WASHINGTON (Reuters) - President Barack Obama, who plans to unveil a plan soon to stem home foreclosures, said on Friday that grappling with that problem was crucial to getting the economy moving again.
As Congress prepares to pass a nearly $800 billion economic stimulus plan, Obama also said the huge price tag for the package was needed to address the challenges the economy faces, but longer term, the government needs to rein in spending.
“We are going to have to once again live within our means,” he said in a speech at the White House to the Business Council.
“We need to confront the crisis in the housing sector that has been one of the sources of our economic challenges,” he said.
Reporting by Caren Bohan; Editing by Patricia Zengerle