WASHINGTON — President Obama on Thursday said the debt crisis in Europe was the biggest headwind to the US and he urged Congress to pass his jobs plan to give an instant jolt to the economy.
“The problems Europe is having today could have a very real effect on our economy at a time when it’s already fragile,” Obama said at a news conference. “But this jobs bill can help guard against another downturn if the situation in Europe gets any worse.”
Obama said the Senate next week will vote on his $447 billion jobs plan, the American Jobs Act. He said the economy “really needs a jolt right now.”
The president has urged Congress for several weeks to pass his jobs bill. Republicans, and some Democrats, have said they do not support the entire plan but like certain provisions.
Senate Democrats are proposing to pay for the White House jobs plan by levying a surtax on millionaires, a proposal generating opposition from Republicans.
Asked about the Senate Democrats’ millionaire’s tax, Obama said, “I’m fine with the approach that they’re taking.” He said lawmakers who vote against the bill have to explain why they are against it.
“There are too many people hurting in this country for us to do nothing,” Obama said.
He said the economy is “weaker now than it was at the beginning of the year.” A host of factors have slowed growth, including unrest throughout the Middle East. However the primary factor, Obama said, was the debt crisis in Europe.
Obama also said he was paying attention to the “Occupy Wall Street” movement, noting the group is expressing the frustration of the American people. He said people are upset that “some of the same folks who acted irresponsibly” during the financial crisis are now trying to roll back regulations meant to prevent another crisis.
To read more, go to The Wall Street Journal.