Obama insists on stimulus package

(NBC) - Republicans on the hill are saying this stimulus plan could pass in a month. They, like the Democrats, are blown away by the cost of the fix, yet Obama said we have no choice. It was Barack Obama's first major speech since he won the White House. The President-elect setting out to warn and rally Americans whose economy is spiraling down.

"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," said Obama. "In short, a bad situation could become dramatically worse."

Obama laid out his American recovery and reinvestment plan:

• $1,000 tax cut for 95 percent of families
• Job programs to insulate homes and federal buildings
• Repair bridges and roads
• To switch to solar and wind power
• Upgrade our powergrid
• More broadband lines
• Digitize medical records and fight disease.

The estimated cost is $1 trillion.

"I know the scale of this plan is unprecedented, but so is the severity of our situation," said Obama.

House Speaker Pelosi said Democrats and the nation agree with Obama.

"His economic recovery package, almost sight unseen, is supported by 79 percent of the American people," said Pelosi.

Republicans want a month of debate.

"Yes, our economy needs help, but in the end how much debt are we gonna pile on future generations," saod Rep. John Boehner (R-Ohio), House Minority Leader.

Some Democrats question Obama cutting taxes on business. He suggests to work weekends to work it out.

"For every day we wait or point fingers or drag our feet, more Americans will lose their jobs," said Obama.

So far, there is no finger-pointing as Obama takes his huge economic plan public.