Fox News
Expand
Browse All Video
Watch Live

You're watching...

White House Shifting Blame for Slumping Economy?

Details

  • Description

    Ed Henry reports from the White House

  • Duration 2:44
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Mayor President Obama is marking his fiftieth birthday but amid the parties and fundraisers.

There is a grim reality facing the president.

Chief White House correspondent Ed Henry has details good evening -- good evening Greta happy birthday to you by the way as well you don't look getting grayer but let's face it the president's got a lot on his plate those -- Really -- gyrating gyrations on Wall Street as you saw the stubbornly high unemployment in new numbers today.

Suggesting just how jarring this debt crisis has become.

With the Dallas -- and Wall Street now bracing for what could be grim new unemployment figures Friday president Obama's team is grasping for answers and there is no silver bullet.

And I have not heard one proposed by anyone in Washington or.

Beyond not exactly the kind of yeah.

It was expecting for his fiftieth birthday.

At a glitzy Chicago fund raiser He fell back on a familiar refrain that fires up his base.

Blaming the Bush Administration.

And we know the road it was going to be different that the climate is going to be Steve.

And I don't know -- the climate got a big.

The White House's new strategy is to expand the finger pointing to hang the slowing recovery and other recent factors the tsunami in Japan.

The Arab -- spiking oil prices and the uncertainty of the -- debate do you worry all the premises the American people -- Blaming all these things are happening on the world and not taking responsibility for the job.

You know I don't worry about that and we're not blaming.

-- thing we're simply pointing out that they're there have been.

Factors that have affected growth globally -- affected job creation at home on top of all that.

The latest increase to the debt ceiling now means the government step.

When you include Social Security -- all federal programs has reached almost 100%.

Of America's gross domestic product.

For context at the end of the Clinton administration debt was just over 57%.

Of GDP.

Then climbed to over 69%.

At the end of the bush administration and keep soaring.

As a result we're in a situation where if you look ahead it looks like the dead it's gonna continue to grow faster than the economy and at some point we're gonna hit a situation where that isn't sustainable.

Now I -- Jay Carney on that exploding debt his push back was.

This is exactly why the president wanted a grand bargain with much deeper cuts but Republican speaker John Boehner walked away from it.

This is also why there's going to be a lot more pressure on leaders in both parties the White House and congress with this super committee that's going to be formed to actually come up with.

Much deeper cuts to really do you get that debt down Brett.

And -- -- in the north lawn Ed thank you.

Load More