LISTEN: NPR coverage of the president's news conference
Update at 11:58 a.m. ET. The president's news conference is over
Update at 11:55 a.m. ET. At The End, More On Jobs:
Continuing to speak about current conditions, the president says that "what we can do is solve this underlying debt and deficit problem" so that then, there can be debates about "strategies that we could pursue to focus on targeted job growth."
Update at 11:51 a.m. ET. On The Economy:
The economic stimulus package passed shortly after he became president, Obama says, prevented a depression — but also "stabilized [the economy] at a level where unemployment is still too high and ... can't make up for al the jobs that were lost before I took office" and in the first months after he took office.
Update at 11:49 a.m. ET. Everybody In The Boat:
Paraphrasing former Sen. Bob Dole (the 1996 GOP presidential nominee), the president says that if Republicans and Democrats both compromise, it's as if "everybody gets in the boat at the same time — it doesn't tip over."
Update at 11:46 a.m. ET. "We Are Going To Get This Done":
Asked if the administration is working on any contingency plans in case a deal on raising the federal debt ceiling is not reached by the Aug. 2 deadline, the president flatly states that "we are going to get this done by Aug. 2."