US economy needs ‘jolt right now’, says Obama

October 6th, 2011 - 11:06 pm ICT by IANS  

Barack Obama Washington, Oct 6 (IANS) Urging Congress to pass his $447 billion jobs bill without further delay, US President Barack Obama Thursday said the US economy needs an immediate “jolt”.

“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 US economy at a time when it’s already fragile, reported Xinhua.

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 Sep 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.

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

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

Recent US history shows that no president had succeeded in re-election at such a high level of unemployment.

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