Michael Ettlinger of the Center for American Progress offers his thoughts on the Treasury's about face on the economic rescue plan as President-elect Barack Obama and a new Congress will take office in less than 70 days amid the greatest financial market and economic challenges our nation has faced since the Great Depression. The economy is likely in a recession—one that could be a long and deep. We are engaged in two wars overseas. Skyrocketing health care costs are consuming too great a share of our economy and threatening to create an unsustainable national debt. Our continued heavy reliance on fossil fuels exposes our economy to volatile oil prices and supply disruptions as well as the potentially catastrophic costs of climate change in the coming decades.
Aggressive action is needed to restore economic confidence and growth. We need action now to stimulate the economy, starting at once and lasting as long as necessary. ...
