Obama sets main focus on job losses
Source: Agencies |
January 29, 2010, Friday
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US President Barack Obama pushed job creation to the top of his agenda and vowed to pursue his struggling health care overhaul despite a political setback that raised doubts about his leadership.
With the economy still weak and unemployment at a painful 10 percent, "Jobs must be our number one focus in 2010," Obama told Congress yesterday in his annual State of the Union address.
Obama admitted he had made mistakes and that his first year in office had been a difficult one.
But he promised not to give up in his efforts to change the way that Washington works and push through his ambitious agenda for financial reforms, health care, energy and climate change, even though many Democrats fear losing their seats in November congressional elections.
'I don't quit'
"We don't quit. I don't quit," he told Congress, split largely along Republican and Democratic lines over Obama's policies. "Let's seize this moment - to start anew, to carry the dream forward and to strengthen our union once more."
He pledged tough new rules for Wall Street but said he was "not interested in punishing banks," comments that helped boost US stock futures by appearing to retreat slightly from some of his fiery rhetoric.
Obama said he would work to dig the United States out of a "massive fiscal hole" and was willing to use the veto to enforce budgetary discipline.
The US deficit - a record US$1.4 trillion in 2009, almost 10 percent of gross domestic product - is forecast by the Congressional Budget Office to fall slightly this year to US$1.35 trillion.
Obama vowed to double exports in five years to help create jobs, which weighed on the dollar and prompted some in the market to think the government may seek a weaker US currency. Others said there was little substance to his promise to boost jobs and exports.
Devil in detail
"The devil is in the detail," said Andrew Neale, portfolio manager at Fogel Neale Wealth Management in New York. "Making a speech and getting things done are two very different things."
Still smarting from the loss by his Democrats of a pivotal Senate seat in Massachusetts, Obama did not gloss over his political difficulties.
But his tone at times was feisty and defiant. He recognized that creating jobs is his most pressing task but did not concede the defeat of his sweeping agenda.
The loss in Massachusetts was seen by some political analysts as a referendum on Obama's policies, reflecting voter anxiety about the health care reform effort but also frustration with the double-digit unemployment rate.
"People are out of work. They are hurting. They need our help," Obama said. "And I want a jobs bill on my desk without delay."
Huge deficits have also hurt Obama's standing. To counter the criticism on spending, he proposed a three-year freeze on some domestic programs. He also urged the creation of a bipartisan commission to tackle long-term budget challenges.
With the economy still weak and unemployment at a painful 10 percent, "Jobs must be our number one focus in 2010," Obama told Congress yesterday in his annual State of the Union address.
Obama admitted he had made mistakes and that his first year in office had been a difficult one.
But he promised not to give up in his efforts to change the way that Washington works and push through his ambitious agenda for financial reforms, health care, energy and climate change, even though many Democrats fear losing their seats in November congressional elections.
'I don't quit'
"We don't quit. I don't quit," he told Congress, split largely along Republican and Democratic lines over Obama's policies. "Let's seize this moment - to start anew, to carry the dream forward and to strengthen our union once more."
He pledged tough new rules for Wall Street but said he was "not interested in punishing banks," comments that helped boost US stock futures by appearing to retreat slightly from some of his fiery rhetoric.
Obama said he would work to dig the United States out of a "massive fiscal hole" and was willing to use the veto to enforce budgetary discipline.
The US deficit - a record US$1.4 trillion in 2009, almost 10 percent of gross domestic product - is forecast by the Congressional Budget Office to fall slightly this year to US$1.35 trillion.
Obama vowed to double exports in five years to help create jobs, which weighed on the dollar and prompted some in the market to think the government may seek a weaker US currency. Others said there was little substance to his promise to boost jobs and exports.
Devil in detail
"The devil is in the detail," said Andrew Neale, portfolio manager at Fogel Neale Wealth Management in New York. "Making a speech and getting things done are two very different things."
Still smarting from the loss by his Democrats of a pivotal Senate seat in Massachusetts, Obama did not gloss over his political difficulties.
But his tone at times was feisty and defiant. He recognized that creating jobs is his most pressing task but did not concede the defeat of his sweeping agenda.
The loss in Massachusetts was seen by some political analysts as a referendum on Obama's policies, reflecting voter anxiety about the health care reform effort but also frustration with the double-digit unemployment rate.
"People are out of work. They are hurting. They need our help," Obama said. "And I want a jobs bill on my desk without delay."
Huge deficits have also hurt Obama's standing. To counter the criticism on spending, he proposed a three-year freeze on some domestic programs. He also urged the creation of a bipartisan commission to tackle long-term budget challenges.
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