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Obama says U.S. economy needs "jolt right now"

Xinhua, October 7, 2011

• U.S. President Barack Obama said Thursday that U.S. economy needs immediate "jolt", urging Congress to pass his 447-billion-dollars jobs bill without further delay.

  "Our economy really needs a jolt right now," Obama told a White House news conference, adding the current crisis in Europe could have "a very real effect" on the U.S. economy at a time when it's already fragile.

  Obama challenges those senators who are thinking about voting against the bill to explain to the public.

  "Any senator out there who's thinking about voting against this jobs bill when it comes up for a vote needs to explain exactly why they would oppose something we know would improve our economic situation at such an urgent time." Obama said.

  Aiming to tackle near double digit unemployment and to spur the sluggish economy, Obama laid out on September 8 the American Jobs Act to provide tax cuts and credit, extend unemployment benefits and increase investment in infrastructure.

  The Senate is set to take up Obama's job bill next week after adding to the bill a tax increase on million-dollar earners.

  Obama said he would support the new approach by Senate Democrats for paying for his jobs bill with a tax on millionaires rather than his plan to raise taxes on couples making more than 250,000 dollars.

  But the tax on the rich approach is strongly opposed by Republicans, who arguing that Obama was declaring war on the job creators.

  U.S. unemployment, currently at 9.1 percent, is expected to keep as high as 9 percent into the 2012 presidential electoral year.

  Recent U.S. history shows that no president had succeeded reelection at such a high level of unemployment.

   

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