Obama extends the olive branch to business

WASHINGTON - President Obama pledged yesterday that his administration would be a strong partner with business in working to boost the American economy and called for an equal effort to restore a fading sense of the American dream.

In a speech to the U.S. Chamber of Commerce, Obama channeled John F. Kennedy's inaugural address as he sought a fresh start with the nation's most powerful business lobby.

"Even as we make America the best place on Earth to do business, businesses also have a responsibility to America," he said. "As we work with you to make America a better place to do business, I'm hoping that you are all thinking about what you can do for America."

Yesterday's visit reflects a rapprochement of sorts in a testy relationship between the Democratic president and the Chamber of Commerce.

During the first two years of his presidency, Obama fought the chamber on some of the most visible issues on his domestic agenda, including health care and tighter regulation of the financial services industry.

But since the devastating losses in November's congressional election, Obama has begun a studied post-election pivot that has moved the White House closer to business and further from traditional allies in organized labor.

In an effort to break the ice, Obama joked at the start of his remarks, "Maybe we would have gotten off on a better foot if I had brought over a fruitcake when we first moved in."

Obama also defended the actions he took in his first two years in office. Of financial regulatory reform, he said: "The perils of too much regulation are matched by the dangers of too little." And on health care, he said America "simply could not continue to accept a status quo that's made our entire economy less competitive, as we've paid more per person for health care than any other nation on Earth."

In his introduction, Tom Donohue, president of the U.S. Chamber of Commerce, pledged his organization's "absolute commitment to working with you and your administration to advance our shared" goals.

"Our focus is finding a common ground to ensure America's greatness in the 21st century," he said.

The audience was largely silent throughout Obama's remarks. One of only two applause breaks came as Obama vowed "to go anywhere to be a booster for American businesses, American workers and American products."

Obama's visit to the chamber's headquarters, a massive, Greek-temple-style edifice across from the White House, is the latest example of a shift in rhetoric and action aimed at redefining the Obama presidency in the mind of the public - and business-oriented donors who supported Obama's candidacy but became alienated during his first year in office.