Obama Makes Economic Case to Online Editors

Thursday, 05 Apr 2012 04:18 PM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama defended his economic policies during an impromptu appearance Wednesday at a White House summit of key advisers and editors of influential online news sites.

“First of all, I think it’s just important to remember that it’s not like we haven’t been doing anything for the last year,” Obama told the summit, which included Newsmax Editorial Director Steve Coz along with editorial executives from Forbes.com, Kiplinger.com, Yahoo.Finance.com, and The Motley Fool.

The president said the payroll tax cut extension through the end of the year was critical to the country’s economic recovery and the addition of 4 million jobs over the past few years.

“Obviously from my perspective, our ability to get the payroll tax extended through the end of this year was a gauntlet because it strengthened or at least solidified a recovery,” he added.

The president said the Jobs Act, which he signed into law Thursday, should make it easier for start-ups to get financing.

He went on: “There are a number of measures that I’m still going to be pushing for and a lot of it will depend on what happens in the election.

“There’s no doubt, for example, that this country could greatly benefit from a major rebuilding of roads, bridges, ports, high-speed Internet, high-speed rail.”

Obama said that the United States has “historically low interest rates” and construction workers “who are dying to get back to work.”

He said Congress needs to take action to expand opportunities for struggling homeowners to refinance their mortgages, “that would save us $3,000 a year for millions of families across America,” and help stabilize the housing market.

With respect to the burgeoning national debt, the president said he has already signed into law “as big a reduction in spending as we’ve seen in a very long time” and declared that there is not much room for additional cuts in discretionary spending.

“We've got $1 trillion locked in. We’ve got another $1 trillion that we’re going to have to either come up with or it’s an item for sequestration — so you’ve got over $2 trillion in deficit reduction that’s already taken place,” he said.

“There is not much more room for deficit reduction on the discretionary spending side. We pretty much tapped that out.”

In a warning for congressional Republicans, Obama said “until we get some sort of movement from Republican members of Congress that we can’t just cut our way out of this problem, I think it’s going to be difficult for us to make more significant progress.”

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

4 French Journalists Held Hostage in Syria Freed

Saturday, 19 Apr 2014 10:33 AM

France's presidential palace says four French journalists held hostage in Syria since June have been released.President  . . .

Lamar Alexander: GOP Wants to Be 'the iPhone Party'

Saturday, 19 Apr 2014 09:45 AM

Government should enable Americans to succeed, not pass mandates to control them, Tennessee Republican Sen. Lamar Alexan . . .

Delay Won't Quell 2014 Wrangling over Keystone XL

Saturday, 19 Apr 2014 08:12 AM

Democrats sweating this year's elections may be hoping that the Obama administration's latest delay to the proposed Keys . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved