Understand the sense of urgency: Obama to Senators

As reports of a frightening rise in unemployment rate was disclosed by labour department, US President Barack Obama urged Senators to have the "sense of urgency" and pass the mega stimulus economic bill as soon as possible.

"These numbers demand action. It is inexcusable and irresponsible to get bogged down in distraction and delay while millions of Americans are being put out of work," Obama said at the White House, soon after the alarming figures of job loss were released.

The US Department of Labour reported that 598,000 Americans lost their jobs last month, which catapulted the unemployment rate to 7.6 percent, the highest in 16 years, thereby bringing the figure to 3.6 million since recession hobbled the economy in late 2007. January is the single worst month of job loss in 35 years.



"That’s 3.6 million Americans, who wake up every day wondering how they are going to pay their bills, stay in their homes and provide for their children. That’s 3.6 million Americans, who need our help," Obama said.The Senate started deliberation on Friday morning in an attempt to sort out their differences and pass the mega stimulus, now estimated to have touched USD 900 billion, so as to revive the fast sinking American economy.

"I am sure that at the other end of Pennsylvania Avenue, members of the Senate are reading these same numbers this morning. I hope they share my sense of urgency and draw the same, unmistakable conclusion: the situation could not be more serious," he said making another passionate appeal.Obama said it is an urgent and growing crisis that can only be fully understood through the unseen stories that lie underneath each and every one of those lost jobs.



"Somewhere in America, a small business has shut its doors, a family has said goodbye to their home, a young parent has lost their livelihood and doesn’t know what’s going to take its place," he said, adding that all of them are now counting on Washington.

"If we drag our feet and fail to act, this crisis will turn into a catastrophe. We’ll continue to get devastating job reports like today’s: month after month, year after year," he warned.

Obama also announced the formation of an Economic Recovery Advisory Board that would guide him on how to revive the US economy.

The Board is headed by Paul Volcker whom the President identified as the world’s most experienced and insightful economic minds.

Modeled on Foreign Intelligence Advisory Board, the Economic Recovery Advisory board will offer independent advice to the President as he formulates and implements his plans for economic recovery.