Politics

Obama: Only Thing Hurting Economy Is 'Unnecessary Damage' From 'Self-Inflicted Crisis'

| by Sarah Fruchtnicht

President Barack Obama said “there are no winners” after the House and Senate passed a measure to reopen the government Wednesday night.

While “Democrats and responsible Republicans” came together in the end, Obama said during a televised press conference Thursday morning, “these last few weeks have inflicted unnecessary damage on our economy.”

“We know that the American people’s frustration with what goes on in this town has never been higher. That’s not a surprise, that the American people are completely fed up with Washington.”

He called the shutdown “another self-inflicted crisis” that cost American jobs and economic growth.

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“There was no economic rationale for all of this,” he said. “Over the past four years our economy has been growing. Our business have been creating jobs, and our deficits have been cut in half.”

“Nothing has done more to undermine our economy these past last three years than the kind of tactics that create these manufactured crises,” he said.

He cited the credit rating analysts who said the only thing that has threatened the American economy is “repeated brinksmanship.”

“Probably nothing has done more damage to America’s credibility in the world, our standing with other countries, than the spectacle that we’ve seen the past several weeks,” he added. “It’s encouraged our enemies. It’s emboldened our competitors. And it’s depressed our friends who look to us for steady leadership.”

“America is the bedrock of the global economy for a reason,” Obama said, promising the economy would bounce back.

“We have earned that responsibility over more than two centuries,” he said, adding that “the full faith and credit of the United States remains unquestioned.”

He addressed Congress, telling them the way they do business has to change.

He said that now the shutdown has ended, “All of us need to stop focusing on the lobbyists and the bloggers and the talk heads on radio and the professional activists who profit from conflict” and “focus on growing the economy.”

He turned the conversation towards passing a budget, continuing immigration reform, and passing a farm bill. He said the Senate has passed three bipartisan measures and they are sitting in the House waiting for a vote.

The president said the House should not hold up on vote on these measures "just because the extremes in our party don't like the word 'compromise'."

Sources: CNN, NBC News