The Washington Times - January 8, 2009, 06:55AM

President-elect Barack Obama on Wednesday evening revised the possible top cost for the spending package he is seeking from Congress by $500 billion.

Days after Senate Majority Leader Harry Reid mentioned that economists have told Mr. Obama he’ll need to spend as much as $1.3 trillion, the same number came out of the president-elect’s mouth, during an interview with CNBC.


“We’ve seen ranges from $800 [billion] to $1.3 trillion,” he said, referring to advice from economists.

“And our attitude was that given the legislative process, if we start towards the low end of that, we’ll see how it develops,” he said.

Earlier this week, the Obama transition office said the cost would be between $675 billion and $775 billion.

“So it’s going to get bigger?” said CNBC interviewer John Harwood.

“Well, we don’t know yet,” Mr. Obama said. “But what we are concerned about is making sure that the money is spent wisely, that there’s oversight, that there’s transparency.”

Watch the video here.