriorates. Senate Democratic leadership aides said the package should be unveiled on or around Jan. 1.
"Without substantial policy action, we would almost certainly face the worst economic downturn since the Second World War," Lawrence Summers, who is slated to head the National Economic Council, said ahead of the meeting. "That's why it is imperative that we take action to maintain demand, to maintain jobs, to maintain incomes."