President Obama took his case for his $800 billion economic recovery package to the American people on Monday, as the Senate cleared the way for passage of the bill and the White House prepared for its next major hurdle: selling Congress and the public on a fresh plan to bail out the nation’s banks.
Warning that a failure to act “could turn a crisis into a catastrophe,” Mr. Obama used his presidential platform — a prime-time news conference, the first of his presidency, in the grand setting of the White House East Room — to address head on the concerns about his approach, which has by and large failed to win the Republican support he sought.
“The plan is not perfect,” Mr. Obama said in an eight-minute speech before taking reporters’ questions. “No plan is. I can’t tell you for sure that everything in this plan will work exactly as we hope, but I can tell you with complete confidence that a failure to act will only deepen this crisis.”
The news conference was the centerpiece of an intense and highly orchestrated campaign by the administration to wrest control of the stimulus debate from Republicans and reframe it on Mr. Obama’s terms.
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Filed under: * Culture-Watch Media * Economics, Politics Economy The 2009 Obama Administration Bank Bailout Plan The Banking System/Sector The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- The Fiscal Stimulus Package of 2009 The U.S. Government The National Deficit Treasury Secretary Timothy Geithner Politics in General Office of the President President Barack Obama
Posted February 10, 2009 at 6:34 am
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