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Funds News

US economy would be worse without bailout-Obama

WASHINGTON, July 22 (Reuters) - President Barack Obama said on Wednesday that U.S. economic conditions “would be even worse” if the government had not provided a bailout of the financial system.

“We were on the verge of a complete financial meltdown,” Obama said during a televised news conference from the White House.

He said there is now “stabilization” in the U.S. financial system. “We’ve stepped away from the brink,” Obama said.

The president said imposing fees on risky lending is an option being considered to discourage banks from going back to their questionable business practices.

By Tom Doggett; Editing by Doina Chiacu

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