bob Obama must convince Dems on budget (NECN/ABC) - A confident President Obama used Tuesday night's news conference to tell the American people that the stalled economy is back on the road to recovery. "We will recover from this recession. But it will take time, it will...
By Michael Kranish
Globe Staff / March 25, 2009
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WASHINGTON - President Obama, addressing public outrage over executive bonuses and anxiety about continued economic uncertainty, urged the nation last night to be patient, pledging a presidency of perseverance that he said will eventually result in recovery from the recession.
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"What I'm confident about is we are moving in the right direction," Obama said, summing up the theme of a nearly hour-long prime-time press conference. He said "it will take many months and many different solutions to lead us out" of the current economic problems, but he sees "signs of progress."
Pressed on his administration's handling of the effort to force AIG executives to give back bonuses, Obama said he waited a couple of days before expressing his own outrage "because I like to know what I'm talking about before I speak."
Obama defended his latest proposal, unveiled yesterday by his administration, under which the government would gain the authority to take over troubled corporations such as AIG, similar to the way that the Federal Deposit Insurance Corp. can take over failed banks.
"It is precisely because of the lack of this authority that the AIG situation...