Stimulus

Obama Economic Package Could Reach $700 Billion

"We're in with a bang," adviser says.

President-elect Barack Obama isn't waiting until he enters the Oval Office to begin work on fixing the economy: after a video address on Saturday, surrogates hit the Sunday morning shows with talking points about his larger-than-expected stimulus plan that could reach $700 billion and on Monday, his new economic team is meeting in Chicago. "We're out with the dithering, we're in with a bang," senior economic adviser Austan Goolsbee said on CBS Sunday. Obama may also decide not to repeal a Bush tax cut for wealthy Americans in an effort to confront the economic crisis. "We're on the edge of deflation," Sen. Charles Schumer warned on ABC. "Once you get into deflation you almost never get out."