Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Obama rips GOP for blocking small business aid bill



WASHINGTON (CNN) -- President Barack Obama blasted Senate Republicans on Monday for blocking a small business assistance bill, calling their opposition "pure partisan politics."

The country needs a "full scale attack" on economic sluggishness, he told reporters at the White House.

"While we have taken a series of measures and come a long way ... too many Americans are still looking for work and too many communities are from being whole again," he said.

The president also said his economic team is "hard at work" on a series of new measures designed both to spark short-term hiring and lay the foundation for long-term economic growth.

Among other things, Obama said the administration will continue to push for an extension of middle class tax cuts, new incentives for clean energy research and development and initiatives to help rebuild infrastructure.

Growing economic jitters amid new signs of slow recovery remain a top political issue in the runup to November's midterm elections.

The U.S. economy sputtered to a near stop in the second quarter, according to estimates from the government released Friday, although the slowdown wasn't as bad as many had feared.

The nation's gross domestic product, the broadest measure of economic activity, was revised sharply lower to an annual growth rate of 1.6% in the three months ended in June. The initial reading had been a 2.4% growth rate in the period.

--CNN's Alan Silverleib and CNNMoney.com senior writer Chris Isidore contributed to this report.  To top of page

Index Last Change % Change
Dow 17,706.05 213.12 1.22%
Nasdaq 4,861.06 95.27 2.00%
S&P 500 2,076.06 28.02 1.37%
Treasuries 1.86 0.02 1.14%
Data as of 5:55am ET
Company Price Change % Change
Bank of America Corp... 14.68 0.21 1.45%
Freeport-McMoRan Inc... 11.11 -0.27 -2.37%
Chesapeake Energy Co... 4.05 0.38 10.35%
Apple Inc 97.90 1.47 1.52%
Microsoft Corp 51.59 1.56 3.12%
Data as of May 24
Sponsors

Sections

UCLA and Under Armour reportedly signed a record $280 million deal to outfit teams, which will last for 15 years. More

Coca-Cola announced it had suspended production of Coke in Venezuela and other sugar-sweetened beverages due to a lack of raw sugar. More

A federal sting caught a Romanian man trying to sell weapons to cocaine-smuggling FARC terrorists in Colombia. But during his New York trial he claimed he was actually trying to help the CIA expose an international arms deal. More