Chicago — President-elect Barack Obama said Saturday, Nov. 22, he had started work on a sustained, two-year economic stimulus plan designed to create or save 2.5 million jobs, funnel money toward public works programs to repair the country's failing infrastructure and invest in alternative energy programs.

Obama's plan, which he announced in the Democratic radio address, is broader than the pledges he offered while campaigning for president. He said the deepening financial outlook demanded more robust action, so he directed his economic team to devise "a plan big enough to meet the challenges we face that I intend to sign soon after taking office."

Obama said he hoped to have the plan completed, approved by Congress and ready for his signature shortly after he takes office in January.

"The news this week has only reinforced the fact that we are facing an economic crisis of historic proportions," Obama said. "We now risk falling into a deflationary spiral that could increase our massive debt even further."

The announcement by Obama is seen as an effort to calm the tumultuous financial markets. The stock market fell last week to lows not seen in a decade, before swelling on Friday with news that Timothy F. Geithner, president of the Federal Reserve Bank of New York, would be nominated as Treasury secretary.

"We'll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy," Obama said. "We'll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels, fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead."

Though few details were provided, Obama's proposal would most likely require the new administration to go back to Congress for approval of a significant jobs and infrastructure program beyond the money it has already authorized for the financial bailout.

"There are no quick or easy fixes to this crisis, which has been many years in the making," Obama said. "And it's likely to get worse before it gets better. But January 20th is our chance to begin anew, with a new direction, new ideas and new reforms that will create jobs and fuel long-term economic growth."