Obama spoke after the U.S. Labor Department reported that private payrolls climbed 67,000 in August, more than forecast. Overall employment fell 54,000 for a second month and the unemployment rate rose to 9.6 percent from 9.5 percent as more people entered the labor force.

Obama conferred yesterday with his 11-member economic team, led by Treasury Secretary Timothy Geithner and departing chief economist Christina Romer.

White House economic advisers are considering additional measures, including more tax breaks for small businesses and new spending on infrastructure, according to congressional aides familiar with the discussions who spoke on condition of anonymity because talks are preliminary. Obama also may renew his call for Congress to permanently extend a research-and- development tax credit.

Economic Speeches

The president has two events related to the economy next week. He speaks at a Labor Day rally in Milwaukee on Sept. 6 and plans an economic speech in Cleveland on Sept. 8. He is scheduled to hold a news conference at the White House Sept. 10.

Any new initiatives will be “targeted” and won’t be on the same scale as the $814 billion stimulus legislation approved last year, Robert Gibbs, Obama’s spokesman, said yesterday.

“Some big new stimulus plan is not in the offing,” he said.

Obama said in his Rose Garden statement today that “there is no silver bullet that is going to solve all our economic problems.”

The president also is seeking an extension of most of the income tax cuts passed under former President George W. Bush while letting the breaks for households making more than $250,000 annually expire.

Posted by Shayne Heffernan on Sep 3rd, 2010and filed underEquities, Markets, USA.You can follow any responses to this entry through theRSS 2.0You can leave a response by filling following comment form or trackback to this entry from your site