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Obama Works on Stimulus Package with Key Congressional Leaders

On his third day in office, President Barack Obama worked to resolve the economic downturn with congressional leaders from both parties. Ray Suarez reports.

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  • JIM LEHRER:

    President Obama labored today on the slumping economy and congressional efforts to pass a stimulus package. Ray Suarez has our Obama presidency working day three report.

    BARACK OBAMA, President of the United States: It is great to see you. We are here together, once again, a couple of weeks after our first meeting…

  • RAY SUAREZ:

    President Obama welcomed a bipartisan group of congressional leaders to the White House this morning to hear their thoughts and try to ease Republican concerns over the $825 billion economic recovery package.

  • BARACK OBAMA:

    I know that it is a heavy lift to do something as substantial as we're doing right now. I recognize that there are still some differences around the table and between the administration and members of Congress about particular details on the plan.

    But what I think unifies this group is a recognition that we are experiencing an unprecedented, perhaps, economic crisis that has to be dealt with, and dealt with rapidly.

    And, you know, I've asked Larry Summers to give me a daily economic intelligence briefing so that we are monitoring what's happening, and, frankly, the news has not been good. Each day brings, I think, greater focus on the problems that we're having not only in terms of job loss, but also in terms of some of the instabilities in the financial system.

    SEN. MITCH MCCONNELLk, R-Ky., Senate minority leader: I do think we'll be able to meet the president's deadline of getting the package to him by mid-February.

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