WASHINGTON (AP) - President Barack Obama is bringing in a team of outside advisers to help steer the economy out of a tailspin, while ridiculing Republicans for clinging to a "losing formula" as the nation plunged to the crisis point.
The president was to name the economic team members Friday as the nation dealt with more bad news in the unemployment report for January. Employers slashed payrolls by 598,000, the most since the end of 1974, catapulting the unemployment rate to 7.6 percent. The rate is the highest since September 1992.
"These numbers, and the very real suffering of American workers they represent, reinforce the need for bold fiscal action," White House said in a statement.
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On Thursday, Obama implored House Democrats to reject delaying tactics and political gamesmanship that often stymies legislation and keep a promise to voters who booted Republicans from power.
"They didn't vote for the status quo; they sent us here to bring change. We owe it to them to deliver," the Democratic president said, eliciting cheers and applause from the Democratic rank-and-file gathered for a three-day retreat in Williamsburg, Va.
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