Obama presses oversight of economic stimulus package

Vowing that his administration would "stop talking about government reform and actually execute it," President-elect Barack Obama on Tuesday outlined plans for significant public oversight of his proposed economic stimulus package.

During an afternoon meeting with reporters at his Washington transition office, Obama laid out the parameters for a transparent economic recovery plan.

He said execution of the plan, which is expected to cost as much as $775 billion, would be supervised by an oversight board made up of key administration officials and independent advisers.

The public would be able to track the flow of spending through an online database. In addition, lawmakers would not be permitted to slip pet projects into the stimulus bill.

"My recovery and reinvestment plan will set a new, higher standard of accountability, transparency and oversight," Obama said.

The oversight body would be known as the Economic Recovery Accountability and Transparency Board and would include Obama administration officials as well as inspectors general of agencies directly involved in the spending package, such as the Defense, Energy and Transportation departments, the Associated Press reported. Nongovernmental advisers would include experts in economics, contracting, accounting, auditing and public finance, according to AP.

The board would hold public meetings and issue regular financial reports to Congress on how the money was being spent.

Obama also called for reform of the overall budget process to fix "not only the deficit of dollars but the deficit of trust."

He said his administration would make tough choices and end old governmental habits, in part by eliminating outmoded federal programs. "We are at a perilous crossroads and tinkering at the margins will not do," Obama said.