Advertisement

Obama calls on business to help with recovery

U.S. president Barack Obama Monday pushed members of a business audience in Washington to do their share to help the American economy recover.

Obama, in a speech to the U.S, Chamber of Commerce, called on executives to "get in the game," and begin investing nearly $2 trillion US in cash piling up on their balance sheets.

The president called for a co-operative relationship with the private sector and highlighted efforts by his administration to improve the nation's infrastructure, invest more on entrepreneurs and foster greater innovation.

Obama offered a defence of government regulations to a polite but subdued audience even as he promised to eliminate those rules that are too burdensome.

"I want to be clear: even as we make America the best place on earth to do business, businesses also have a responsibility to America," he said.

"As we work with you to make America a better place to do business, ask yourselves what you can do for America. Ask yourselves what you can do to hire American workers, to support the American economy, and to invest in this nation."

Obama has aimed to smooth his relations with corporate leaders recently and persuade major businesses to spend their cash, expand hiring and promote economic growth.

The Chamber and the White House have feuded loudly over the past two years, particularly over the new health care law and an overhaul of financial regulations meant to address weaknesses that led to the Wall Street meltdown in 2008.

But in the aftermath of the November elections, which gave Republicans control of the House, both the White House and the Chamber have focused on areas of common ground, despite their lingering differences.