Skip to content

Biden: U.S. Economy in Danger of ‘Absolutely Tanking’

December 20, 2008
ABC News
12/19/2008

Vice President-Elect Joe Biden said the U.S. economy is in danger of “absolutely tanking” and will need a second stimulus package in the $600-billion to $700-billion range.

“The economy is in much worse shape than we thought it was in,” Biden told me during an exclusive interview — his first since becoming vice president-elect– to air this Sunday on “This Week with George Stephanopoulos.”

“There is no short run other than keeping the economy from absolutely tanking. That’s the only short run,” Biden told me.

Biden said he has canvassed Republican and Democratic members of Congress about a second “big” and “bold” stimulus package . He said the Obama team is focused on creating jobs and spending on energy and information technology infrastructure.

“Every single person I’ve spoken to agrees with every major economist. There is going to be real significant investment, whether it’s $600 billion or more, or $700 billion, the clear notion is, it’s a number no one thought about a year ago,” he said.

For the rest of the story …..

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: