October 17th, 2013
11:09 AM ET
1 year ago

Obama: Default threat and shutdown damaged economy

(CNN) – The government shutdown and threat of U.S. default before the debt ceiling was raised "inflicted completely unnecessary damage (to) our economy," President Barack Obama said Thursday morning at the White House.

He said it slowed the economy's growth and set back employers' plans to hire.

"Just the threat of default ... increased our borrowing costs, which adds to our deficit," he said.

"We'll bounce back from this," Obama added.

"America is the bedrock of the global economy for a reason ... because we keep our word and we (meet) our obligations."

The way business is done in Washington has to change to make a positive difference in the economy, he added.

That starts, he said, with taking a balanced approach to a responsible budget.

Congress should "cut out things we don't need," "close corporate tax loopholes that don't create jobs," and "free up resources for things that do help the country grow," like research and infrastructure, he said.

He passed along a simple message for "all the dedicated and patriotic federal workers" affected by the recent turmoil in government: "Thank you. Thanks for your service. Welcome back. What you do is important. It matters."

soundoff (30 Responses)
  1. Rudy NYC

    Rick McDaniel

    Right. Like we have "bounced back" from the worst depression since the 1930's??????

    You were such a liar, you never even admitted it was a world wide depression........you continued to call it a recession.

    You have done absolutely NOTHING to change that. We can't "bounce back" when we are still in the throes of that same depression, in America.
    ---------------
    Wow. Mark the calenders, folks. Rick just blamed the Bush administration for the sluggish economy. Not only that, he's even acknowledged the severity of the global financial crisis. He's calling it a "depression".

    October 17, 2013 12:19 pm at 12:19 pm |
  2. Thomas

    @Rick McDaniel
    Right. Like we have "bounced back" from the worst depression since the 1930's??????

    You were such a liar, you never even admitted it was a world wide depression........you continued to call it a recession.

    You have done absolutely NOTHING to change that. We can't "bounce back" when we are still in the throes of that same depression, in America.

    ========

    Your boyfriend gave his GREEN EGGS AND HAM speech , then shuts down the government , now you and the moral mafia will go into the jobs jobs jobs , were the jobs mr president , where the jobs ?

    Rick , did you listen to the former economic advisers for both Reagan and Bush # 1 yesterday , they both are no longer republican , they are now independent . And it's because of TeaParty nut jobs like you .

    Keep up the denial and the insanity , a three party system my be a good thing .

    October 17, 2013 12:20 pm at 12:20 pm |
  3. Freedom

    Wow! You people are America?Like trained dogs, all waiting for your next treat. Over 50,000 dollars a second..yes a second added to the bill that someone will have to pay sometime. Who, my kids, your kids, their kids. Your monarch is out of control, and doesnt even hold all Americans to his healthcare Law. Not him, not congress, not the unions. All I will leave you with is two things...1. This country was founded and fought for to be free, not more goverment.2. What has your president done for this country besides rack up more debt than all presidents before him combined? HOPE FOR A CHANGE!

    October 17, 2013 12:25 pm at 12:25 pm |
  4. Dominican mama 4 Obama

    Rudy NYC

    Rick McDaniel

    Right. Like we have "bounced back" from the worst depression since the 1930's??????

    You were such a liar, you never even admitted it was a world wide depression........you continued to call it a recession.

    You have done absolutely NOTHING to change that. We can't "bounce back" when we are still in the throes of that same depression, in America.
    -----
    Wow. Mark the calenders, folks. Rick just blamed the Bush administration for the sluggish economy. Not only that, he's even acknowledged the severity of the global financial crisis. He's calling it a "depression".
    -------------------------------------------------
    Pass me the smelling salts I think I just passed out!!!

    October 17, 2013 12:26 pm at 12:26 pm |
  5. luke,az

    Good Job President Obama for holding firm against the "MacGruber" wing of the Republican party.

    October 17, 2013 12:37 pm at 12:37 pm |
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