Obama To Help Spark Economy with $775 Billion

President-elect Barack Obama told House Speaker Nancy Pelosi today that he favors a U.S. economic stimulus plan of about $775 billion, according to a report by Bloomberg. No word on whether housing will be part of the mix. Obama plans to deliver a speech on the economy on Jan. 8. Obama met with congressional leaders from both parties at the Capitol to help craft and shore up support for a two-year plan to boost the sagging economy. He said the legislation would cut taxes for individuals and businesses and spend money on government programs to rebuild the nation’s infrastructure. Senate Majority Leader Harry Reid said Obama told the lawmakers that economists are suggesting a U.S. stimulus plan may have to be as large as $1.3 trillion.