Obama vows to do all he can for US economy

Following what can only be described as a very tough week for the US economy, Barack Obama has called for America to back him on his plans to fix the ailing economy.

The new president rallied for support over his intentioned reform to healthcare, job creation, helping homeowners and freeing up the credit market within his weekly address after a week when the numbers and statistics were stacked against him.

In the month of February, the economy had lost another 651,000 jobs which now brings the unemployed to 4.4 million during the recession and the unemployment rate now stands at over 8 percent, which is the highest level for over 25 years.

The Departments of Treasury and Housing and Urban Development issued guidelines to lenders to offer lowering mortgage payments in order to reduce the number of foreclosures.

In a bid to help protect businesses, Obama said that the Consumer and Business Lending Initiative will result in up to $1 trillion of new lending and help to add greater stability to the financial markets and help make credit easily available for capital investments.

Reform to the US healthcare system is also being addressed, as not only does it leave an estimated 48 million people without insurance, it is also a measure to use public money to increase jobs.

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