Obama Concedes Delay for Stimulus Package

Posted January 5, 2009 at 2:48pm

President-elect Barack Obama acknowledged Monday that a broad-based stimulus package that he is proposing will not be done by the time he is sworn in — as Democrats had hoped — but he does not expect the measure to be delayed for long.

In remarks made at his transition headquarters in Washington, D.C., after a meeting with his economic advisers, Obama said he expects the “bulk” of the package to be ready by “the end of January or the first week in February.”

Obama asserted that the speed of consideration of the legislation — which is expected to pump some $675 billion to $775 billion into the economy through a combination of spending and tax breaks — will not result in lawmakers not knowing details of the giant bill.

Obama promised “unprecedented transparency as we move this package forward,” saying Members and the public would be well informed about its contents. He said his team is considering establishing a Web site that would lay out the initiatives contained in the legislation, as well as the expected effects.

After his comments, Obama returned to Capitol Hill to meet with Senate Majority Leader Harry Reid (D-Nev.) and a bipartisan group of House and Senate leaders.