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8:59 AM PT: President Obama is asked about China and currency manipulation as well as a separate question about Pakistan. On the Pakistan question front, just imagine for a moment if it were Rick Perry trying to answer. (You may recall his weird answer to a question about Pakistan in the last debate.) Obama says currency manipulation is real, but not the only issue between the U.S. and China. He suggests a preference to negotiate the differences directly with China. He expresses skepticism about the Chinese currency manipulation bill, saying that it might represent a violation of WTO trade treaties.
9:00 AM PT: Adding a bit more clarity, Obama says it's "indisputable" that China is manipulating its currency.
9:05 AM PT: Last question: "What should European leaders do to resolve the sovereign debt crisis," what risks does this pose to U.S., and have Euro governments pushed austerity too soon?
9:11 AM PT: Obama answer: That's a good question, what's happening in Europe is the number one storm cloud on our economic horizon. It's a tough problem, he says, but he says he knows European leaders understand the scope of the problem. I'll have to reread his answer to see if he addressed the austerity part of the question (his answer is now entering the fifth minute).
9:13 AM PT: Correction: his last answer was entering the sixth minute. Maybe by now the seventh minute. And we must really be close to the end because he once again says "Congress needs to pass this jobs bill." If they don't, they need to explain it, he says. And he'll start pushing each individual idea, forcing an up or down vote on each provision, until something gets done. "I'd love nothing more than to see Congress act so forcefully that I can't run against them as a do-nothing Congress."
9:16 AM PT: Okay, that last minute or so of the press conference is clearly the main message he hoped to community: That Congress needs to pass the jobs bill, and if Republicans block it, they need to explain why. His closing line was a warning: "I'd love nothing more than to see Congress act so forcefully that I can't run against them as a do-nothing Congress." Obviously there was a ton of other stuff in the press conference, particularly his tendency to give long answers (in which he speaks not just in complete sentences, but also complete paragraphs, and sometimes, chapters), but if there was one basic thing to sum it up, he told Republicans: "Get something done, or I'm going to call you out refusing to take action."