What a Difference a President (elect) Makes

November 07, 2008

At his first press conference since winning the election, President–elect Barack Obama indicated his support for addressing the state fiscal crisis.

“Immediately after I become President, I will confront this economic crisis head-on by taking all necessary steps to ease the credit crisis, help hardworking families, and restore growth and prosperity. … “First, we need a rescue plan for the middle class that invests in immediate efforts to create jobs and provides relief to families that are watching their paychecks shrink and their life savings disappear. A particularly urgent priority is a further extension of unemployment insurance benefits for workers who cannot find work in the increasingly weak economy. A fiscal stimulus plan that will jump-start economic growth is long overdue – and we should get it done. “Second, we must address the spreading impact of the financial crisis on other sectors of our economy: small businesses that are struggling to meet their payrolls and finance their holiday inventories; and state and municipal governments facing devastating budget cuts and tax increases.”

Just over a month ago, President Bush and Senate Republicans blocked movement on an economic recovery bill for the states.