Obama News Conference 3/24/09 - Part 3

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

[ivankaman21]

I like how the media is asking Obama tough questions

[nThErEsYeRsIgN]

Who cares how many houses he has? That should be a sign that he's actually doing something and not sitting there counting his wife's money or things. Who cares?

McCain was one that warned us about the economy and where it was heading and called for more regulation back in 2005, watch, watch?v=qXH5B9K2I8s - watch?v=4n5dKztd96k -

You really need to get a clue with this, talking about shit you don't know about is dangerous! Damn, that reminds me of our great president! haha, that's what he does

[klg1956]

CNN, MSNBC, CBS, Reporters......"Mr. President, the country is going down the tubes, unemployment is at a 26 year high, your trillion dollar bailout[s] aren't working, and Union jobs are bankrupting us, so here is the hard question: America wants to know, do you wear boxers or briefs?"....LOL

[nThErEsYeRsIgN]

So tell us Wanj, what has Obama done so far that's been so great? What has he done that's been a good thing for this country?

Great job? Maybe on showing how much of an ass he is. As Jmagic said, he was a complete embarrassment to this country and every citizen in it, dead or alive on a world stage at the G20 , he showed the world how stupid we, as Americans are electing this fool!. Our forefathers would be flipping out hearing this garbage from this president!

[jmagic32971]

how can i chip in if i has no job stupid? how can i feed the economy and get it on its feet if i cant make enough money to pay my bills cause if the high taxes this president is goin to put on me in i cant spend money and you attack the people who give me a job idiot its the rich and the new euntrapenours who wants to start a business and expand but cannot make over 250,000 or will be taxed to death so no jobs no money no expansion

[jmagic32971]

and for those stupid people who is on obamas team and kissing his ass.ill tell you this under the obama administration you will pay for putting this man in office the thing is i has to suffer cause of your stupidity.untill you understand that he will not help you and stop giving you your welfare checks cause of this and that and become homeless the jokes on you stupid will set in ...we tried to warn you dummy but you hoped for the change they need b.s

[jmagic32971]

no i wont get off his back.he went to the g-20 confrence and thrown this country who is the leader of the free world under the bus saying we was desisive and dismissive and something else and that we was going to tear down our defences so we cant defend ourselves against china and iran who is going to build up their nukes once they figure out how to make one

[wanjiran]

Obama is doing a great job...get off his back and try to do something to better urself. Obama himself cannot change the whole world, it take everybody chiping in.

[nThErEsYeRsIgN]

Come on oops, shirley yer smarter than that, right?

How do you think Bush paid for the 2 wars? Why do you think the economy was strong during that period until 2006/7?

Start from scratch? I don't think you get a do-over with this shit "dumb fuck"

As I've said on numerous occasions, left wing, biased media is not healthy in the least bit, they only report what they want to report and that all falls within their agenda. It's not rocket science, I'm sure you can c that, just open those eyes

[oopsmybad707]

Please dont breed.... Ok if we got rid of the fed reserve we would be able to start from scratch and create sound money instead of just paper.... And McCain would have made it worst by borrowing more money for his dumb fucking war... I think you are the dumb fuck with this one it would take you getting hit by a fucking bus to understand this one.... So i suggest you just go sit at the kids table until you get the concept

[nThErEsYeRsIgN]

I couldn't agree more magic! We're all in for a very rude awakening. Oh well, we're screwed now.

They voted for change, I hope they saved some, they're going to need it!