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updated: 8/11/2011 2:33 PM

Obama says 'partisan brinksmanship' stalls economic prgoress

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Bloomber News

President Barack Obama said the political gridlock in Washington has shaken the confidence of investors and the public and that can only be overcome if both parties can find a way to compromise on policies that will help the economy grow.

The U.S. is reeling from the aftershocks of the worst recession in generations as well as disruptions from unrest in the Middle East and the earthquake and tsunami and Japan, Obama said. On top of that, the nation has suffered from the "self- inflicted wound" caused by "partisan brinksmanship" in Congress, he said.

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It's playing out in our stock market, wild swings up and down'' that "makes folks nervous," Obama said after a tour of a Johnson Controls Inc. factory in Holland, Michigan, that makes lithium-ion batteries for hybrid and electric vehicles. "There's nothing wrong with our country, there is something wrong with our politics."

To contact the reporter on this story: Margaret Talev in Holland, Michigan at mtalevbloomberg.net

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