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President-elect Barack Obama delivered a major address to make the case for his economic stimulus plan and the urgency of its timing. He is expected to warn that failure to pass a stimulus package as soon as possible may have devastating consequences on the US economy and that “if nothing is done,” the recession could last for years. Through his plan, Obama hopes to save or create more than 3 million jobs, including offer major tax breaks to businesses and middle class Americans, and invest in infrastructure development. Also part of his plan will be the creation of a new position called “Chief Performance Officer,” to track the economy. Nancy Killefer, a senior director at a management consulting firm, has been chosen for the role.

GUEST: Timothy Canova, a professor of international economic law at the Chapman University School of Law in Orange, California