Thursday, January 8, 2009 11:52 AM

Obama Calls For 'Dramatic' Action On Economy

By CONGRESSDAILY STAFF

President-elect Obama said today that "dramatic" and swift action is needed to save the nation from a prolonged recession. "I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible," Obama said, according to excerpts of his late-morning speech at George Mason University provided by his transition team.

Obama used the address to push for a new economic stimulus package that Congress is working on this month. "For every day we wait or point fingers or drag our feet, more Americans will lose their jobs," Obama said. "More families will lose their savings. More dreams will be deferred and denied, and our nation will sink deeper into a crisis that, at some point, we may not be able to reverse." Obama acknowledged that the package, which by some estimates might approach $1 trillion, will add to the federal deficit and be greeted skeptically in some circles. But, he noted, "At this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe."

TechDailyDose reports that one Washington high-tech industry leader was among the guests invited by the transition team for the speech. Dean Garfield, the Information Technology Industry Council's recently named president, was in the audience, sources told Tech Daily Dose. Garfield, who replaced longtime chief Rhett Dawson late last year, is best known for helping to sink Internet file-sharing operations Grokster and Kazaa. Before joining ITI, which represents Apple, Dell Computer, Hewlett-Packard, IBM and other major high-tech companies, he was chief strategic officer for the Motion Picture Association of America.