Biden, Boehner Quarrel Over Economic Status

Vice President Joe Biden blasted House Minority Leader John Boehner’s morning economic address after the Ohio Republican urged President Barack Obama to fire the remaining members his economic team, including Treasury Secretary Timothy Geithner.

Biden jokingly thanked Boehner for his suggestion saying it was “very constructive advice.”

In his statement, Boehner pushed for the extension of Bush tax cuts and the termination of Larry Summers and Geithner, a measure that Biden said will only result in a repeated debt crisis created by the last administration.

“After all this build up and hype, all we know is what John Boehner and his Republican colleagues are against,” he said. “I don’t know, other than a tax cut for [the wealthy], I don’t know what they are for.”

Biden conceded to the notion that the economy has not made the full recovery the administration is looking for, but said “there’s not any doubt we’re moving in the right direction.”

Administration Facing Important Fiscal Decisions, Says Larry Summers

By Miles Wolf Tamboli-Talk Radio News Service

National Economic Council Director Lawrence Summers spoke positively Monday about America's economic situation, but warned that the U.S. is not in the clear yet.

"The fiscal policy choices the United States makes over the next several years will be as consequential as any we have made in a very long time," said Summers, emphasizing the importance of the decisions the Obama administration will be making and has been making since 2008.

Summers attributed much of the recent economic growth to the administration's Recovery Act, stating that, "the combination of tax cuts, emergency support for the newly unemployed, fiscal support for states and a range of catalyzing investments from infrastructure to energy have played their intended role."

Citing estimates by the Federal Budget Office, Summers then stressed the role of redefining health care in economic recovery. According to Summers, health care costs constituted 18% of our national GDP this year; twice the percentage of 1980. This figure is expected to expand to one third of our GDP by 2040, which would explain Summers' support of new health care legislation; "It is for these reasons that the president believed and acted on the conviction that reforming our health insurance system had to be the top priority in renewing our national economy"

Summers expounded that, although he believes the Obama administration acted prudently and prospectively, he warned against over-confidence; "The depression scenario that appeared a very real threat a year ago now appears remote. Yet ... [despite] growing signs of recovery, for millions of Americans the economic emergency grinds on."

No Need for IMF, EU Financial Help Says Greek Foreign Minister

Greece's Alternate Foreign Minister has dismissed rumors that the IMF or the European Union would intervene to provide financial assistance to the country. Greece's economy is faltering and the budget deficit last year was 13 per cent of its GDP. "There is no thought at all about the IMF" Minister Dimitri Droutsas said, "and there is no need for financial assistance from the European Union"

Speaking Thursday in New York, Droutsas said his government had already announced major structural changes to deal with the crisis, including a new tax system to discourage tax evasion, raising the retirement age to 67 for public pensions and freezing wages for civil servants.

Droutsas also said the government would try to scale down the many bureaucratic levels of the Greek public sector, in which many unions are on strike or planning strikes to protest the changes. Droutsas said it was natural the new mesures would meet with some resistance because they affect so many people directly, but he expressed confidence the government will be able to work with other parties and has the support of the population and the European Union.

The Greek Alternate Foreign Minister also told reporters the current reunification talks in Cypress remain a priority issue for his government. On a recent trip to the divided Mediterranean island, Secretary General Ban Ki Moon called on both the Greek and Turkish Cypriot leaders to accelerate the negotiation process. Although the Secretary General said a solution was “within reach” during his visit, Droutas believes the present stage of discussion does not allow for overwhelming optimism, adding that the latest proposals by Turkish Cypriot leaders were outside the framework that had been earlier discussed.

Joint Economic Committee Ready To Hear From America's CEO’s

By Monique Cala - University of New Mexico/Talk Radio News Service

Joint Economic Committee Chairwoman Rep. Carolyn Maloney (D-NY) said on Wednesday that her committee sent surveys to the top 100 small business CEO’s for input on how to stimulate job growth. Feedback would be used by the committee to help other small businesses nationwide, according to Maloney.

With job growth number one on the President’s agenda, Maloney highlighted an idea being presented to Congress which would give tax credits to small businesses that hire new employees.

Maloney also touched upon national housing prices, which have increased for the month of January, along with personal income and the personal savings rate. The Chairwoman said that with exports, consumption and overall GDP on the rise, the nation's economy is slowly but surely recovering.

The committee will conduct a hearing next Tuesday featuring leading economists and small business representatives that will explore methods of boosting job growth.

White House Gaggle With Press Secretary Robert Gibbs

Iraq Bombing:
Gibbs said that the administration condemns the violence and that the leaders in Iraq who have moved democracy forward and who have made elections possible are overcoming those who have caused the violence. Gibbs added that the bombers are trying to send a message that most Iraqis won’t hear because they are focused on electing leaders.


Economy/President’s Speech:
Gibbs said that the administration will continue to look at what options there are and will try to help the private sector create more jobs. Gibbs said that the administration will continue to take in ideas. Gibbs said there is no silver bullet, and that 7-8 million jobs have been lost since the start of the recession. Gibbs said the administration wants to target ideas that can move the country positively in the direction of new jobs. He said the recession is “deep in length” and it’s sad to see “how much we’ve fallen.” Gibbs said the possibility that TARP may be $200 billion less, “gives us flexibility.” Gibbs said the administration will try to create twice as many projects, but without twice as much money. “Even shovel ready projects take time to get underway,” he said. If there are things that can be done in terms of using TARP funds to spur small business lending, that is something the administration will look at.


Supreme Court Ruling On Campaign Laws:
Gibbs said this is an important case for the American people and that the administration is concerned about special interests controlling the political process. Gibbs reminded reporters that the President talked about this issue during his campaign. The administration will wait to see if the high court delivers a ruling today.

Oslo:
On whether or not the President will give away his charity money, there is “no clarity yet on the charity,” said Gibbs. The President will also address sending troops into battle as he accepts the Nobel Peace Prize.


Healthcare:
Gibbs was asked about the reimportation of drugs and said the President still supports the reimportation of drugs, but there are safety concerns that still need to be addressed. “Safety is the number one concern,” said Gibbs.


Iran Sanctions:
Asked who will make the decision about Iranian sanctions, Gibbs said the Iranians will, but added, “we’re not at that point.”


Poll Numbers:
Asked about the latest poll numbers, Gibbs dismissed the Gallup numbers at 47%. He called the Gallup daily trend meaningless. Gibbs also said that if he was a patient and Gallup was his doctor, he would get a new doctor.