Obama Urges ‘Bold Action’ on Economic Proposals

Posted May 8th, 2012 at 7:00 pm (UTC-5)
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U.S. President Barack Obama is urging Congress to take “bold action” on an election year list of economic proposals aimed at promoting job creation and helping families refinance their mortgages.

President Obama announced the “to do” list of items Tuesday as he addressed students at a college in Albany, New York. The measures he wants Congress to pass include eliminating tax incentives for companies that move their jobs outside the United States as well as promoting new tax credits for small businesses and companies to develop clean energy.

Additionally, Mr. Obama is seeking the creation of a Veterans Job corps to help Afghanistan and Iraq veterans get jobs as police officers and firefighters, and serving their communities. He also wants legislation to help homeowners refinance their properties at lower rates.

“I know this is an election year, but it is not an excuse for inaction. Six months is plenty of time for Democrats and Republicans to get together and do the right thing – taking steps that will spur additional job creation right now.”

Republicans in Congress immediately criticized the president's remarks. A spokesman for Republican House Speaker John Boehner said the president should press the Democratic-led Senate to pass bills proposed by the Republican-controlled House.

Separately, Senate Republicans Tuesday blocked a Democratic bill aimed at keeping federal student loan rates from doubling July 1. The vote was 52 to 45 in favor of starting debate on the measure – eight votes shy of the 60 needed. The legislation would extend the 3.4 percent rate on Stafford loans for another year. Republicans say they want to prevent the rate increase but disagree with Democrats on how to pay for the extension.