President-elect Barack Obama is calling for bipartisan cooperation in quickly passing his economic stimulus package that Democrats say will include an unexpectedly large tax cut of up to $300 billion. Obama says “the situation is getting worse and we have to act boldly and we have to act swiftly.”

He added: “This is not a Republican problem or a Democratic problem at this stage. It is an American problem and we’re going to all have to chip in and do what the American people expect.”

The president-elect spoke after meeting with his economic advisers and before meeting with both Democratic and Republican leaders on Capitol Hill who will be charged with passing his economic plan that could cost as much as $800 billion.