Obama Speaks ...

Obama warns of more financial pain to come

US President Barack Obama has used his first address to Congress to warn that more taxpayer money may be needed to bail out American banks.

As concerns over the health of US banks gripped markets, Mr Obama acknowledged a recent plan to shore up financial institutions choked with bad assets "will require significant resources from the federal government - and yes, probably more than we've already set aside."

Obama also said he would not allow the near bankrupt US auto industry to collapse, saying millions of jobs and scores of communities depended on it. "I believe the nation that invented the automobile cannot walk away from it,"

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The Republicans have been swift with their response in a televised rebuttal issued by Louisiana Governor Bobby Jindal.

"Democratic leaders say their legislation will grow the economy. What it will do is grow the government, increase our taxes down the line and saddle future generations with debt,"

"Who amongst us would ask our children for a loan so we could spend money we do not have on things we do not need. That is precisely what the Democrats in Congress just did."

Obama ... you just don't get it!!!