Obama tells Congress leaders to work on economic stimulus plan

Chicago: President-elect Barack Obama urged congressional leaders on Sunday to move quickly on an economic recovery plan, even as some Republicans are saying they want more time to review the details.

Obama said Congress should pass an American Recovery and Reinvestment Plan designed to create 3 million jobs. The Democratic president-elect has not announced a final price tag on it, but aides said the cost could be as high as $775 billion (Dh 2.84 trillion).

"For too many families, this new year brings new unease and uncertainty as bills pile up, debts continue to mount and parents worry that their children won't have the same opportunities they had," Obama said in an address taped on Friday and distributed on radio and posted on YouTube on Saturday morning.

The American economy remains the top challenge facing Obama when he takes office on January 20. The Federal Reserve estimated that lenders were on track to initiate 2.25 million foreclosures this year, more than doubling the annual pace before the crisis set in. One in 10 US homeowners is delinquent on mortgage payments or in foreclosure.

House Speaker Nancy Pelosi, a Democrat, and Senate Majority Leader Harry Reid, also a Democrat, are to receive details from Obama today.

Obama plans meetings next week with other congressional leaders - including Republican members whose support he will need - and made an effort not to blame his predecessor, the unpopular President George W. Bush.

"However, we got here, the problems we face today are not Democratic problems or Republican problems," Obama said. "The dreams of putting a child through college, or staying in your home, or retiring with dignity and security know no boundaries of party or ideology."

He called for both sides to "come together to seek solutions."

Meanwhile, Colorado Governor Bill Ritter appointed Denver's public schools superintendent to fill a US Senate vacancy that will be created by the promotion of Senator Ken Salazar to interior secretary in the Obama administration.

The move surprised many Republicans and Democrats, who considered schools superintendent Michael Bennet a dark horse candidate because of his lack of legislative experience. Salazar's nomination must be approved by the Senate.

Obama said in a statement that Bennet would be "a breath of fresh air in Washington."

Obama aides had hoped to have an economic plan approved by the House and Senate before Obama takes office. That appears unlikely, as time is running out and Republicans have urged a delay to review the plans.

Senator Mitch McConnell, the Republicans' Senate leader, said the plan needs time so that "every dollar needs to be spent wisely and not wasted in the rush to get it spent."