Obama Says He Inherited Economic Problems

Monday, 08 Aug 2011 08:34 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON - U.S. President Barack Obama said Monday he inherited much of the country's problems with high debt and deficits when he entered the White House, sounding a theme likely to dominate his 2012 re-election campaign.

Speaking at a Democratic fundraiser, Obama also defended his economic record and noted that problems in Europe were affecting the United States.

"We do have a serious problem in terms of debt and deficit, and much of it I inherited," Obama said. The financial crisis, he said, made the problem worse.

Democrats and Republicans agreed to a deal to raise the debt ceiling and cut government spending last week, but credit rating agency Standard & Poor's downgraded the United States, contributing to a slide in stock markets Monday.

Obama noted that the United States had seen 17 months of consecutive private sector job growth, rising corporate profits and stabilized credit markets under his watch.

"What's absolutely true, even before these last couple days in the stock market, is that recovery wasn't happening fast enough," he said. "When you have problems in Europe and in Spain and in Italy and in Greece, those problems wash over into our shores," he said.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> 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

US Evacuates Embassy in Libya as Clashes Grow

Saturday, 26 Jul 2014 11:38 AM

The State Department has shuttered the U.S. embassy in Libya and evacuated American staffers... . . .

US Evacuates Embassy in Libya Amid Clashes

Saturday, 26 Jul 2014 08:14 AM

The United States shut down its embassy in Libya on Saturday and evacuated its diplomats to neighboring Tunisia under U. . . .

Montana Rep. Daines: Obama, Reid Waging 'War' on Energy

Saturday, 26 Jul 2014 09:29 AM

President Barack Obama has spearheaded a war on American energy, Montana Republican Rep. Steve Daines said in Saturday . . .

Most Commented

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