Obama News Conference 3/24/09 - Part 6

WASHINGTON: President Barack Obama reassured Americans that his policies will lift the United States out of its recession, using a nationally televised news conference to press for support for his economic programs.

Obama sought to shift the attention of the nation Tuesday away from the outrage over massive bonuses paid to executives of bailed-out insurance giant American International Group. Instead, he looked to cast the spotlight on a series of plans he has offered to revive the U.S. economy.

His latest efforts were announced this week. On Monday, his administration released details of a plan to thaw the nation's credit freeze by buying up toxic assets clogging banks' balance sheets. And earlier Tuesday, top economic officials pushed Congress for new powers to regulate nonbank financial companies like AIG.

In his opening remarks, Obama said jobs have been saved because of the $787 billion economic stimulus measure that Congress passed, and the United States is "beginning to see signs of increased sales and stabilized housing prices for the first time in a long time."

At the same time, he said full-fledged recovery is months away, adding, "it will take patience."

He also said his administration was taking steps to make sure banks have money to lend "even if the economy gets worse."

Obama remains widely popular, but his administration has endured some rocky weeks. The outrage over the AIG bonuses has kept the administration on the defensive. Republicans have denounced what they see as wasteful spending in the economic stimulus program and in Obama's $3.6 trillion budget proposal. And he has run into opposition from some Senate Democrats on a middle-class tax cut that is part of the budget proposal.

But Obama said his administration was attacking the economic crisis "on all fronts."

"It's a strategy to create jobs, to help responsible homeowners, to restart lending and to grow our economy over the long term," Obama said.

The news conference came as Obama prepares for a European trip next week that includes a London summit on the global economic crisis, while, away from the economy, an announcement is expected by Friday on a revamped U.S. strategy for Afghanistan and Pakistan.

While the news conference was dominated by domestic economic issues, Obama also touched on some international matters.

Asked about the drug violence in Mexico, Obama praised President Felipe Calderon's efforts to stop drug gangs, adding "we need to do more to make sure that illegal guns and cash aren't flowing back to these cartels."

He also rejected a call by China for a new global currency to replace the U.S. dollar.

The Obama administration's proposal to restart the financial system sent stocks surging around the globe Monday, though U.S. stocks slipped back somewhat on Tuesday.

The financial rescue plan seeks to melt a vast credit freeze by helping banks shed bad loans. Under the proposal, the government will finance the purchase by private investors of as much as $1 trillion of the $2 trillion in bad assets still held by the nation's banks, in the hopes of freeing banks to begin lending more freely and churn up economic activity.

But anti-AIG ferocity threatens to undermine Obama's efforts to bail out the financial sector, by possibly scaring investors away from the new program and by making it more difficult to wring more bailout money out of Congress.

Obama said he was as angry as anyone at the AIG bonus payments but added, "we can't afford to demonize every investor or entrepreneur who tries to make a profit."

He defended his decision to wait a few days before expressing his anger over the AIG bonuses. "It took us a couple days because I like to know what I'm talking about before I speak."

On Wednesday, a day after taking questions in prime-time television viewing hours — to maximize the unfiltered exposure of his message — Obama is heading to Congress to lobby Senate Democrats.

Despite campaigning on a promise to break through Washington's partisan divisions, he has won little Republican support for his economic plans.

Senate Republican leader Mitch McConnell cast the proposed budget as an over-spending, over-taxing disaster. An analysis by the nonpartisan Congressional Budget Office released last Friday estimates Obama's budget would generate deficits totaling $9.3 trillion over the next decade.

"If these plans are carried out, we run the risk of looking like a Third World country," McConnell said.

But Obama repeated his claim that his budget plans would cut the deficit in half by the end of his first term in 2011 — "even under the most pessimistic estimates."

Obama's job approval rating is 63 percent, according to the Gallup polling organization. That number has been relatively stable recently, down from the 68 percent when the president took office mostly on a loss of support among Republicans.

Category:

News & Politics

Tags:

• Obama
• News
• Conference
• Economy
• Press
• Stimulus
• Budget
• Congress

[jharley78]

yeah and show me the vote count from Florida, 2000.....

[VANWES]

Obama showed tremendous resolve tonight.The press is determined to destroy public confidence.

[nowayjose2009]

We have no leadership, plain and simple.

[nThErEsYeRsIgN]

Part of the problem we face with BHO is simple, he doesn't have the experience to lead this country in any facet, it's just hard and clear fact, there's no way he could. He's a Jr Senator with 3-5 yrs experience, so he has to depend on people like Pelosi, Reid, Frank and other extremely liberal talking heads to tell him what to do. He has the most radical, liberal agenda this country's ever faced, arguably Carter, but look how that worked. Do you want the same thing? If so, you got it.

[nThErEsYeRsIgN]

Oh and congratulations! I have masters in IT and music and a BA in engineering. Doesn't matter though, you need to be able to see through the smoke and stop taking things in a literal sense without looking at the flipside. If someone says they're going to give you $500, there's a reason for that and another unbeknown to the person that assumes it is what it is. Most people aren't smart enough to understand this. There's always a re-action for every action.

[nThErEsYeRsIgN]

Mid 40's and have 3 degrees, but not from any liberal schools, actually argued with a few of my professor's on a lot of issues and wasn't well liked after proving a couple of them wrong on some things. People with an agenda shouldn't be allowed to teach or report the news, amongst others, it's just irresponsible for professionals to do so. What kind of world would we live in if we had one way thinkers? Where would we be? It's certainly wouldn't be the United States of America as I know it!!!!

[blkbarbie404]

I dont work at Mcdonalds and I am a month away from a bachelor 's degree in Mass Communications/Media and History. What are your degrees in if you dont mind me asking?

[nThErEsYeRsIgN]

Hence the McDonald's comment. You won't get it, and the MickeyD's comment was that of intelligence, not a personal attack. People who work in non-skilled labor positions, typically don't have the education others have, that's my point, and you drove that home beautifully.

It's not about hating Obama, it's about hating his policies, and knowing they won't work.

I suggest you get a dose of some bipartisan media and listen to the experts on this, not just the experts with an agenda, that's absurd

[blkbarbie404]

its a sign of patriotism not a sign of whos American Citzens!! And what if i did work at McDonalds? That would make me less of a person huh?? It wouldnt but i see by your comments you would think so but you wanna comment on what a true American is when its americans like you who pollute America with your prejudice!! And i dnt "get it" you dont "get it" haters like u are only going off of things that the government allows you to know..Barack knows much more..He got this!! So stop riding his d***!

[nThErEsYeRsIgN]

Look dumbass, you're not running for pres, neither is yer buddy chill, IT IS A SIGN OF PATRIOTISM! One that every presidential candidate should display at all times and has. I'm sure you wear a uniform at McDonald's, right? Same thing, bigger scale.

It's people like you that truly don't "get it" and that is the underlying problem here. Until you do, there's no point of talking any more. It's useless drones and sheep like yourself that elected this liberal wackjob, not me! Good luck with that!

[blkbarbie404]

so you couldnt answer my question huh? My point must be proven and i just want you to know reading your comments are so entertaining to me you really are hilarious...You say Obama is not American because he doesnt put his hand over his heart while the national anthem is being played....lmao!!! Are you serious??? I dnt put my hand over my heart when the anthem plays so are you going tell me im not an American too?? Lmao is that how you know whos American and whos not??