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Obama warns of catastrophe if stimulus delayed

AP PhotoPresident Barack Obama listens to Treasury Secretary Timothy Geithner as he spoke about executive compensation, Wednesday in the Grand Foyer of the White House in Washington.
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WASHINGTON (AP) ” President Barack Obama says the recession will turn into a “catastrophe” if the economic stimulus is not passed quickly.

Obama rejected several criticisms of the plan: that tax cuts alone will solve the problem, or that longer-term goals such as energy independence and health care reform are not also critical to address at the same time. The White House released some of Obama’s remarks ahead of an event on executive compensation limits.

Obama subtly referenced his win in November while arguing that recalcitrant lawmakers need to get behind his approach.



Obama urged members of Congress “to act without delay” while also promising to “work to make it stronger.”


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