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Obama plan aims for 2.5M new jobs by 2011

U.S. president-elect Barack Obama has announced a plan aimed at creating 2.5 million jobs by January 2011.

U.S. president-elect Barack Obama has announced a plan aimed at creating 2.5 million jobs by January 2011.

Obama said in a radio and internet address on Saturday that his administration would spend money on building roads and bridges.

The two-year plan would also modernize schools and develop alternative energy sources, along with more fuel-efficient cars.

He said while the details are yet to be worked out, the plan would be a "nationwide effort to jumpstart job creation and lay the foundation for a strong and growing economy."

In promoting the plan, Obama warned that the U.S. "risks falling into a deflationary spiral" that could increase the country's debt even further as it faces an "an economic crisis of historic proportions."

"If we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year," he said.

Obama's message comes amid a crisis in the U.S. housing and financial sectors that has been blamed for a sharp economic slowdown, leading to the loss of 1.2 million jobs this year.

"There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better," said Obama, who takes over from George W. Bush on Jan. 20.