Scaremongering Obama Warns of Catastrophe if Spending Bill Delayed

President Barack Obama sais Wednesday that the recession will turn into a "catastrophe" if the economic stimulus is not passed quickly.

Obama rejected several criticisms of the plan: that tax cuts alone will solve the problem, or that longer-term goals such as energy independence and health care reform are not also critical to address at the same time. The White House released some of Obama's remarks ahead of an event on executive compensation limits.

Obama referenced his win in November while arguing that wary lawmakers must get behind his approach without further analysis.

A growing number of economists and lawmakers are questioning how a massive government spending bill will ever be able to fix the economy.

Many conservative Americans find themselves now asking what Republican presidential candidate Mitch Romney, a proven business leader who has hands-on experience rebuilding failed businesses, would be doing as president to fix the economy.

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