President's address lays out plan for economy

In President Barack Obama's State of the Union Address Wednesday night, he presented his plans for many of the nation's most pressing issues, including the one that has become the hallmark of his first year in office: the economy. Obama called for passage of a financial reform package, including programs to prevent financial abuse of individuals, and new regulation of financial markets. "A strong, healthy financial market makes it possible for businesses to access credit and create new jobs," Obama said in his speech. "And that can only happen if we guard against the same recklessness that nearly brought down our entire economy." He also proposed a fee on the country's largest banks, as an effort to recover additional money lent out through the Troubled Asset Relief Program, along with a three-year freeze on discretionary government spending. Additionally, Obama said he plans to ask Congress to take $30 billion of the money repaid by banks and loan it to community banks to extend credit to small businesses. Responses to the president's message were mixed. Leading Ozarks Republicans were not happy. "Last year President Obama promised the American people that he wouldn't try to spend our way out of the economic crisis, a promise he promptly broke within three weeks by spending a trillion dollars on a failed stimulus bill," Sen. Kit Bond said in his written response. "I hope tonight's spending freeze announcement is a signal the president is serious about making the difficult decisions necessary to tackle the bulk of spending that threaten to bankrupt our nation." U.S. Rep. Roy Blunt also expressed his displeasure with the message. "We heard a laundry list of new government programs, when the real answer is for the government to get out of the way and allow the engines of our economy to get to work creating good, permanent jobs and opportunity for Missourians," Blunt said in a release. The National Small Business Association, however, applauded the plans to extend credit to small businesses, calling it "a good start." The organization also called for an extension of U.S. Small Business Administration lending provisions enacted in the stimulus package, including the increased guarantee on loans and the elimination of up-front borrower fees.[[In-content Ad]]