House GOP: Stimulus Plan Has Too Much Spending

WASHINGTON — Looking beyond an expected partisan House vote approving his economic stimulus plan, President Barack Obama said Wednesday the nation is poised at a "perilous moment" that requires swift action to kick-start the economy.

"We don't have a moment to spare," Obama said in the East Room of the White House just hours before the House roll call was to be taken. The bill was expected to pass, but likely with little of the bipartisan support that Obama had said he wanted.

He called on called on everyone, corporate executives and factory floor workers, educators and engineers, health care professionals and elected officials, to abandon a "sense of irresponsibility that prevailed from Wall Street to Washington."

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) _ President Barack Obama says businesses and workers are counting on Washington for "bold and swift" action to steady the struggling economy.

After a meeting with a group of business executives, Obama publicly acknowledged skepticism about "the size and scale" of the $825 billion economic recovery plan that will be put before the House for a vote later Wednesday.

He said earlier he was confident that the measure would make it through the House. And in his appearance at the White House before reporters and business leaders, Obama said national leaders must "create a favoriable climate in which workers can prosper, businesses can thrive and our economy can grow."


Source