Obama: quick action needed to avoid economic tailspin

by Paul Conneally | February 7, 2009 at 04:04 am

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Late Friday saw Obama's economic stimulus bill passed forward for a vote on Tuesday and Obama warns that unless quick action takes place the economy could go into tailspin.

Others - mainly Republicans - say its already spinning and that the spending of billions of dollars as outlined in Obama's bill will just speed up the tailspin to crash.

With a successful U.S. Senate vote on his economic stimulus bill in sight, President Barack Obama warned on Saturday that quick action was needed to avoid economic catastrophe and blamed Republican policies for pushing the country into crisis.

Senate Democrats agreed late on Friday to trim spending proposals and support tax cuts in an $800 billion bill that was to go to a vote on Tuesday. They rolled back their earlier $937 billion proposal to cull what critics, mostly Republicans, called billions of dollars in unwarranted spending. [ID:nN05403943]

Obama praised the group of moderate senators from both political parties for coming up with the deal.

"Democrats and Republicans came together in the Senate and responded appropriately to the urgency this moment demands," he said in his weekly radio address.