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. <\/p>\n
His election Tuesday also makes congressional approval of a fresh economic stimulus package _ perhaps as large as $150 billion _ more likely, economists said.<\/p>\n
"There is a general consensus that some kind of stimulus plan is called for," said Ken Mayland, president of ClearView Economics.<\/p>\n
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.<\/p>\n