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Obama plans to talk to reporters at 2:30 p.m. Eastern after meeting with advisers including former Treasury Secretary Robert Rubin, Los Angeles Mayor Antonio Villaraigosa and Xerox Chairman and CEO Anne Mulcahy. Billionaire investor Warren Buffett will also participate via speakerphone.
Obama and his advisers huddle Friday amid yet more gloomy news for the U.S. economy. The U.S. labor market shed 651,000 jobs in the past three months, driving the unemployment rate to its highest point in more than 14 years, the Labor Department reported Friday. U.S. nonfarm payrolls fell by 240,000 in October, worse than expected.
We must also remember that the financial crisis is increasingly global and requires a global response.
I want to see a stimulus package sooner rather than later. If it does not get done in the lame-duck session, it will be the first thing I get done as president of the United States.