Today on Meet the Press, President-elect Barack Obama said the economy is going to get worse before it gets better but his economic advisors are working on a plan to combat the conditions.
"We are inheriting an enormous budget deficit. Some estimates over a trillion dollars. That's before we do anything," Obama said. "And so we understand we've got to provide a blood infusion to the patient right now to make sure the patient is stabilized. That means we can't worry short term about the deficit. We've got to make sure the economic stimulus plan is large enough to get the economy moving."
The President-elect is calling for the most massive public works spending program since the creation of the interstate highway system. Obama also said the struggling U.S. auto industry should not be allowed to collapse but guarantees are necessary if taxpayer money is used for a bailout.
"Millions of people directly or indirectly are reliant on that industry, " said Obama. "What we have to do is to provide them with assistance but that assistance is conditioned on them making significant adjustments."
Obama also talked about his choice of Eric Shinseki to run the Department of Veteran Affairs. Shinseki was an Army Chief of Staff who criticized the Bush administration for underestimating the number of U.S. troops in Iraq.
"General Shinseki is exactly the right person who is going to be able to make sure that we honor our troops when they come home," said Obama.
Regarding troop withdrawal, the President-elect said he'll direct U.S. Generals to develop a "responsible drawdown" plan.
