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Obama to tout economy while marking Lehman fall

President to give speech today

WASHINGTON — President Barack Obama is seeking credit for an economic turnaround, using the fifth anniversary of the collapse of the Lehman Brothers investment bank to highlight signs of recovery and to warn against potentially market-rattling fights over the federal budget and the nation’s debt ceiling.

Obama was scheduled to address the state of the economy today in a Rose Garden speech, accompanied by a selection of Americans who the White House says have benefited from the administration’s policies. The event marks the start of a weeklong focus on the economy after a month of preoccupation with the crisis in Syria.

For Obama, the anniversary of Lehman’s bankruptcy in 2008, which marked the beginning of the global financial crisis and played havoc with an economy already in recession, is an opportunity to confront public skepticism about his stewardship of the economy.

The White House’s National Economic Council on Sunday issued a report detailing economic policies that it says have helped shore up the financial system and put the economy on a path toward growth. Those steps range from the unpopular Troubled Asset Relief Program, or TARP, that shored up the financial industry and bailed out auto giants General Motors and Chrysler, to an $800 billion stimulus bill to sweeping new bank regulations.

Gene Sperling, a top Obama adviser and director of the National Economic Council, said Obama’s policies “have performed better than virtually anyone at the time predicted.”

“We came in, stabilized the situation,” Obama told ABC’s “This Week” in an interview broadcast Sunday. He cited 42 months in a row of growth, 7½ million jobs created and a revitalized auto industry.

“The banking system works. It is giving loans to companies who can get credit. And so we have seen, I think undoubtedly, progress across the board,” he said.

But the public is not convinced that the economy is on the mend. Only one-third say the economic system is more secure now than in 2008, and 52 percent say they disapprove of Obama’s handling of the economy, according to a Pew Research Center poll.

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