Obama: Tax cuts alone won't grow the economy

The Associated Press
Wednesday, November 3, 2010; 1:57 PM

WASHINGTON -- President Barack Obama says tax cuts alone aren't the recipe for the economic expansion necessary to replace the millions of jobs that disappeared during the recession.

Obama said sweeping tax cuts enacted in the last decade didn't produce the type of economic growth that's necessary to drive down unemployment. He predicted the stalled economic recovery will pick up steam next year if the parties work together.

The president spoke at the White House on Wednesday a day after Republicans won control of the House and gained seats in the Senate.

© 2010 The Associated Press