By GottaLaff



UPDATE: Here is the text of his remarks (no questions) in full. Now you can catch all my mistakes.



An apt intro to this post:



Stimulus Package Will Be Waiting for Obama Democratic sources tell ABC News that President-elect Obama's transition team "is working with lawmakers on Capitol Hill so that on Mr. Obama's first day in office, January 20, 2009, an economic stimulus package has passed both house of Congress and is awaiting his signature."



Reports suggest the size of the package may be $700 billion.

The markets are up 311 as I type this.



Liveblogging Obama's Big Presser

Obama

Tim Geithner

Larry Summers:

Christina Romer

Melody Barnes

Q: Where is the money going to come from?

O:

The most important thing is that we have a consensus between conservative and liberal economist that we need a big stimulus package to jolt the economy back into shape, create 2.5 million jobs. Make sure the financial system is stable, too,

Q: Couldn't hear this one.

O:

Q: Size of stimulus package... as much as one trillion?

O:

Q: Bush administration has been criticized for taking an ad hoc approach. How will you differ?

O:

Q: Auto hearings... did they make their case?

O:

Q: How should the second half of the rescue money be spent? Are you talking to the administration?

O

: The economy sucks [obviously paraphrased]. We can't underestimate our capacity to overcome these challenges. It won't be easy. We need the best minds to guide us, which is what I sought to do in assembling my economic team. They share my belief that we can't have a thriving Wall St. w/o having a thriving Main St.He names: Geithner, Summers, Romer, and Barnes.(treasury)will waste no time, and already has insight into the markets and ways to revive them. It's a global crisis, and we'll need to reach out to countries around the world. He has international experience, so he is uniquely suited.... He speaks Japanese and Chinese... He's served under Dems and Republicans... He's been an honest broker...(head of economic council) Brings skill, intellect, experience... He has guided us through many international crises... [Listing his accomplishments]... He's earned a global reputation of getting to the heart of challenges... He'll coordinate economic policy in the White House.(chair of econ. advisors): Leading macro economist and historian. [giving her resume now] Has researched tax policy and recessions, praise from Rs and Dems.(dir. of domestic policy council), working with team to chart course to economic recovery: Health care reform included. [giving her resume now] Was chief council to Ted Kennedy. Protected civil and women's rights, religious freedom.He's outlining his goals... saving jobs, Wall St./Main St. recovery... Restore confidence in markets as well as middle class families... He wants daily briefings from his team... Hopefully the new Congress will get to work immediately on an economic plan to hit the ground running. Families can't keep waiting/hoping for a solution. ... This will not be easy, no shortcuts or quick fixes to something that's been many years in the making. Full recovery will not happen immediately. There will be meaningful cuts in the budget ... and sacrifices.I believe in the spirit and resilience of this nation. We'll succeed if we put aside partisanship and politics and work together.I want to see it enacted right away, but can't get into number right now. My team will shape the details.simultaneously. We have to invest in clean energy, in health care, education to remain competitive. So deal with immediate crisis and lay groundwork for longterm growth.My plan represents a net tax cut. 95% of workers will get a net tax cut. That's important because it's good for families plus we need it for stimulus. Put money in pockets so people can buy computers for school, deal with heat, groceries, etc. Plus, restore balance to our tax code. The Bush cuts were targeted to the wealthiest. To help pay for some of these expenditures, those who can pay more should pay more, whether through repeal or through not renewing tax cuts... my team will advise. But tax cuts will go to the vast majority of Americans. And the wealthiest will pay a little bit more.I can't discuss numbers right now. The team needs to recommend. There is a consensus across the political spectrum that we need a significant stimulus to jolt the economy. It needs to put people back to work, make investments, restore confidence in the business community that it will have customers. We'll do what's required. It'll be costly. Even if we did nothing for the rest of this year, we'll have a substantial deficit next year. Now we're adding, how do we pay for it? Answer: We have to first focus on getting economy back on track, create 2.5 million jobs, invest in growth over the long term. Then, reform how business is done in Washington, how the budgeting process works... so that we have a path towards a responsible budget scenario down the line. Short term: Boost the economy, create jobs. Long term: Reforms in Washington.I don't want to look backwards. We have an unprecedented crisis. Some things didn't work, Paulson admits that. I want to make sure that moving forward, we are articulating what our end goals are, clarity and transparency to our plan. There may be adjustments, to adapt to the situation. But we want to provide clarity, not confusion. Plus: Even as we do what we must to stabilize the financial system, we also must recognize that a strong Main St. will reinforce a strong Wall St. Address home foreclosures, things that take place outside of Wall St.They have been the backbone of U.S. manufacturing. It's not just them, it's all the suppliers and related businesses that are at stake. We can't allow the auto industry to vanish. And we can't just write a blank check to them. I was surprised that they didn't have a better thought-out proposal. Congress told them to come up with a plan. We should help them, but we should expect than any help is designed for a strong, sustainable industry. They need to give us some clarity. We're entering into a new energy economy that's competitive globally. That's the kind of plan we need to see, not more job loss.: I spoke to Bush and Bernanke today. We have to do what is required to keep the financial system working and capital flowing, important for all of us. Bush has said he has the same attitude. A lot of authority has been given to the administration. We need to make sure that authority is used forcefully to stabilize the situation in the coming weeks. I'll make further assessments as the administration and Paulson/Bernanke provide me information.