President Barack Obama on Monday defended the Federal Reserve's plan to inject $600 billion into the
U.S. economy as he wrapped up his trip to India and looked ahead to this week's G-20 economic summit, saying stalled U.S. growth is "the worst thing that could happen to the world's economy."
At a joint news conference with Indian Prime Minister Manmohan Singh at Hyderabad House, Obama also summed up the political risks for him in spending three days in India days after elections in which Democrats lost control of the House of Representatives.
"I want to be able to say to the American people when they ask me 'Well why are you spending time with India, aren't they talking our jobs?‚' I want to be able to say, actually, you know what, they just created 50,000 jobs and that's why we shouldn't be resorting to protectionist measures."
Obama said the United States wants improved relations between the India and Pakistan, over Kashmir, terrorism and other concerns, and would be willing to play any appropriate role to assist, but said "the United States cannot impose a solution to these problems."
Singh dampened any immediate prospects, however, saying, "You cannot simultaneously be talking and at the same time the terror machine is as active as ever before. Once Pakistan moves away from this terror induced question we will be very happy to engage productively with Pakistan."
Singh also defended India's economic goals, saying, "India is not in the business of stealing jobs from the United States of America." The Indian leader said his nation's outsourcing industry has helped to improve U.S. companies‚ productivity.
He said the new trade deals struck in connection with Obama's visit to India largely revolved around infrastructure and that India's infrastructure challenges are the biggest "bottleneck" to his nation's growth. He called the expanded trade a "win-win" for both nations.
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Obama defends Fed plan, India trip as ways to boost U.S. economy
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