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POLITICAL ECONOMY
US Democrats extend olive branch

Obama laid out a sweeping vision of America in his 52-minute address, pledging to ensure affordable health care for all, to give every child a proper education and to boost the nation's use of renewable energy. Photo courtesy of AFP.
by Staff Writers
 Washington (AFP) Feb 25, 2009
 Democratic leaders Wednesday urged their Republican rivals to rally behind President Barack Obama's ambitious plans to rebuild the US economy laid out in his speech to Congress.

"There's so much we need to do," Senate majority leader Harry Reid said, as Obama won plaudits for his maiden address late Tuesday to US lawmakers.

"We're going to do everything we can to work with the Republicans and the administration to get things done," he vowed.

"I just hope the Republicans get our message. We don't want the Republicans to continue being the party of 'No.'"

Obama laid out a sweeping vision of America in his 52-minute address, pledging to ensure affordable health care for all, to give every child a proper education and to boost the nation's use of renewable energy.

Reid said he would like Congress to draft legislation on energy, as well a bill to tackle global warming, and hoped that before the summer recess measures could be started to tackle health care reform.

"Unfortunately, many of our Republican colleagues are mired in the past they still think we in 1980," said Senator Charles Schumer. "But we're going to keep reaching out to them."

Obama won riotous applause during his speech which drew the packed Congress to its feet at least 30 times.

But in the cold light of day, many Republicans remain wary of the Democratic administration's policies.

"We will have our differences," cautioned Senate minority leader Mitch McConnell in a statement released Tuesday.

"Republicans believe the road back to prosperity is paved with greater personal freedom, not bigger government, and that in this moment of economic hardship, we should be more vigilant about spending taxpayer dollars, not less."

Speaker of the Democratic-controlled House of Representatives, Nancy Pelosi, however hailed Obama's historic address.

"President Obama also understands that tough choices must be made and that a new era of fiscal responsibility, transparency and accountability must be the order of the day," she said in a statement.

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POLITICAL ECONOMY
Asia's economic woes deepen as Obama vows to beat crisis
 Hong Kong (AFP) Feb 25, 2009
 Japan on Wednesday posted a record trade deficit and Hong Kong said its economy would shrink by up to three percent in 2009 as recession woes deepened across Asia.






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