WASHINGTON (AP) - President Barack Obama says staggering job
losses mean the country must continue to "spend our way out of
this recession" with a round of new incentives for hiring.
In a speech at the Brookings Institution, Obama proposed a
package intended to stimulate job creation and bring down the
country's 10 percent unemployment rate. The measures include more
money for infrastructure projects, tax cuts and credit access for
small businesses. It also includes rebates to consumers who make
their homes more energy efficient.
Obama said it is a "false choice" to claim that the government
must pick between paying down the deficit and investing in economic
growth. He said spending in the short-term to create new jobs will
help reduce the deficit over the long-term.
Obama criticised Republicans, taking them to task for opposing economic stimulus efforts and health care reform while supporting tax cuts and spending that have ballooned the deficit.
He said Republicans are "waxing political about fiscal
responsibility while opposing our efforts to reduce deficits by
getting health care costs under control." And he said that the
stimulus package earlier this year was passed "largely without the
help of an opposition party which, unfortunately, after having
presided over the decision-making that led to the crisis, decided
to hand it over to others to solve."