Recession could linger for years: Obama

WASHINGTON: US President-elect Barack Obama today warned that America's current economic recession could "linger for years" and unemployment could reach double digits unless Congress backs his plan to pump USD 750 billion into the economy.

"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 his speech at George Mason University-Fairfax Virginia.

"The unemployment rate could reach double digits. Our economy could fall USD 1trillion short of its full capacity, which translates into more than USD 12,000 in lost income for a family of four," Obama said, according to the excerpts of the speech released by his aides.

"We could lose a generation of potential and promise, as more young Americans are forced to forgo dreams of college or the chance to train for the jobs of the future," said the President-elect referring to the housing mortgage crisis, which the people of US are facing now.

"Our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world," he said adding, "in short, a bad situation could become dramatically worse."