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Stimulus plan hits the road

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In an effort to gain support for his $800 billion economic recovery plan, President Barack Obama has hit the road today to host a town hall meeting and hold his first-ever primetime news conference, Reuters reported.

Obama will hold a town hall meeting in Elkhart, Ind., where the unemployment rate has soared to 15.3 percent from 4.7 percent during the past year, and will address the nation tonight from the East Room of the White House.

“We’ve got to work through the differences, find the best bill we possibly can, and get it in place as quickly as possible,” Lawrence Summers, director of the White House National Economic Council, said during an interview on “Fox News Sunday.” “If there was ever a moment to transcend politics, this is that moment.”

During the town hall meeting and his news conference, Obama will focus on the stimulus package, which has been approved by the House of Representatives for $819 billion and is expected to pass the U.S. Senate this week for $827 billion.

The administration was scheduled to unveil its plans for the second half of the bank rescue plan, but postponed the announcement until tomorrow, in order to allow more focus on the stimulus bill.

“With record high job losses and weakening economic forecasts, we’re focused on working with Congress to pass an economic recovery bill so we can create the jobs and make the investments necessary to get our economy moving again,” Treasury spokesman Isaac Baker said in a statement.

Details of how the second half of the Troubled Asset Relief Program, or TARP, funds will be spent are still not certain.