America is optimistic with a new president about to take over – but Barack Obama has warned that more economic woes lie ahead.
The US Senate has agreed to give the president elect three hundred and fifty billion dollars (worth around two hundred and sixty-three billion euros) to try and stimulate growth. Even though he has money in his pocket, Obama says the economy still needs time to recover. The money is the second half of a 700 billion dollar economic stimulus package, requested by outgoing president, George Bush, in October. Up to a hundred million could go to help homeowners avoid foreclosure on their mortgages. The banks are also likely to get financial help – Bank of America alone needs fifteen billion to help it absorb Merrill Lynch. Obama knows there is a long way to go before the US economy recovers – and it is a journey that starts on Tuesday.