Senate Democrat sees stimulus up to $700 bln

WASHINGTON (Reuters) - An influential U.S. Senate Democrat said on Sunday a large economic stimulus package of up to $700 billion was needed to lift the American economy out of its current downturn.

Sen. Charles Schumer, a New York Democrat who is part of the majority leadership team in the Senate, told ABC's "This Week" that an economic recovery package between $500 billion and $700 billion is needed and could be ready by the time President-elect Barack Obama takes office on January 20.

"In my view it has to be between five and seven hundred billion dollars," Schumer said.

(Reporting by Donna Smith and Randall Mikkelsen; Editing by Doina Chiacu)