WASHINGTON, June 23 (Xinhua) -- U.S. President Barack
Obama has said that he does not think a second economic stimulus package is
needed yet even though the nation's economy continues to struggle.
More time is needed to assess the effectiveness of
the 787-billion-dollar economic stimulus plan, the administration's first one,
enacted early this year, Obama told a press conference held Tuesday in the White
House.
U.S. President Barack Obama speaks
during a news conference in the Brady Press Briefing Room of the White
House in Washington D.C., capital of the United States, June 23, 2009.
(Xinhua/Zhang Yan) Photo
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"I
think it's important to see how the economy evolves and how effective the first
stimulus is," he said.
The president predicted the U.S. unemployment rate is
likely to exceed 10 percent.
"I think it's pretty clear now that unemployment will
end up going over 10 percent, if you just look at the pattern, because ofthe
fact that even after employers and businesses start investing again and start
hiring again, typically it takes a while for that employment number to catch up
with economic recovery," Obama said.
"And we're still not at actual recovery yet," he
added.
Obama said that neither he nor the American people
are satisfied with the rate of economic recovery. But he said he remains hopeful
that conditions will improve over time.
"I don't feel satisfied with the progress that we've
made," he said. "We've got to get our Recovery Act (stimulus plan) money
outfaster. We've got to make sure that the programs that we put in place are
working the way they're supposed to".
At the press conference, Obama denied the United
States has been interfering in Iran's affairs, but said that he strongly
condemns Iranian government's "unjust actions" against its people.
He urged for the healthcare reform that is undergoing
debate at the Congress and called on members of the House to pass a climate bill
aimed at capping and reducing U.S. greenhouse gas emissions and lowering the
country's dependence on foreign oil.
WASHINGTON, June 17 (Xinhua) -- U.S. President Barack Obama Wednesday unveiled new "rules of the road"
for the nation's outdated financial system, the most significant regulatory transformation since
the Great Depression in 1930s.
Under the plan, the government will make the Fed a
systemic risk regulator to oversee large institutions whose failure could
threaten the stability of the entire system. Full story
NEW YORK, June 17 (Xinhua) -- The 10 large U.S. banks
that were approved to repay about 68 billion U.S. dollars of government rescue
fund early are expected to finish their payment on Wednesday.
According to separate statements from the banks,
JPMorgan Chase& Co. repaid 25 billion dollars, and New York-based Morgan
Stanley and Goldman Sachs Group Inc. each gave back 10 billion dollars. U.S.
Bancorp refunded 6.6 billion dollars and BB&T Corp. paid 3.1 billion
dollars. Full story
WASHINGTON, Feb. 17 (Xinhua) -- U.S. President Barack
Obama on Tuesday signed a 787-billion-dollar economic stimulus bill into law in
Denver, Colorado, calling it the first step to pave the way to long-term growth.
The sweeping economic rescue package, the American
Recovery and Reinvestment Act, is designed to jolt the ailing U.S. economy by
providing government spending and tax cuts for both individuals and
businesses. Full story
