President-elect Barack Obama, warned of dire consequences if Congress doesn't pass his economic stimulus plan.
"I don't believe it's too late to change course, but... if nothing is done, this recession could linger for years. The unemployment rate could reach double digits," Obama said in speech on the economy at George Mason University.
As he prepares to take over from Republican President George W. Bush, Obama is about to inherit an economy that has been in recession for more than a year.
His stimulus package will include tax cuts for families and business and money for the building of new roads, bridges and schools. It would also pay for renewable energy projects, aid to cash-strapped state governments and enhanced unemployment benefits.
But skyrocketing deficits may make the proposal a tough sell with some lawmakers.
And that leads to our Fast Money Reader Poll. Do you agree with Obama's plan to spend our way out of recession?
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CNBC.com with wires