President Obama addresses bleak jobs report

President Barack Obama addressed today's disappointing jobs report, saying that economic recovery is not where it should be.

According to the Labor Department, the unemployment rate has risen to 9.2 percent. Only 18,000 jobs were added in June, which is about 10 times fewer jobs than what economists had been predicting.

"We still have a long way to go and a lot of work to do to give people the security and opportunity that they deserve," Obama said.

Experts say the economy needs to add at least 150,000 jobs to keep pace with the population growth.

Top congressional Republicans wasted no time to blast Democrats' push for higher taxes, insisting that it would derail the already shaky recovery.

GOP leaders are expected to meet with the president Sunday to discuss increasing the nation's debt ceiling.

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