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Republicans claim Obama is 'cooking the books'
Paul Thompson in Miami4 Mar 2009
Barack Obama was today accused of "cooking the books" as he said the US was on the road to economic recovery.
Republicans condemned the president's prediction that his $787billion fiscal stimulus package would lift the country from the doldrums as too hasty.
Mr Obama said he had already seen signs of his plan working - barely two weeks after it became law - and that jobs were being created.
But some Republicans angered by tax rises for the rich turned on the President. "It looks like somebody's cooking the books," said Texan Congressman Kevin Brady before the House Ways and Means Committee.
Treasury Secretary Tim Geithner told the committee Mr Obama expected the economy to be back on track by 2010.
Mr Geithner accepted the plan "does predict a somewhat more rapid recovery" than other predictions, but said: "I believe this is a realistic forecast.''
Mr Obama was urging investors to buy battered stocks, saying they offered a "potentially good deal". As shares reached their lowest level in 12 years he suggested those struggling in the recession should dip into the market.
He gave the advice during his White House meeting with Gordon Brown - gaining greater prominence on American TV news than talks about relations with the UK.
"What you're now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it," said Mr Obama.
He also stated his optimism over economic recovery: "Businesses are starting to see opportunities for investment and potential hiring, we are going to start creating jobs again."
Mr Obama said he could not base his economic policy on the ups and downs of the Dow Jones index.
Reader views (2)
Indeed.
Because the Republicans know what the books are already cooked, they were the chefs.
- Dk, London, 04/03/2009 15:31
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The words pot and kettle spring to mind!
- Lj, london, 04/03/2009 13:00
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