Obama urges Congress to act on 'To-Do List' to spur economy

Washington, May 12 (IANS) US President Barack Obama Saturday pressed Congress to act on a "To-Do List" to create jobs and help restore economic security for the middle class.

"After the worst recession of our lifetimes, it will take longer than any of us would like for the economy to fully recover. But there are plenty of steps we can take to speed up the recovery," Obama said in his weekly address, reported Xinhua.

Proposals on the White House list included ending tax breaks to companies that ship jobs overseas and helping homeowners refinance their mortgages at lower rates, Obama said.

He rejected what he said was the Republicans' reliance on cutting taxes and lax financial supervision to bolster the economy, saying "we tried their ideas for nearly a decade, and it didn't work out so well. We can't go back to the same policies that got us into this mess."

The president also urged Congress to extend the existing tax credits to clean energy companies to foster job creation and reduce US dependence on foreign oil, and help veterans returning from Iraq and Afghanistan by creating a Veterans Job Corps.