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    May 08, 2012

Obama Urges Congress to Pass Economic Bills

   Kent Klein | The White House
   U.S.President Barack Obama talks about the economy in Albany, New York,
   May 8, 2012. Photo: Reuters
   U.S.President Barack Obama talks about the economy at the SUNY-Albany
   Nano-Fab Extension Building in Albany, New York, May 8, 2012.

   President Barack Obama is putting pressure on Congress to pass
   legislation he proposed earlier this year that he said will boost the
   U.S. economy.
   In an election year with the state of the economy as a major issue,
   President Obama is calling on lawmakers to help him move the nation's
   economic recovery forward.
   'We have created hundreds of thousands of jobs each month over the last
   several months," said Obama. "So we are making progress, but everybody
   knows we need to do more. And in order to do that, we are going to need
   some more action from Congress. Democrats and Republicans have to come
   together.'
   The president went to Albany, New York on Tuesday to press Congress to
   advance bills he said will boost the economy, many of which Mr. Obama
   proposed in his State of the Union speech in January.
   'I know this is an election year, but it is not an excuse for
   inaction," Obama said. "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."
   At a school in Albany, Mr. Obama announced what he called a 'to-do
   list' for Congress that includes five measures he wants passed.
   One bill the president wants passed would eliminate a provision of the
   tax law that gives companies tax breaks for the expenses involved in
   moving facilities outside the United States.
   'At the very least, what we can do right away is stop rewarding
   companies who ship jobs overseas and use that money to cover moving
   expenses for companies that are moving jobs back here to America,' said
   the president.
   The other legislation on the list would help some homeowners refinance
   their mortgages at lower interest rates, create jobs for military
   veterans, and extend tax credits to producers of alternative forms of
   energy and small businesses that create jobs.
   Republicans on Capitol Hill immediately criticized the president's
   remarks. A spokesman for House of Representatives Speaker John Boehner
   said Mr. Obama should press the Democratic-led Senate to pass bills
   proposed by the Republican-controlled House.
   Meanwhile, Senate Republicans on Tuesday blocked debate of a Democratic
   bill to keep interest rates on federal college loans from doubling on
   July 1.
   Republicans say they also want to prevent the rate increase, but
   disagree with the Democrats' plan to pay for the lower rates by raising
   some taxes.