Obama says no new stimulus package needed yet
U.S. President Barack Obama has said that he does not think a second economic stimulus package is needed yet even though the nation's economy continues to struggle, Xinhua reported.
More time is needed to assess the effectiveness of the 787- billion-dollar economic stimulus plan, the administration's first one, enacted early this year, Obama told a press conference held Tuesday in the White House.
"I think it's important to see how the economy evolves and how effective the first stimulus is," he said.
The president predicted the U.S. unemployment rate is likely to exceed 10 percent.
"I think it's pretty clear now that unemployment will end up going over 10 percent, if you just look at the pattern, because of the fact that even after employers and businesses start investing again and start hiring again, typically it takes a while for that employment number to catch up with economic recovery," Obama said.
"And we're still not at actual recovery yet," he added.
Obama said that neither he nor the American people are satisfied with the rate of economic recovery. But he said he remains hopeful that conditions will improve over time.
"I don't feel satisfied with the progress that we've made," he said. "We've got to get our Recovery Act (stimulus plan) money out faster. We've got to make sure that the programs that we put in place are working the way they're supposed to".
At the press conference, Obama denied the United States has been interfering in Iran's affairs, but said that he strongly condemns Iranian government's "unjust actions" against its people.
He urged for the healthcare reform that is undergoing debate at the Congress and called on members of the House to pass a climate bill aimed at capping and reducing U.S. greenhouse gas emissions and lowering the country's dependence on foreign oil.