Measures ready by this year; he's also confident that no new bailout funds will be needed
Mr Obama's remarks come ahead of a key meeting of chief executives of leading banks from Japan, Europe and the US in London on March 24. The meeting, which was reported by Japan's Nikkei economic daily, is being held to discuss regulation of the financial sector.
WASHINGTON - PRESIDENT Barack Obama expects to have 'all the pillars in place' this year for an economic recovery in the United States, while avoiding the need to provide new bailout funds for financial firms, he said in an interview with The New York Times (NYT) aboard Air Force One.
Mr Obama said he could not promise that the economy would begin growing again this year. But he pledged to 'get all the pillars in place for recovery this year' and urged Americans not to 'stuff money in their mattresses'.
'I don't think people should be fearful about our future,' he said. 'I don't think people should suddenly mistrust all of our financial institutions.'
In the 35-minute interview, posted on the NYT website last Saturday, Mr Obama also expressed confidence that he would not have to ask lawmakers for new bailout funds beyond the US$250 billion (S$388 billion) foreseen for financial institutions in the current budget.
His comments come amid concern that government spending, which has ballooned following efforts to stem the crisis, will lead to long-term economic damage.
'We think the US$250 billion placeholder is a pretty good estimate. We have no reason to revise the estimate that's in the budget,' Mr Obama said during the interview, which took place as he was flying home from Ohio.
He had travelled there last Friday to salute the hiring of 25 police recruits whose jobs were saved by the US$787 billion recovery plan he signed into law last month.
When asked if he would let a major institution fail and whether he would need more bailout funds, he said: 'I think people can be assured that we'll do whatever is required to keep that from happening.'
However, Mr Obama warned that even with measures in place, the timeframe for pulling the US out of its current economic funk would depend on how well nations across the globe can coordinate their efforts and regions such as Europe can deal with structural 'weaknesses'.
'How long it will take before recovery actually translates into stronger job markets and so forth is going to depend on a whole range of factors, including our ability to get other countries to coordinate and take similar actions,' he said.
Read the full story in Monday's edition of The Straits Times.
