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President-elect Barack Obama says he will move swiftly to improve the U.S. economy and promote long-term growth upon taking office next month. Congressional leaders are working with the White House to craft a government package to rescue the failing U.S. auto1 industry.President-elect Barack Obama in Chicago, 07 Dec 2008 |
Throughout the campaign season, then-candidate Barack Obama promised to overhaul2 U.S. economic policy and combat the effects of what was commonly described as an "economic downturn".
Since winning the November election, the president-elect has seen the economy go from bad to worse. The United States has officially entered a recession, with massive job losses, continued home foreclosures, and extreme market volatility3.
Unprecedented4 federal spending has neither eliminated a severe credit crunch5 nor stemmed the tide of major corporations in need of government intervention6 to stay afloat.
Mr. Obama acknowledged the increasingly dire7 nature of the situation in an interview on NBC's Meet The Press program.
"This is a big problem, and it is going to get worse," said Barack Obama. "My number-one priority coming in is making sure that we have got an economic recovery plan that is equal to the task."
In recent days, the president-elect has outlined an ambitious plan to put Americans back to work by rebuilding the country's infrastructure8 and making the United States more energy efficient. The estimated price tag, in the hundreds of billions of dollars, would come on top of a $700-billion financial rescue package Congress approved in October.
"The key for us is making sure that we jumpstart the economy in a way that does not just deal with the short term, does not just create jobs immediately, but also puts us on a glide10 path for long term sustainable economic growth," said Mr. Obama.
Of immediate9 concern is the fate of U.S. automakers, which are asking for billions of dollars in emergency government loans to stave off bankruptcy11.
Mr. Obama noted12 the importance of automobile13 manufacturing to the U.S. economy, but said in return for federal assistance the industry must embrace reform, become more competitive, and show it can be profitable.
Congressional leaders have been negotiating with the White House over the size of a rescue loan and the source of the funding.
Speaking on Fox News Sunday, Michigan Democratic Senator Carl Levin expressed optimism that an agreement will be forthcoming.
"I am very confident that there will be a deal and that it will happen within 24 hours," said Senator Levin. "There is a common understanding that this is a global problem that has created the loss of sales by auto industries around the world. This is not just a unique American problem, and every other government that produces automobiles15 that I know of is providing loans to their auto industries."
But Alabama Republican Senator Richard Shelby opposes federal intervention, saying he does not believe restructuring plans put forth14 by carmakers are adequate to assure long term viability16.
"I think this is a bridge loan to nowhere," said Senator Shelby. "This is a down payment on many billions to come. We would like to save them, but they have got to save themselves, and I do not believe they are willing to save themselves. They could be restructured the right way, and they do not want to do that."
Appearing on CNN, General Motors' top executive (Rick Wagoner) admitted that his corporation's business model - which emphasized trucks and other large vehicles over smaller, more fuel-efficient ones - was lacking.
Autoworkers union officials say they will consider wage and benefits concessions17 as part of a comprehensive plan to save the industry.
1 auto | |
n.(=automobile)(口语)汽车 | |
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2 overhaul | |
v./n.大修,仔细检查 | |
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3 volatility | |
n.挥发性,挥发度,轻快,(性格)反复无常 | |
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4 unprecedented | |
adj.无前例的,新奇的 | |
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5 crunch | |
n.关键时刻;艰难局面;v.发出碎裂声 | |
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6 intervention | |
n.介入,干涉,干预 | |
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7 dire | |
adj.可怕的,悲惨的,阴惨的,极端的 | |
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8 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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9 immediate | |
adj.立即的;直接的,最接近的;紧靠的 | |
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10 glide | |
n./v.溜,滑行;(时间)消逝 | |
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11 bankruptcy | |
n.破产;无偿付能力 | |
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12 noted | |
adj.著名的,知名的 | |
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13 automobile | |
n.汽车,机动车 | |
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14 forth | |
adv.向前;向外,往外 | |
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15 automobiles | |
n.汽车( automobile的名词复数 ) | |
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16 viability | |
n.存活(能力) | |
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17 concessions | |
n.(尤指由政府或雇主给予的)特许权( concession的名词复数 );承认;减价;(在某地的)特许经营权 | |
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