Obama marks Lehman Brothers collapse with warning
By The Associated Press
Published: Saturday, Sept. 14, 2013, 8:51 p.m.
WASHINGTON — President Obama is marking the fifth anniversary of the Lehman Brothers collapse by trying to lay claim to an economic turnaround and warning Republicans against moves that he contends would risk a backslide.
His message to the GOP: Don't oppose raising the nation's debt limit, don't threaten to close down the government in a budget fight, and don't push to delay the health care law or starve it of federal money.
The economic emphasis begins coming into focus in a series of events kicked off by a Rose Garden speech on Monday. It's a determined effort to confront public skepticism about his stewardship of the economy and to put down his marker for budget clashes with Congress in the weeks ahead.
The White House argues that a better capitalized and regulated financial sector is extending more credit, fueling an economy now able to withstand headwinds such as spending cuts and tax increases.
“You can draw this straight line from the health of the financial system to the ways the financial system impacts the economy,” said Jason Furman, chairman of Obama's Council of Economic Advisers.
Obama can point to a growing economy, rising housing prices, 35 straight months of hiring, a rebounding stock market and other signs of recovery.
Five years after the federal government stepped in and infused banks with $245 billion in taxpayer money to avert a financial meltdown, the government has been paid back nearly in full.
Sunday is the fifth anniversary of Lehman's bankruptcy, which was the largest in U.S. history.
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