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U.S. President Barack Obama is calling on America's allies to further coordinate1 efforts to jump-start their economies. The president also is expected to sign a bill Wednesday to keep the U.S. government running through September, while calling for reforms in the budget process.
President Obama is warning that his initiatives to revive the U.S. economy will struggle without coordination2 from other major economies.
"We can do a really good job here at home with a whole host of policies," he said. "But if you continue to see deterioration3 in the world economy, that is going to set us back."
President Barack Obama meets with Treasury4 Secretary Timothy Geithner, in the Oval Office of the White House, 11 Mar5 2009
Mr. Obama spoke6 after receiving an Oval Office briefing from Treasury Secretary Timothy Geithner, who goes to Britain this week to meet with the finance ministers of 20 advanced and developing nations.
"Everything we do in the United States will be more effective if we have the world moving with us," said Geithner. "You know, we are the most productive economy in the world, [with the] most productive workers in the world. But they need markets for their products that are expanding, and we have a lot of work to do. But I think we can make a lot of progress."
The president said his goals for the finance ministers' meeting are to ensure that there is a "concerted effort around the globe to jump-start the economy," and to move forward on regulatory reform, to prevent future crises.
The leaders of the "G-20" nations will meet in London early next month, to discuss the global financial situation.
Meanwhile, Mr. Obama is signing a $410 billion spending bill to keep the U.S. government functioning through September. The legislation contains billions of dollars for projects in lawmakers' home districts - a practice Mr. Obama says he wants to limit.
"Projects have been inserted at the 11th hour, without review, and sometimes without merit, in order to satisfy the political or personal agendas of a given legislator, rather than the public interest," he said.
Mr. Obama has promised to force Congress to limit spending on projects for lawmakers' home districts or states. But the budget is estimated to contain almost 8,000 "earmarks," worth $5.5 billion.
It includes $485,000 for a boarding school for native students in Alaska, for example, and $1.2 million to allow the nonprofit organization, Helen Keller International to give eyeglasses to students with poor vision.
Despite his opposition7 to some of the expenditures8 in the bill, the president says he is signing the legislation so the government will continue functioning.
"We cannot have Congress bogged9 down at this critical juncture10 in our economic recovery," Mr. Obama said. "But I also view this as a departure point for more far-reaching change."
The 1,100-page budget pays for the operations of every Cabinet department except Defense11, Homeland Security and Veterans Affairs.
1 coordinate | |
adj.同等的,协调的;n.同等者;vt.协作,协调 | |
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2 coordination | |
n.协调,协作 | |
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3 deterioration | |
n.退化;恶化;变坏 | |
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4 treasury | |
n.宝库;国库,金库;文库 | |
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5 mar | |
vt.破坏,毁坏,弄糟 | |
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6 spoke | |
n.(车轮的)辐条;轮辐;破坏某人的计划;阻挠某人的行动 v.讲,谈(speak的过去式);说;演说;从某种观点来说 | |
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7 opposition | |
n.反对,敌对 | |
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8 expenditures | |
n.花费( expenditure的名词复数 );使用;(尤指金钱的)支出额;(精力、时间、材料等的)耗费 | |
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9 bogged | |
adj.陷于泥沼的v.(使)陷入泥沼, (使)陷入困境( bog的过去式和过去分词 );妨碍,阻碍 | |
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10 juncture | |
n.时刻,关键时刻,紧要关头 | |
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11 defense | |
n.防御,保卫;[pl.]防务工事;辩护,答辩 | |
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