Obama Says Congress Should Take Immediate Steps To Revive US Economy
fxbom.com
00:39 PM
President Barack Obama on Saturday said Congress needs to move beyond political brinksmanship and pass a series of proposals “right now” that would jolt the economy from its recently slow growth.
“Many Americans are hurting badly right now,” President Obama said in his weekly radio address to the nation. He said later, “Putting these men and women back to work, and growing wages for everyone, has got to be our top priority.”
The president has put forth proposals to expand the nation’s economy after a months-long standoff with Congress over the nation’s debt ceiling that barely missed resulting in a default. While Congress did act in time, one ratings firm downgraded the nation’s debt amid concerns the political will for politicians to agree to spending cuts appears dim.
The president reiterated his call for Congress to pass a series of trade deals along with legislation that would revamp the patent system, extend the payroll-tax holiday and provide businesses with tax credits for hiring veterans.
Obama, who is heading on a three-state bus tour next week to discuss the economy, says he plans to “put forward more proposals to help our businesses hire and create jobs, and won’t stop until every American who wants a job can find one.”
Obama said he is “frustrated” with the level of partisanship and brinksmanship witnessed in the last month. The president had last week what many consider the worst of his presidency.
He signed into law a bill to raise the nation’s debt limit-just hours before the nation was set to begin defaulting on his obligations. Stock markets fluctuated wildly. Thirty U.S. soldiers were killed in Afghanistan–the single greatest loss of life in a day for U.S. forces since the war began about a decade ago. And Standard & Poor’s, a ratings firm, stripped the U.S. of its coveted AAA credit rating.
Sen. Pat Toomey, a Republican from Pennsylvania, delivered the weekly radio address for the Republican party. He said the Obama administration’s policies aren’t working and said government needs to get out of the way and reduce burdensome regulations.
He mentioned legislation from Republicans that would require federal agencies to consider the number of jobs lost when a regulation is proposed. He also mentioned a proposal that would place a moratorium on new federal regulations that would have an economic impact exceeding $100 million until the unemployment rate drops to below 7.7%.
“As a former small-business owner who ran several restaurants with my brothers, I can attest to the burden these regulations impose on our job creators,” he said.
Toomey didn’t mention that President Obama has asked federal agencies to review strike any outdated or overly burdensome regulations from their books.
Toomey is one of 12 lawmakers chosen to sit on a “super committee” that is charged with finding ways to lower federal spending. Toomey said he is “ready to work hard with my fellow committee members to produce a proposal that will reduce government spending, and help to create an environment where entrepreneurs can thrive.”
-By Jared Favole, Dow Jones Newswires; 202-862-9207 ; jared.favole@dowjones.com
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