Results tagged “dire”

President Barack Obama stressed the importance of his $800 billion economic stimulus package during his first prime time press conference. Before taking questions from the media, he explained why the package was important by mentioning his visit to Elkhart, Indiana, where the unemployment rate has tripled from 4.7% to 15.4% in the past year—"The single most important part of this Economic Recovery and Reinvestment Plan is the fact that it will save or create up to 4 million jobs. Because that is what America needs most right now." He also added, after mentioning the plan has support, input and compromises from both parties:

Despite all of this, the plan is not perfect. No plan is. I can’t tell you for sure that everything in this plan will work exactly as we hope, but I can tell you with complete confidence that a failure to act will only deepen this crisis as well as the pain felt by millions of Americans. My administration inherited a deficit of over $1 trillion, but because we also inherited the most profound economic emergency since the Great Depression, doing too little or nothing at all will result in an even greater deficit of jobs, incomes; and confidence. That is a deficit that could turn a crisis into a catastrophe. And I refuse to let that happen. As long as I hold this office, I will do whatever it takes to put this country back to work.