Obama Blames Bad Economy on 'Earthquakes and Revolutions'

Obama Says ‘Partisan Brinksmanship’ in Congress Stalling Work on Economy

By Margaret Talev, Bloomberg - Aug 11, 2011 3:33 PM ET

President Barack Obama said political gridlock in Washington has shaken the confidence of investors and the public and that can only be overcome if both parties can find a way to compromise on policies to help the economy grow.

Obama used a stop at a battery plant in Holland, Michigan, to lash out at Congress for stalling on taking steps he’s proposed to bolster the economic recovery and job growth.

“There’s nothing wrong with our country, there is something wrong with our politics,” Obama said after a tour of a Johnson Controls Inc. (JCI) factory in Holland, Michigan, that makes lithium-ion batteries for hybrid and electric vehicles. “There are some in Congress who would rather see their opponents lose than see America win.”

Along with the aftershocks from the worst recession in generations and disruptions from unrest in the Middle East and the earthquake and tsunami and Japan, the nation is suffering from “partisan brinkmanship” in Congress that has held up action on legislation, Obama said. The downgrade in the nation’s credit rating by Standard & Poor’s was a “self-inflicted wound,” he said.