Obama appeals on tax cuts

15/12/10 19:18 CET

economy

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Looking for ways to stimulate economic growth and cut the stubbornly high unemployment rate, US President Barack Obama is urging members of Congress to quickly pass a package to extend tax cuts.

Obama’s appeal came as he met chief executives of America’s biggest companies to would pick their brains on how to boost tepid US growth:

Obama said: “We know the path that will lead to economic success. The only question is whether we will take it, whether we have the political will to do the work. I’m committed to taking that path. And I know America’s business leaders as well.”

There are some signs that US growth has resumed after the worst recession since the 1930s, but the US central bank, the Federal Reserve, said this week that the recovery is still insufficient to lower the painfully high 9.8 percent unemployment rate.

The latest figures show US consumer prices rose slightly less than expected in November implying virtually no inflation pressures amid an anaemic recovery.

More about: Barack Obama, Taxes, USA

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