Poll: US on 'Right Track' for First Time in 5 Years

Numbers are lower in nearly every area since 2010

(NEWSER) - More data from the latest Gallup poll is trickling out, and—surprise, surprise!—it's not good news for President Obama. When it comes to handling the economy, his approval rating has sunk to a new low of 26%. That's down 11 percentage points since mid-May; his previous low was 35% in November 2010. A whopping 71% disapprove of his handling of the economy—a new high, ABC News notes. Not to mention, just 24% approve of his handling of the federal budget deficit, and 29% approve of his job creation tactics. More»

President winds up bus tour, says Republicans blocking economic growth

(NEWSER) - President Obama accused Republicans of keeping a politically motivated stranglehold on the US economy as his three-day bus tour of the Midwest wrapped up today, the Los Angeles Times reports. "I need you to send a message to folks in Washington," he told voters at a seed-production facility in Atkinson, Ill. "Stop drawing lines in the sand, stop engaging in rhetoric instead of getting things done. It’s time to put country ahead of party." More»

President warns default 'could unravel entire financial system'

(NEWSER) - The federal government is slated to hit the $14.3 trillion debt ceiling today, boosting pressure on the White House to reach a deal with House Republicans to raise that limit. Hitting that ceiling won't immediately affect government finances, notes the AFP , because an unanticipated boost in last month's tax revenues and some short-term adjustments identified by the Treasury will provide about 10 weeks of "wiggle-room," delaying debt default until Aug. 2. In remarks broadcast on CBS, Obama yesterday argued that failing to raise the ceiling will plunge the nation back into recession, reports Reuters . More»

(USER SUBMITTED) - Jim Surowiecki, writing for the New Yorker, says that the Obama stimulus package worked surprisingly well. Yet, Surowiecki notes, Obama gets little credit for it because he did the economically, rather than politically, expedient thing. Rather than lump-sum tax rebates, which consumers tend to horde, he gave taxpayers a small break in every paycheck, which they spent—stimulating the economy. By giving money to the states to retain jobs, rather than create new ones, he maintained stability and reduced unemployment. More»

Team searches for ways to bolster economy

(NEWSER) - With economic recovery looking sluggish at best , President Obama is considering a national infrastructure program, alongside a wave of tax cuts for businesses and individuals. Up for discussion are additional tax cuts for small businesses, a possible payroll tax cut for businesses and individuals, and other tax breaks aimed at encouraging businesses to hire, sources tell the Wall Street Journal . More»