Obama promises new jobs initiatives, slams GOP

Turborama

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Fri Sep-03-10 12:52 PM
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Obama promises new jobs initiatives, slams GOP

Edited on Fri Sep-03-10 12:57 PM by Turborama

Source: CNN

By the CNN Wire Staff
September 3, 2010 --

President Obama went on the offensive Friday on the politically critical issue of job creation, promising to lay out a broad package of ideas next week and slamming Senate Republicans for blocking passage of his administration's small business aid legislation. Obama renewed his call for the languishing bill in the wake of Friday's release of new unemployment figures. The jobless rate, according to the Labor Department, rose from 9.5 percent to 9.6 percent in August.

The economy lost a total of 54,000 jobs last month. Most of the losses, however, came from the public sector as the government cut 114,000 temporary census workers. Private businesses added 67,000 jobs to their payrolls. August was the eighth straight month that businesses added jobs, following nearly two straight years of job losses. So far this year businesses have added 763,000 workers to payrolls.

"That's positive news," Obama said at the White House, flanked by his top economic advisers. It "reflects steps we've already taken to break the back of this recession." But he warned, "There's no quick fix to the worst recession we've experienced since the Great Depression."

Senate Republicans, he said, were responsible for a "needless delay" in the passage of legislation designed to increase bank loans to small businesses. Specifically, the measure would set up a $30 billion lending fund to help community banks offer small businesses credit. It also would provide tax breaks to small businesses that invest in new equipment and hire unemployed workers.

Read more: http://cnn.com/2010/POLITICS/09/03/obama.economy/index.html

http://edition.cnn.com/video/?/video/politics/2010/09/03/sot.obama.jobs.cnn">

Obama pushes GOP on jobs bil (Click on image to play video)

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President mulls new measures to spark economy

By Ed Henry, CNN Senior White House Correspondent
September 3, 2010

Washington (CNN) -- After a week mostly focused on Iraq and Mideast diplomacy, it's back to the economy for President Barack Obama, who will deliver remarks Friday on the August unemployment numbers. Then, Obama is scheduled to give two big speeches next week to try and frame his administration's response to the recession, less than two months ahead of a midterm election where Democratic majorities in the House and Senate are on the ropes.

Senior aides confirm the president recently asked his economic team to come up with various proposals he could roll out to show that amid high anxiety across the nation, he's still working hard to jump-start the economy, including more federal spending on infrastructure projects and tax cuts popular with the business community such as a permanent extension of the research and development tax credit.

Obama himself hinted at the options on the table on Monday in the Rose Garden, when he accused Republicans of blocking a separate $55 billion legislation package that would cut small business taxes. Senate Democrats hope to pass the package later this month and get it to the president's desk before the election.

"My economic team is hard at work in identifying additional measures that could make a difference in both promoting growth and hiring in the short term, and increasing our economy's competitiveness in the long term," Obama said. "Steps like extending the tax cuts for the middle class that are set to expire this year. Redoubling our investment in clean energy and R&D. Rebuilding more of our infrastructure for the future. Further tax cuts to encourage businesses to put their capital to work creating jobs here in the United States."

Read more: http://cnn.com/2010/POLITICS/09/02/obama.economy/index.html?eref=mrss_igoogle_cnn#fbid=5tFS21of5oJ&wom=false