Obama touts U.S. economy on 5th anniversary of Lehman Brothers' collapse
In this Sept. 15, 2008 file photo, Lehman Brothers world headquarters is shown in New York, the day the 158-year-old investment bank, choked by the credit crisis and falling real estate values, filed for bankruptcy. After weeks of intense focus on the crisis in Syria, the White House is set to use the five-year anniversary of the Lehman Bros. collapse next week to lay claim to an economic turnaround and to press congressional Republicans to not use the threat of a shutdown or a unprecedented debt default to extract a delay of President Barack Obama's signature health care. (AP / Mark Lennihan, file)
Published Monday, September 16, 2013 8:39AM EDT
Last Updated Monday, September 16, 2013 1:35PM EDT
WASHINGTON -- U.S. President Barack Obama says the nation's financial system is 'safer' five years after the collapse of a Wall Street giant plunged the nation deeper into a recession.
Obama marked the fifth anniversary of the bankruptcy of Lehman Brothers by surrounding himself with Americans the White House says have benefited from the administration's economic and banking policies.
Obama says his administration has laid a "new foundation" for a stronger economy. But he admits that the benefits are not being felt by many middle class Americans.
The president's remarks come ahead of anticipated confrontations with congressional Republicans over paying for government operations and raising the nation's borrowing cap. He jabbed Republicans, saying GOP lawmakers are not focused on the middle class.