The Ottumwa Courier

AP National

September 17, 2013

Obama warns GOP against creating 'economic chaos'

(Continued)

Gene Sperling, a top Obama adviser and director of the National Economic Council, said Obama's policies "have performed better than virtually anyone at the time predicted."

But the public is not convinced that the economy is on the mend. Only one-third say the economic system is more secure now than in 2008, and 52 percent say they disapprove of Obama's handling of the economy, according to a Pew Research Center poll. There is still plenty of pain to justify their pessimism.

Despite job growth, the unemployment rate remains high at 7.3 percent. Though the rate has fallen, one of the reasons is because some people have dropped out of the labor force and no longer are counted as job seekers. The share of unemployed workers who have been unemployed for more than six months is more than double what it was in 2007 before the recession began. And the income gap between the very rich and the rest of the population is the biggest since 1928.

What's more, some banks that received government aid because they were deemed "too big to fail" are now bigger than they were in 2008, although they are smaller as a share of the economy than the largest banks in other big economies. Three years after Obama signed a sweeping overhaul of lending and high-finance rules, execution of that law is behind schedule.

Anxious to make his case with the public, Obama intends to draw attention to signs of progress with daily events, including a speech Wednesday to the Business Roundtable, an association of CEOs from the top U.S. companies, and a trip Friday to Kansas City to visit a Ford plant, where he will promote the strength of the auto industry.

Obama wants to reverse automatic spending cuts that kicked in in March, but at the same time he has said he will not negotiate with Republicans over the nation's debt ceiling. His remarks have hinted at a potential constitutional confrontation with Republicans. Section 4 of the 14th Amendment says that "the validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."

In addition to seeking a delay in Obama's health care law, some Republicans say the scheduled spending cuts should stay in place to reduce the deficit.

"We need to start by keeping the cuts we've already agreed to," Sen. Mitch McConnell said Sunday. "It's time to get serious about the challenges we face and reposition America for growth and prosperity in the 21st century."

Text Only
AP National
  • Senate likely to come up short on border bill WASHINGTON (AP) — A bill to deal with the immigration surge at the border appears headed for procedural defeat in the Senate as lawmakers trade blame over their inaction on the crisis. Days ahead of Congress' five-week summer recess, Senate Democrats

    July 30, 2014

  • House set to take up $17B VA overhaul bill WASHINGTON (AP) — With a new Veterans Affairs secretary in place and an August recess looming, Congress is likely to move quickly to approve a compromise bill to refurbish the VA and improve veterans' health care. The House could vote on the $17 bill

    July 30, 2014

  • Trafficking bust reveals worries over missing kids WASHINGTON (AP) — When FBI agents and police officers fanned out across the country last month in a weeklong effort to rescue child sex trafficking victims, they pulled minors as young as 11 from hotel rooms, truck stops and homes. Among the 168 juve

    July 30, 2014

  • The man responsible for Hilton's grand turnaround McLEAN, Va. (AP) — Nearly every weekend, Chris Nassetta is cooking in his family's oversized kitchen, outfitted with two commercial-grade refrigerators, three sinks and a deep fryer. These aren't small meals. Between his wife, six daughters, friends,

    July 30, 2014

  • What's a group selfie? Usie (pronounced uss-ee) NEW YORK (AP) — What do you call a group selfie? An usie, of course! As in "us." Pronounced uss-ee, rhymes with fussy. "Usies are a growing trend that I think have far more social value than selfies," said Michal Ann Strahilevitz, a professor of mark

    July 30, 2014

  • With Israel at war, US lawmakers give full support WASHINGTON (AP) — As the war in Gaza escalates, U.S. lawmakers are pressing the Obama administration to take no action that puts pressure on Israel to halt its military campaign against Hamas. Many even have criticized the administration's effort to

    July 29, 2014

  • Abuse suspect dead; two marshals, NY policeman hurt NEW YORK (AP) — A California man who skipped town after being accused of molesting a boy was killed and three law enforcement officers trying to arrest him were wounded in a daytime shootout inside a small smoke shop in one of New York's most bustlin

    July 29, 2014

  • Study: 35 percent in US facing debt collectors WASHINGTON (AP) — More than 35 percent of Americans have debts and unpaid bills that have been reported to collection agencies, according to a study released Tuesday by the Urban Institute. These consumers fall behind on credit cards or hospital bill

    July 29, 2014

  • Despite good news, benefit programs face problems WASHINGTON (AP) — Despite some good news, Medicare and Social Security still face long-term financial problems as millions of baby boomers reach retirement. Social Security's disability program is already in crisis as it edges toward the brink of ins

    July 29, 2014

  • 10 Things to Know for Today Your daily look at late-breaking news, upcoming events and the stories that will be talked about today: 1. ISRAEL-HAMAS WAR ENTERS FOURTH WEEK — DURATION, DEATHS MATCH FIRST CONFLICT Heaviest bombardment in Gaza yet as Israeli aircraft, tanks and nav

    July 29, 2014

Obituaries
Record
Facebook
AP National