Obama defends plans for economic recovery

Nation & World News

Photos of President Barack Obama's news conference on the economy

In a prime-time news conference, President Barack Obama said he expects strong support from Americans and Congress for his push for unprecedented regulatory authority over financial institutions.

The president also urged Americans not to demonize AIG and other companies receiving federal tax dollars.

The president said full-fledged economic recovery is months away. "It will take patience," he said.

The administration is taking steps to make sure banks have money to lend "even if the economy gets worse," Obama said.

From right, Alejandro Aviles, Fernando Perez, Balmoris Galindo and Carla Brenes watch President Barack Obama's news conference at a restaurant in the Little Havana section of Miami.

Obama is preparing for a European trip next week that includes a London summit on the global economic crisis.

Obama arrives at the news conference at the White House.

Graduate student Carol Comito watches Obama's news conference at Arizona State University's downtown Phoenix campus.

White House chief of staff Rahm Emanuel and senior adviser Valerie Jarrett.

The president heads down the Cross Hall toward the East Room of the White House before addressing the nation.

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In a prime-time news conference, President Barack Obama said he expects strong support from Americans and Congress for his push for unprecedented regulatory authority over financial institutions.

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