President Barack Obama, under pressure to bolster the US economy, said on Monday he and his economic advisers are discussing additional steps to generate job growth such as more tax cuts for businesses. Obama, just back from a 10-day vacation, appeared in the White House Rose Garden to show his concern about the economy, which some experts believe is in danger of slipping into a double-dip recession.
"My economic team is hard at work in identifying additional measures that could make a difference in both promoting growth and hiring in the short term and increasing our economy's competitiveness in the long term," Obama said. His comments amounted to an acknowledgement that, while the economy has made some improvements, the lingering impact of the worst recession since the Great Depression is proving particularly difficult to overcome.
White House spokesman Robert Gibbs said Obama will in the coming days and weeks outline "targeted initiatives" to help spur the recovery and hopes Congress will approve them before stopping work to focus on November 2 elections. Pressed on whether Obama should take a bolder approach to stimulating growth, Gibbs said that "there's only so much that can be done, not having to do with politics."
Obama cited possible steps such as extending tax cuts for the middle class that are set to expire this year, increasing government support for clean energy development, and rebuilding more US infrastructure. He also said he was considering "further tax cuts to encourage businesses to put their capital to work creating jobs here in the United States." He provided no details. Obama is under strong election-year pressure to increase US job growth after an $814 billion stimulus plan he and his Democrats pushed through Congress in February 2009 has failed to inspire much confidence from Americans.