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Obama says his budget essential to revive economy

(Agencies)
Updated: 2009-03-25 08:36

WASHINGTON – President Barack Obama moderated his rhetoric about bonuses to executives at bailed out AIG Tuesday night, saying he was as angry as anyone at the payments but adding, "we can't afford to demonize every investor or entrepreneur who tries to make a profit."

At the second prime-time news conference of his presidency, Obama also cast his budget — now under review in Congress — as essential if the economy is to emerge from the severe recession.

President Barack Obama speaks during a news conference, Tuesday, March 24, 2009, in the East Room of the White House in Washington. [Agencies]

The tax and spending plan "is inseparable from this recovery because it is what lays the foundation for a secure and lasting prosperity," he said.

Related readings:  GOP predicts doomsday if Obama budget passed  Obama budget could bring $9.3 trillion deficits  Source: US 2009 budget deficit revised to $1.8 trillion  Obama pushes Congress to pass $3.6 trillion budget

The news conference came at a pivotal, early moment in Obama's young presidency, with Democrats in Congress readying budget proposals that will largely determine how much of his first-term agenda will be passed, Treasury Secretary Timothy Geithner churning out near-daily proposals to solve the nation's economic crisis and the administration struggling with public and congressional outrage over bonuses paid to executives of bailed-out AIG. Additionally, Obama departs next week for his first European trip as commander in chief, with the global economy a major focus.

Speaking in the East Room of the White House, Obama put in a plug for the request Geithner made to Congress earlier in the day for extraordinary authority to take over failing companies like American International Group Inc., much as the Federal Deposit Insurance Corp. now does for banks.

"It is precisely because of the lack of this authority" that AIG's problems threatened to bring down the entire U.S. economy, he said. Top Democrats in Congress reacted positively to the proposal, although it is not clear when legislation might be considered.

Obama has been vocal in his unhappiness over the $165 million in retention bonuses paid to executives at AIG, although his favorable reference to business men and women seeking profits was a new twist.