US president-elect Barack Obama unveiled a much-anticipated massive economic revival plan on Thursday -- big spending, big tax cuts -- in a bid to inject adrenaline into an ailing economy.

However, compared to the US$700 billion fiscal rescue plan launched by the Bush administration in October, what's new in this Obama's plan? Will it pull the US economy out of the mire as many have anticipated?

Big money

It is estimated that the sum of Obama's stimulus package could reach a stunning US$775 billion or even more, surpassing the already huge US$700 billion Bush used for his financial rescue package. Obama even hinted that several economists believed the sum is not enough to pull the hull out of the water, instead, the package should reach US$800 billion to US$1.3 trillion.

The US economy has been heavily hit by the crisis stemming from the burst of financial and consuming credit bubbles gathering for years. The authoritative National Bureau of Economic Research announced in December 2008 that the US economy had actually entered recession since as early as December 2007.

Fifty economic analysts surveyed by the Blue Chip Economic Indicators magazine in December predicted that even if Obama's stimulus plan works with good results, the US economy is unlikely to recover soon, at least not in the first half of 2009.

During the economic winter when the real economy is being hit hard, featured with investors losing confidence, a weak domestic consumption and a high unemployment rate, the US government has to take powerful measures to break the ice.

Extensive economic impact

If Bush's financial rescue plan was an immediate life-saving treatment at the critical moment of the crisis, then Obama's stimulus package can be regarded as a series of "surgeries" on many industries to repair the damage, which will produce a more extensive economic impact, with an ultimate goal of pulling the nation out of the recession after a certain period of time.

It was reported that Obama's stimulus plan, designed to save or create 3 million jobs, would include money to build infrastructure, to invest in education, medical care and the Internet, as well as to promote renewable energies in federal buildings and normal homes. It may also include more than US$300 billion in tax cuts for enterprises and individuals after the president-elect negotiates with the Congress.