Obama reaffirms to build new foundation for U.S. economy (3)

08:29, June 03, 2010      

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In this regards, Obama signed a bill to help small businesses and to create jobs. He also urged the Congress to pass legislation about new energy and climate change.

Moreover, Obama emphasized the urgency of the U.S. government to tackle its debt challenge. The national debt has ticked up to 13 trillion dollars on Obama's watch.

He believed that there are four key components to putting the U. S. budget on a sustainable path. Maintaining economic growth is the first, and health care reform is the second. The third components is the belt-tightening steps that he outlined to reduce deficit, including a three-year freeze on all discretionary spending outside of national security. Finally, the fourth component is that he proposed to set a bipartisan Fiscal Commission to provide new solutions to deal with the medium and long-term deficit.

Still, Republicans criticized that the president is a fine speechmaker, but poor economic strategist.

"It's clear from his harsh partisan rhetoric today that President Obama has run out of excuses for his broken promises on the economy," said John Boehner, the top Republican in the House of Representatives.

The Republicans also believe that the economic recovery is mostly a cyclical phenomenon.

Obama urged the Republicans to embrace his economic policies ahead of November's mid-term election.

He said that the United States is facing a choice. "We can return to the failed economic policies of the past, or we can keep building a stronger future."

"I want to move forward," Obama said.


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