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Obama defends Fed decision

President Obama has defended the Federal Reserve’s decision to pump another $600 billion into world markets.

Asked at a Monday press conference in India about the decision, which has been criticized abroad and by Republicans in Congress, Obama said the Fed’s intention was to promote growth in the U.S. economy, which would be good for the global economy.

“The worst thing that could happen to the world economy, not ours, not just ours, but the entire world’s economy, is if we end up being stuck with no growth or very limited growth,” Obama said. “And I think that’s the Fed’s concern, and that’s my concern as well.”

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Obama received some backing from Indian Prime Minister Manmohan Singh.

“I don’t claim to have any expert knowledge of the workings of the American economy. But I do know one thing: that a strong, robust, fast-growing United States in in the interests of the world.” Singh said.

“Anything that would stimulate the underlying growth and policies of entrepreneurship in the United States would help the cause of global prosperity.”

Several Republicans, including incoming Budget Committee Chairman Paul RyanPaul Davis RyanNow we know why Biden was afraid of a joint presser with Putin Zaid Jilani: Paul Ryan worried about culture war distracting from issues 'that really concern him' The Memo: Marjorie Taylor Greene exposes GOP establishment's lack of power MORE (Wis.), have criticized the Fed’s decision, saying it could lead to inflation. Republicans have tied the Fed’s actions to the 2009 economic stimulus package backed by Obama and congressional Democrats.

Republicans won back a House majority last week largely on the argument that they would get Washington spending under control.

In his remarks, Obama emphasized that the Fed is an independent body that does not take direction from the White House.

The decision has also received criticism from other countries, which have accused the U.S. of hypocrisy for calling on China to raise the value of its currency. The Fed’s move is expected to lower the value of the dollar.