Obama warns against economic inaction

FAIRFAX, Va., Jan. 8 (UPI) -- U.S. President-elect Barack Obama Thursday urged quick adoption of a proposed economic stimulus plan, warning failure would mean hardship for years to come.

Obama delivered his remarks at George Mason University in Fairfax, Va., against a backdrop of more poor economic news including disappointing December sales at retail giant Wal-Mart. One piece of good economic news Thursday was that first-time unemployment claims dropped 24,000 in the week ending last Saturday.

Obama unveiled his American Recovery and Reinvestment Plan, calling for an end of partisanship and colloquial interests and urging Congress to act within weeks.

"It's time to set a new course for the economy and that change must begin now," Obama said, urging Congress to work with his economic team daily, including weekends.

He urged Americans to ask not what is good for them individually but "what's good for the country my children will inherit."

Obama said every dollar must be used wisely.

"We won't just throw money at problems. We will invest in what works," Obama said. The aim of the program, which he said will add to the nation's $1.2 trillion budget deficit in the short-term, is to create jobs and grow the economy. As the economy recovers, he said, deficits should come down and the nation can get its fiscal house back in order.

The program is not aimed at "creating a slew of new government programs," Obama said, urging Congress to keep it free of pet projects and earmarks.

Shortly before Obama spoke, House Speaker Nancy Pelosi said Congress would have a stimulus package ready for his signature by Feb. 16, President's Day.