WASHINGTON, March 7 (KUNA) — U.S President Barack Obama blamed on Saturday Bush administration for the worst economic crisis in decades and vowed bold actions to address it.
“My administration inherited a USD 1.3 trillion budget deficit, the largest in history. And we’ve inherited a budgeting process as irresponsible as it is unsustainable.” Obama said in his weekly radio address.
“These kinds of irresponsible budgets — and inexcusable practices — are now in the past”. He noted. “For the first time in many years, my administration has produced a budget that represents an honest reckoning of where we are and where we need to go”.
“Solving this crisis would not be easy, nor would it happen overnight. And we will continue to face difficult days in the months ahead”. He acknowledged. ” But I also believe that we will get through this — that if we act swiftly and boldly and responsibly, the United States of America will emerge stronger and more prosperous than it was before”.
Obama said that his administration is “committed to doing all that’s necessary to address this crisis and lead us to a better day”.
He added that his economic agenda “will jumpstart job creation, restart lending, relieve responsible homeowners, and address the long-term economic challenges of our time: the cost of health care, our dependence on oil, and the state of our schools”.