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Economic aides to President Barack Obama are offering varying assessments1 of where the U.S. economy stands two months into the new administration. Leaders of Mr. Obama's economic team took to the airwaves Sunday.
New York Stock Exchange
Last week saw U.S. financial markets rally amid upbeat news from the nation's beleaguered2 banking3 sector4 that outshone another dose of discouraging numbers on employment, business inventories5, and other economic indicators6.
But if the economy and financial markets are giving mixed signals, key members of the Obama administration also appear less than uniform in their economic pronouncements.
Appearing on NBC's Meet the Press program, the head of the president's Council of Economic Advisors8, Christina Romer, was asked if the U.S. economy is fundamentally sound.
"Well, of course the fundamentals are sound in the sense that the American workers are sound," said Christina Romer. "We have a good capital stock. We have good technology. We know that, temporarily, we are in a mess."
National Economic Council Director Lawrence Summers at the White House on 23 Feb 2009
Far more somber9 was the director of Mr. Obama's National Economic Council, Larry Summers, who spoke10 on Fox News Sunday.
"We have an economy that is losing 600,000 jobs a month," said Larry Summers. "That [job loss] is probably not going to stop imminently11. And so while there are signs that some of the things that the president is doing are starting to have effect, these problems did not get made overnight. They did not get made in a year. And they are not going to get fixed12 very rapidly, either."
All administration officials stress the key to recovery is the implementation13 of the president's full economic agenda. Mr. Obama has already made significant strides to that end, according to economic advisor7 Austan Gooslbee.
"In the first 51 days of this president, the administration has passed a series of really dramatic moves: the biggest financial rescue package that we have seen in decades, the largest stimulus14 in the history of the country, the biggest home foreclosure prevention and mortgage assistance program since the [Great] Depression." said Austan Gooslbee.
Goolsbee also appeared on Fox News Sunday.
Republicans are showing no inclination15 to support President Obama's proposed federal budget for the next fiscal16 year, which would dramatically boost government spending.
Senate Minority Leader Mitch McConnell spoke on ABC's This Week program.
"Let us take a look at the budget the president is offering," said Mitch McConnell. "It will double the national debt in five years and triple the national debt in 10 years. It taxes too much, it spends too much, it borrows too much. What we really ought to be doing here is concentrating on fixing the financial system and the housing problem. Not using this crisis as an excuse to go on an explosion of spending."
President Obama says he inherited massive government debt and a sinking economy from his predecessor17, President Bush, and that only drastic action will correct the situation while investing in the nation's needs pertaining18 to health care, energy independence, and education. Republicans accuse the president of taking advantage of the economic crisis to push an overly ambitious and ill-advised domestic agenda. They say they hope to rein19 in Mr. Obama's budget through legislative20 amendments21.
Mr. Obama's budget numbers and deficit22 projections23 assume a return to moderate economic growth next year, with robust24 expansion in the years that follow.
1 assessments | |
n.评估( assessment的名词复数 );评价;(应偿付金额的)估定;(为征税对财产所作的)估价 | |
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2 beleaguered | |
adj.受到围困[围攻]的;包围的v.围攻( beleaguer的过去式和过去分词);困扰;骚扰 | |
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3 banking | |
n.银行业,银行学,金融业 | |
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4 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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5 inventories | |
n.总结( inventory的名词复数 );细账;存货清单(或财产目录)的编制 | |
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6 indicators | |
(仪器上显示温度、压力、耗油量等的)指针( indicator的名词复数 ); 指示物; (车辆上的)转弯指示灯; 指示信号 | |
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7 advisor | |
n.顾问,指导老师,劝告者 | |
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8 advisors | |
n.顾问,劝告者( advisor的名词复数 );(指导大学新生学科问题等的)指导教授 | |
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9 somber | |
adj.昏暗的,阴天的,阴森的,忧郁的 | |
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10 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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11 imminently | |
迫切地,紧急地 | |
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12 fixed | |
adj.固定的,不变的,准备好的;(计算机)固定的 | |
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13 implementation | |
n.实施,贯彻 | |
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14 stimulus | |
n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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15 inclination | |
n.倾斜;点头;弯腰;斜坡;倾度;倾向;爱好 | |
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16 fiscal | |
adj.财政的,会计的,国库的,国库岁入的 | |
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17 predecessor | |
n.前辈,前任 | |
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18 pertaining | |
与…有关系的,附属…的,为…固有的(to) | |
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19 rein | |
n.疆绳,统治,支配;vt.以僵绳控制,统治 | |
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20 legislative | |
n.立法机构,立法权;adj.立法的,有立法权的 | |
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21 amendments | |
(法律、文件的)改动( amendment的名词复数 ); 修正案; 修改; (美国宪法的)修正案 | |
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22 deficit | |
n.亏空,亏损;赤字,逆差 | |
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23 projections | |
预测( projection的名词复数 ); 投影; 投掷; 突起物 | |
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24 robust | |
adj.强壮的,强健的,粗野的,需要体力的,浓的 | |
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