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Stimulus Package Gaining Support

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The Associated Press

Published: November 6, 2008

WASHINGTON - Barack Obama rode a wave of economic discontent to the White House, and now he faces the daunting task of turning the weakening economy around.

Obama's victory makes a new economic stimulus package - perhaps as large as $150 billion - more likely, economists said. The U.S. Chamber of Commerce on Wednesday called on the current Congress to approve a stimulus measure this year.

"We have to get the economy back on track," said John Castellani, president of the Business Roundtable, in a television interview.

Concerns about the budget deficit, which could approach $1 trillion in the budget year that began Oct. 1, will likely take a back seat in the short term, economists said.

"It's going to be 'Damn the deficit and full speed ahead on the stimulus!'" said Stuart Hoffman, chief economist at PNC Financial Services.

The Illinois senator has pledged to offset some expenditures by raising income taxes on families making more than $250,000.

Hoffman said the stimulus will potentially include permanent tax cuts for middle- and lower-income families.

The economy was foremost on most voters' minds Tuesday. Six in 10 voters said it was the most important issue facing the country.

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