Obama: No Stimulus Means Longer Recession

By Jennifer Loven

WASHINGTON -- President-elect Barack Obama said Thursday the nation's recession could "linger for years" unless Congress acts to pump unprecedented sums from Washington into the U.S. economy, making his highest-profile case yet on an issue certain to define his early presidency.

"I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible," Obama said in a speech set to be delivered at George Mason University in Fairfax, Va., outside Washington. Excerpts from his prepared text were released in advance by his transition team.

"A bad situation could become dramatically worse," he added, painting a dire picture -- including double-digit unemployment and $1 trillion in lost economic activity -- that recalled the days of the Great Depression in the 1930s.

It was the fourth day in a row that Obama has made a pitch for a huge infusion of taxpayer dollars to revive the sinking economy.

His events have increasingly taken on the trappings and air of the presidency, with the speech -- coming a full 12 days before he takes over at the White House -- a particularly showy move. Presidents-elect typically stick to naming administration appointments and otherwise staying in the background during the transition period between Election Day and Inauguration Day, but Obama has clearly made the calculation that a nation anxious about its economic outlook and eager to bid farewell to the current president, George W. Bush, needs to hear from him differently and more frequently.