WASHINGTON (AP) - While the Senate stands poised to pass an $838 billion economic stimulus bill, President Barack Obama is going to a region in Florida drowning in foreclosures.
He will be in Fort Myers for another town-hall meeting like the one he held Monday in Elkhart, Ind. There, he warned the crisis is so deep it might become irreversible without strong government actions.
During his first White House prime-time news conference last night, Obama built on the dire warning, saying if lawmakers fail to act quickly the crisis could turn into a "catastrophe." He warned "This is not your ordinary, run-of-the-mill recession."
Obama says the legislation, which has picked up scant Republican support, is "the right thing to do," even though it's expensive. The bill would be a blend of tax cuts and spending.
(Copyright 2009 by The Associated Press. All Rights Reserved.)