Obama sets out new plan to jolt US economy

Barack Obama set out fresh plans to reinvigorate the US economy, focusing on incentives to small businesses and recruitment to bring down what he called the “staggering” 10% unemployment rate.

President Obama called for perhaps $150bn (€100bn) or more in new government spending, using money left over from a financial rescue plan – the Troubled Asset Relief Programme – towards the small business community for investment and hiring.