US economy - A catastrophe looms, Obama tells the nation( as he displays annoyance at his GOP detractors) - by Susan Milligan
President Obama, speaking to the nation in his first prime-time news conference, last night warned of an economic "crisis that could become a catastrophe" if Congress does not act quickly on a massive stimulus package making its way through a Congress sharply divided along party lines. Wall Street needs to be more responsible, Obama added, by reining in executive compensation and resisting the temptation to make risky loans and investments. Treasury Secretary Tim Geithner today is scheduled to reveal the administration's new approach in releasing the rest of the $700 billion Wall Street bailout package approved under the Bush administration; Obama last night declined to detail it.
In a rare display of annoyance at his GOP detractors, Obama chided unnamed lawmakers who he said felt it was better to "do nothing" than to set aside ideology and increase government spending. "There are politicians who are arguing that we don't need a stimulus. Obama noted, "some of the skeptics are the same people who "presided over the doubling of the national debt."
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