APRIL 13, 2009, 5:29 P.M. ET
White House: Obama To Highlight Economic Challenges Tuesday
By Patrick Yoest
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones
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-A White House spokesman said President Barack Obama on Tuesday will discuss economic challenges to the U.S. in a major speech on the economy, following remarks last week in which he cited signs of progress. Spokesman Robert Gibbs said Monday that Obama, in a morning speech at Georgetown University, would "discuss again where we are economically" and "give the American people an update on where we are and many of the challenges that continue to lie ahead."
"I think the president also understands that even as there are some promising statistics, whether it's housing or something like that, that we still are likely to see many, many months of unemployment, where hundreds of thousands of people are losing their jobs," Gibbs said.
The message would appear to contrast to Obama's remarks to reporters on April 10, in which he pointed to more homeowners refinancing their homes as well as increased lending to small businesses through the Small Business Administration.
Gibbs said Obama would also discuss "long-term gaps" in the U.S. economy, as well as "update the American people on the steps that are being taken related to financial stability and in regulation."
Gibbs largely downplayed a report in the New York Times Monday that the Treasury Department is directing General Motors (GM) to prepare for a possible bankruptcy filing by June 1, saying that it "in all honesty, recounts exactly what the president said a couple of weeks ago."