President Obama speech on US economy
President Barack Obama is urging the US Congress to approve massive business tax breaks and infrastructure spending to boost the faltering US economy.
Speaking in Ohio, Mr Obama also attacked what he called Republican obstruction to job creation efforts.
His remarks come with the faltering US economy emerging as the central issue in November’s mid-term elections.
On Friday, the labour department said the US economy lost 54,000 jobs in July, with unemployment rising to 9.6%.
The BBC’s James Reynolds, in Washington, says that Mr Obama knows that no matter what else he has achieved, his administration will be judged by its record on the economy.
Republicans blame Mr Obama for increasing the deficit with hundreds of billions of dollars in stimulus spending without delivering promised job growth.
‘Growing again’
The address at a college in Cleveland was the president’s second major economic speech this week, as he attempts to highlight his and the Democratic-controlled Congress’ efforts to create jobs.
“The economy is growing again,” he said.
“The financial markets have stabilized. The private sector has created jobs for the last eight months in a row. And there are roughly three million Americans who are working today because of the economic plan we put in place.”
But he acknowledged the pace of growth had been “painfully slow”.
“People are frustrated and angry and anxious about the future,” he said.
“I understand that. I also understand that in a political campaign, the easiest thing for the other side to do is ride this fear and anger all the way to election day.”
Mr Obama dedicated much of the speech to attacking Republican policies, a sign he intends to get more involved in helping Democratic candidates win re-election in November.
Referring by name to House Republican Leader John Boehner, he blasted Republican plans to extend the Bush-era tax cuts on wealthy Americans.
“With all the other budgetary pressures we have – with all the Republicans’ talk about wanting to shrink the deficit – they would have us borrow $700bn over the next ten years to give a tax cut of about $100,000 to folks who are already millionaires,” he said.
And he derided what he described as a Republican economic plan centred on tax cuts for the wealthy and reductions in corporate regulation.
“I recognize that most of the Republicans in Congress have said no to just about every policy I’ve proposed since taking office,” he said, adding the Republican minority believes “if I fail, they win”.
“They might think this will get them where they need to go in November, but it won’t get our country where it needs to go in the long run. It won’t get us there.
“So that’s the choice, Ohio. Do we return to the same failed policies that ran our economy into a ditch, or do we keep moving forward with policies that are slowly pulling us out? Do we settle for a slow decline, or do we reach for an America with a growing economy and a thriving middle-class?”
On Monday, Mr Obama called for a $50bn (£32.3) investment in roads, railways and airports.
The Republican congressional minority is largely running against what it describes as the Democrats’ run-away government spending amid a roughly $1 trillion budget deficit.
The party is unlikely to give Mr Obama and the Democrats a domestic legislative victory on the issue before November’s vote, analysts say.
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