ABC News' George Stephanopoulous reports that President-elect Barack Obama's economic stimulus plan will be huge: Obama is "considering a stimulus package in the $500-billion range, which is 3 to 4 percent of GDP. That's a far larger stimulus package than the $175-billion Obama proposed on the campaign trail. Or the $300-billion stimulus which had been discussed as the upper limit." more ›

In the weekly Democratic radio address (which is also videotaped for Youtube), President-elect Barack Obama outlined his economic stimulus plan. Noting the "crisis of historic proportions," Obama wants to create 2.5 million jobs in a two-year period to stimulate growth:

"It will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy. We’ll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels; fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead."