Washington Times – Barack Obama’s victory in the presidential race will give labor unions and the embattled U.S. auto industry a strong ally in the White House, and likely will put pressure on oil and gas producers and pharmaceutical companies.
His election Tuesday also makes congressional approval of a fresh economic stimulus package _ perhaps as large as $150 billion _ more likely, economists said.
"There is a general consensus that some kind of stimulus plan is called for," said Ken Mayland, president of ClearView Economics.
The new president’s biggest challenge will be to turn around an economy that many analysts already believe is in recession. A stubborn housing slump led to the worst U.S. financial crisis in 70 years, which has caused banks to reduce lending and consumers and businesses to sharply cut back their spending.
