Obama: Private, public sectors must create jobs - Spokane, North Idaho News & Weather KHQ.com

Obama: Private, public sectors must create jobs

WASHINGTON. - President Barack Obama says the public and private sectors must find more ways to create jobs to continue the nation's climb out of an economic recession.

Obama said Monday the economy has pulled back "from the brink" but still has a long way to go. He said job losses will continue for weeks and months to come and called for bold, innovative action by his administration, Congress and the private sector to create more good-paying jobs.

Obama made the remarks at the start of a White House meeting with economic advisers. The session was open to reporters and streamed live on the White House Web site.

Full recoup of gov't auto investment unlikely

Government investigators say the U.S. government is unlikely to recover all of its investment in General Motors or Chrysler because the companies' value would need to "grow substantially above what they have been in the past."

A Government Accountability Office report released Monday is the latest review to cast doubt on the likelihood that taxpayers will fully recoup more than $80 billion invested in the two U.S. automakers.

Treasury officials told the GAO that they are considering initial public offerings or private sales to dispose of the government's nearly 10 percent stake in Chrysler and 61 percent share of GM, but government officials won't say when that could happen because they don't want to undermine the potential return on the investment.

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