

President Obama / Carolyn Kaster, AP

WASHINGTON -- President Obama, bogged down in recent weeks over Syria, kicked off a renewed emphasis on the economy Monday by promoting his own efforts while criticizing the Republicans.

Describing economic recovery as "my No. 1 priority since I took office," Obama said during a White House speech that some GOP members are threatening another crisis through a possible government shutdown and a credit default.

Calling on lawmakers to pass a budget that eliminates automatic across-the-board cuts known as the sequester, Obama said: "Let's stop the threats; let's stop the political posturing; let's keep our government open; let's pay our bills on time."

Obama also defended his health care plan, which some Republicans want to defund or repeal as too expensive and burdensome. Focusing on Tea Party Republicans, Obama said, "I cannot remember a time when one faction of one party promises economic chaos if it can't get 100% of what it wants."

Obama echoed his pledge not to negotiate an increase in the debt ceiling, a move some Republicans say they may support if the White House doesn't go for corresponding budget cuts.

Noting that the debt ceiling gives the government the authority to pay bills it has already rung up, Obama said that "I will not negotiate over whether or not America keeps its word and meets its obligations."

A similar dispute in 2011 threatened a government default and led to a downgrade in the nation's credit.

With the fiscal year set to end Sept. 30, the White House and Congress have not agreed on a new spending plan, creating the possibility of a government shutdown on Oct. 1.

Congressional Republicans, meanwhile, said Obama spending and regulatory policies are slowing the economy, particularly the health care plan.

Senate Minority Leader Mitch McConnell, R-Ky., who wants to repeal the health care law, said the economy needs "a full repeal of this job-killing mess of a law."

House Speaker John Boehner, R-Ohio, criticized Obama for the political tone of his remarks. "It's a shame that the president could not manage to rise above partisanship today," he said in a statement. "Instead, he should be working in a bipartisan way to address America's spending problem."

Obama's speech, delivered late because of the mass shooting at the Washington Navy Yard, began a week of economic events for Obama.

Each Obama event this week is designed to address different economic issues: Immigration during a Telemundo interview on Tuesday, budget issues during a Wednesday speech to the Business Roundtable, trade policy during a Thursday meeting of the Export Council, and the auto bailout during a Friday visit to a Ford assembly plant in the Kansas City area.

The re-emphasis on jobs and economic growth follows several weeks in which the president threatened military action against Syria over the use of chemical weapons, then agreed to a diplomatic proposal made by Russia.

Obama gave Monday's speech on the fifth anniversary of the collapse of Lehman Brothers, the event that triggered a near-meltdown of the financial system.

The address included invited guests whom Obama said have benefited from policies designed to stabilize the banking system, improve the housing market, create infrastructure jobs, and rescue the automobile industry.

While businesses are coming back and jobs are increasing, Obama said, "we are not yet where we need to be."

Republicans, meanwhile, note that the unemployment rate remains over 7%, while growth has been sluggish.

Obama said the fiscal crisis exposed long-festering problems in the economy, including a stagnation of wages for middle class and rising inequality of income.

Despite Obama's arguments, some members of public aren't convinced the economy is recovering.

According to a recent Pew Research Center poll, 52% say they disapprove of Obama's handling of the economy.

Copyright 2014

Read the original story: Obama seeks to turn back to economy

Real Deals




Sign up for a Full-Access Subscription!

Subscription Help

Twitter Activity

Staff Blogs

Facebook Activity