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Tuesday, February 10, 2009

Obama : Only the government could rescue the world's biggest economy from a negative spiral

President Barack Obama said only the government could rescue the world's biggest economy from a "negative spiral", as investors around the globe looked to the United States to lead the way out of the global financial crisis.

Fearing deepening banking problems from the crisis, currency markets wobbled on a report in Japan's Nikkei business daily that Russia will request negotiations with European and other foreign banks to postpone repayment on up to $400 billion of its private sector debt.

The euro fell more than 1 percent against the dollar and the yen on the report. The dollar had slipped on Monday amid concerns about whether U.S. government rescue plans would work.

Obama took his case for an $800 billion-plus stimulus package directly to the recession-weary American public on Monday as he urged Congress to approve a final bill before the recession worsened.

"With the private sector so weakened by this recession, the federal government is the only entity left with the resources to jolt our economy back to life," Obama said during a televised prime-time news conference.

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