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Monday, August 15, 2011

Obama Says Debt Fight Created More Uncertainty - Bloomberg

Obama Says Debt Fight Created More Uncertainty - Bloomberg: "President Barack Obama said the standoff in Washington over the debt ceiling damaged the economy by creating more uncertainty about the nation’s direction and stalling work on measures to boost jobs and growth.

“We have a political culture that doesn’t seem willing to make the tough choices to move America forward,” Obama said at a town-hall event in Cannon Falls, Minnesota, the opening leg of a three-day trip in the Midwest.

The president is seeking to reassure anxious voters that he has a plan to prop up the ailing economy when his ability to deliver on the necessary prescriptions is anything but certain.

He mostly reiterated a familiar set of plans: renewal of a 2-percentage-point cut in the payroll tax for workers and extended unemployment benefits, both set to expire Dec. 31; establishment of an infrastructure bank to fund public works spending; ratification of free-trade deals; and overhauling patent law."