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Obama warning on stimulus delays Obama warning on stimulus delays
(40 minutes later)
President Barack Obama has urged Congress to pass his $800bn (£541bn) stimulus plan, warning that delaying it would worsen a "full-blown crisis".President Barack Obama has urged Congress to pass his $800bn (£541bn) stimulus plan, warning that delaying it would worsen a "full-blown crisis".
In his first White House prime-time news conference, Mr Obama said only government could break the vicious cycle crippling the US jobs market.In his first White House prime-time news conference, Mr Obama said only government could break the vicious cycle crippling the US jobs market.
He said his plan would create up to 4m jobs and help jump-start the economy.He said his plan would create up to 4m jobs and help jump-start the economy.
The House of Representatives has already approved the plan and the Senate is due to vote later on Tuesday.The House of Representatives has already approved the plan and the Senate is due to vote later on Tuesday.
The version approved by the House differs from that being discussed in the Senate, and the two chambers will have to agree on a single final version.The version approved by the House differs from that being discussed in the Senate, and the two chambers will have to agree on a single final version.
The Senate voted 61-36 on Monday to end its debate, paving the way for a final vote on the Senate's version of the bill on Tuesday.The Senate voted 61-36 on Monday to end its debate, paving the way for a final vote on the Senate's version of the bill on Tuesday.
Mr Obama stressed that approval of the plan was extremely urgent, as the present crisis was unlike any other faced by the US for 60 years. 'Wild risks'
In his maiden prime-time news conference, Mr Obama stressed that approval of his economic package was extremely urgent, as the present crisis was unlike any other faced by the US for 60 years.
We can't posture and bicker and resort to the same failed ideas that got us in into this mess in the first place US President Barack Obama
Appealing for a bipartisan approach from lawmakers, Mr Obama said those who opposed parts of his package should remember his administration had inherited the economic crisis, and was trying to lay the foundation for the creation of jobs.
"The federal government is the only entity left with the resources to jolt our economy back to life," he said."The federal government is the only entity left with the resources to jolt our economy back to life," he said.
'Delay and paralysis' His immediate priority was to stop the downward spiral - to put money in people's pockets, to ease credit and to make sure the economy stopped shrinking, he said.
He said the root of the current crisis had been banks taking "exorbitantly wild risks" with other people's money.
The BBC's Kevin Connolly in Washington says the president was using this performance to appeal directly to the US people over the heads of other politicians.
Mr Obama also raised the possibility of bilateral talks with Iran.
"My expectation is in the coming months we will be looking for openings that can be created where we can start sitting across the table face-to-face," he said.
Deadline
Earlier, the US president gave his first public speech on the plan in Indiana - a state hit hard by the economic crisis.Earlier, the US president gave his first public speech on the plan in Indiana - a state hit hard by the economic crisis.
We can't posture and bicker and resort to the same failed ideas that got us in into this mess in the first place US President Barack Obama
At the town hall-style meeting in Elkhart, Indiana, Mr Obama conceded that the stimulus plan was "not perfect" but insisted it could help create jobs and "jump-start" the economy.At the town hall-style meeting in Elkhart, Indiana, Mr Obama conceded that the stimulus plan was "not perfect" but insisted it could help create jobs and "jump-start" the economy.
"I can't tell you with 100% certainty that every single item in this plan will work exactly as we hoped," he said."I can't tell you with 100% certainty that every single item in this plan will work exactly as we hoped," he said.
"But what I can tell you is... that endless delay and paralysis in Washington, in the face of this crisis, will only bring deepening disaster. "But what I can tell you is... that endless delay and paralysis in Washington, in the face of this crisis, will only bring deepening disaster."
"We can't posture and bicker and resort to the same failed ideas that got us in into this mess in the first place."
Mr Obama is due to appear in Fort Myers, Florida, on Tuesday, and Peoria, Illinois, on Thursday. Like Elkhart, both are cities that have been badly affected by the economic downturn.Mr Obama is due to appear in Fort Myers, Florida, on Tuesday, and Peoria, Illinois, on Thursday. Like Elkhart, both are cities that have been badly affected by the economic downturn.
A Gallup poll suggests 67% of Americans approve of the president's efforts to pass a stimulus package.
The same poll found much lower support for the two parties in Congress, with the Democrats receiving a 48% approval rating and the Republicans 31% for their handling of the situation.
Jobs push
Earlier Larry Summers, head of the White House's national economic council, used television interviews to argue for speedy approval.
Speaking on ABC's This Week programme, Mr Summers said: "The most important thing is that people come together and create the three to four million jobs."
He added that there was "90% overlap" between the two versions of the bill now in Congress, and "we've got to get closure on the last 10%".
"There are certainly good ideas in both versions and we'll have to draw from those ideas in creating an ultimate vehicle," he said.
The House and Senate measures are largely similar, but there are differences over how to expand the federal medical programme, Medicaid, and on spending priorities.The House and Senate measures are largely similar, but there are differences over how to expand the federal medical programme, Medicaid, and on spending priorities.
While the House bill would give more money to schools, local governments and individual states, the Senate bill devotes more resources to tax cuts.While the House bill would give more money to schools, local governments and individual states, the Senate bill devotes more resources to tax cuts.
US lawmakers will have to combine the two bills and have a finished version ready by the president's deadline of 16 February.US lawmakers will have to combine the two bills and have a finished version ready by the president's deadline of 16 February.
"There are respects in which both bills can surely be improved," said Mr Summers.
The former Treasury secretary added that a "large, forthright" approach was needed, with more support for education from state and local governments to ward off a potentially downward spiral.
New US employment figures were released on Friday showing that nearly 600,000 jobs were lost in January, pushing the unemployment rate to 7.6% - its highest in 17 years.New US employment figures were released on Friday showing that nearly 600,000 jobs were lost in January, pushing the unemployment rate to 7.6% - its highest in 17 years.