WASHINGTON (AP) — President-elect Barack Obama plunged into rare pre-inaugural crisis talks with congressional leaders Monday, declaring the national economy was "bad and getting worse" and embracing tax cuts now expected to reach $300 billion. He predicted lawmakers would approve a mammoth revitalization package within two weeks of his taking office.



If the two-year plan is enacted, workers would see larger paychecks almost immediately because taxes withheld by the government would drop. The break would be retroactive to Jan. 1, and couples receiving a $1,000 tax cut would begin receiving an extra $40 in twice-monthly paychecks as the government tries to spark more consumer spending.



"The economy is very sick," said Obama, who met privately with leaders of both parties at the Capitol. "The situation is getting worse. ... We have to act and act now to break the momentum of this recession."



Obama, who takes office two weeks from Tuesday, has said there can be only one president at a time — and he repeated that principle Monday "when it comes to foreign affairs." But when it comes to the floundering economy, he clearly feels he cannot sit by until the swearing-in.



"The reason we are here today is because the people's business cannot wait," Obama said as he arrived on Capitol Hill.



"I expect to be able to sign a bill shortly after taking office," he said.