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Obama: U.S. isn't in danger of second recession


President Obama told CBS News Wednesday that the United States isn't facing the possibility of another recession - but added that there remains a risk that the recovery will be too slow to deal with the "unemployment crisis."

"I don't think we're in danger of another recession, but we are in danger of not having a recovery that's fast enough to deal with a genuine unemployment crisis for a whole lot of folks out there," Mr. Obama told CBS News Senior Business Correspondent Anthony Mason. "And that's why we need to be doing more."

Mr. Obama plans to lay out new ideas for sparking job growth and reducing the deficit in a September speech. He is expected to call for tax cuts, help for the long-term unemployed and infrastructure spending in that speech. He has already called for a so-called "infrastructure bank" to spur growth, an extension of the payroll tax cut and Congressional passage of trade deals he says will help the economy.

Any stimulative spending proposal put forth by the president is likely to meet with near universal opposition from the congressional Republicans who control the House of Representatives.

In the interview, more of which will be broadcast on CBS' "Evening News" on Wednesday and on "Sunday Morning" this weekend, Mason told Mr. Obama that it seems to him "that the concern last week and the week before was that the market was saying we were closer to it than we thought, and that in fact, the markets themselves might cause consumers to pull back and tip us into a recession."

"What is absolutely true is confidence matters," Mr. Obama replied. "We should not have had any kind of brinksmanship around the debt ceiling."

"I wish [House Speaker John Boehner] had taken me up on a grand bargain to deal with our long term debt and deficit," he said. "We still have the opportunity to fix that. It's not too late. I will be putting forward a plan that will be similar to the plan I put forward to the speaker."

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