Obama urges government to solve economic crisis

U.S. President Barack Obama said during his first White House news conference that the government has can fix the economy.

Obama offered to use the ideas proposed by Treasury Secretary Timothy Geithner on administration of the remaining $350 billion from the rescue fund for the financial system. However, he noted that solving the problem is not only government's responsibility. "That is and must be the role of the private sector. But at this particular moment, with the private sector so weakened by this recession, the federal government is the only entity left with the resources to jolt our economy back into life," said he.

He also said, although he did not really want to do that, spending billions of dollars of taxpayers' money was what was required to do.

The president has emphasized on the importance of job creation as well. He said the package would save or create between 3 million and 4 million jobs.