This is the VOA Special English Economics Report.
Obama defeated John McCain Tuesday in the longest and most costly presidential
campaign in American history. The Center
for Responsive Politics estimates that the two candidates spent more than one
billion dollars. Mister Obama alone is
estimated to have raised about seven hundred million dollars from donors.
The election results were widely seen as a strong
statement by voters on the economy. A
public opinion study reported by the Wall Street Journal found that about sixty
percent of voters considered the economy the top issue.
Obama faces the deepest economic crisis since the Great Depression of the
nineteen thirties. The Dow Jones
Industrial Average of leading stocks has lost nearly thirty percent of its
value this year.
September, the government seized the nation's two largest home financing
companies, Fannie Mae and Freddie Mac.
It also took control of the huge insurance company, A.I.G. And, the government is now a shareholder in
nine of the country's largest banks.
That will expand to smaller banks, too.
The amount spent on these rescue plans has been close to one trillion
dollars. That amount could increase.
problem facing the new administration is the record budget deficit. Some experts estimate the deficit for next
year's budget could be close to one trillion dollars. Some observers predict that the deficit will
restrict spending on economic programs the new president may want.
Barack Obama has promised a tax cut for middle income
Americans. He is seeking fifty billion
dollars in aid for states and job creation programs. Mister Obama has proposed a health care
reform plan that costs fifty to sixty-five billion dollars. He says this will be paid for by ending tax
cuts for people earning over two hundred fifty thousand dollars a year. Mister Obama is also seeking to spend one
hundred fifty billion dollars on new energy technologies over the next ten
addition, the president-elect has been discussing a program worth one hundred
billion dollars. It includes spending on
public works projects and aid to American states, cities and citizens.
And that's the VOA Special English Economics Report,
written by Mario Ritter. Transcripts and
archives are at voaspecialenglish.com.
I'm Bob Doughty.