AP: Obama to focus on economy in news conference

Obama to focus on economy in news conference
By JENNIFER LOVEN, AP White House Correspondent Jennifer Loven, Ap White House Correspondent 26 mins ago

WASHINGTON – President Barack Obama looked to steer the nation's economic attention to the bigger picture Tuesday night and away from recent days' micro-focus on outrage over executive bonuses, declaring signs of progress as his administration attacks the crisis "on all fronts." "It's a strategy to create jobs, to help responsible homeowners, to restart lending and to grow our economy over the long term," Obama said in remarks released in advance of his prime-time news conference.

During a crowded week for the White House and furious debate that echoed from Main Street to Capitol Hill corridors, the president sought to take a step back. He summarized the steps taken so far by his administration to address the worst economic disaster in a quarter-century, framing them with optimism.

"We will recover from this recession," he said. "But it will take time, it will take patience and it will take an understanding that when we all work together — when each of us looks beyond our own short-term interests to the wider set of obligations we have to each other — that's when we succeed."

A day earlier, the Obama administration unveiled a plan to melt a vast credit freeze by helping banks shed bad loans. Under the plan, the government will finance the purchase by private investors of as much as $1 trillion of the $2 trillion in bad assets still held by the nation's banks, in the hopes of freeing banks to begin lending more freely and churn up economic activity.
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