By David Alexander
WASHINGTON, Jan 24 (Reuters) - President Barack Obama pledged on Saturday to use a proposed $825 billion economic recovery package to create jobs, improve health care and expand renewable energy.
The new president, who took office on Tuesday with the United States in its worst economic crisis since the Great Depression, met with his economic advisers on Saturday after several days of lobbying lawmakers for quick passage of the stimulus package.
Obama's economic team also is working on a plan for the remaining half of a $700 billion bailout that Congress approved last year help U.S. financial firms. The plan is expected help distressed banks as well as providing aid for people who face losing their homes. The Washington Post said on Saturday the plan could go to Congress next week.
The White House did not immediately release details of what was discussed at the economic team meeting or who attended. Obama used his first weekly Internet and radio address as president to press the case for quick passage of the plan.
Saying more people filed for unemployment this week than at any time in the past 26 years, Obama warned joblessness could hit double digits and the economy could fall $1 trillion short of its full capacity if nothing was done.
"If we do not act boldly and swiftly, a bad situation could become dramatically worse," he said. Obama hopes to sign an economic recovery plan into law within a month.
The White House posted a four-page report outlining the impact of the stimulus plan on its website, www.whitehouse.gov, on Saturday morning. Aides said the report began to put "meat on the bones" of Obama's previously stated goals.
ENERGY EFFICIENCY
Obama said the economic recovery plan would save or create 3 million to 4 million jobs while investing in clean energy development, education and improving health care efficiency.
He said he intended to double the U.S. capacity to generate energy from renewable sources like wind, solar and biofuels, and also discussed building a new electricity grid with 3,000 miles (4,828 km) of transmission lines.
"We'll save taxpayers $2 billion a year by making 75 percent of federal buildings more energy efficient, and save the average working family $350 on their energy bills by weatherizing 2.5 million homes," Obama said.
The plan also includes a Clean Energy Financing Initiative with loan guarantees and other financing mechanisms that aim to encourage $100 billion in clean energy financing in three years, an aide said.
The president said the economic recovery program included funds to computerize the nation's health records in five years, which he said would save billions of dollars in health care costs and countless lives.
The recovery program includes what one aide said was "the single largest investment in preventive health care in our nation's history" to ensure people receive immunizations and get help to stop smoking and reduce obesity. Officials did not place a dollar figure on the program.
Obama said the plan included financing to modernize or renovate 10,000 schools and provide grants for 4 million university students.
Funds also would be used to repair U.S. roadways and expand the country's mass transit systems, to provide better security at 90 major U.S. ports and to build more effective communications networks for police and other safety officials.
"I know that some are skeptical about the size and scale of this recovery plan," Obama said. To ensure accountability and transparency, the administration will post details of the spending programs on a website called recovery.gov. (Editing by Peter Cooney and Alan Elsner)