Obama: Government-business union powerful

WASHINGTON, Feb. 7 (UPI) -- President Barack Obama told the U.S. Chamber of Commerce in Washington Monday America's future depends on cooperation between government and business.

"I'm here today because I'm convinced we can and must work together," Obama said. "Whatever differences we may have, I know that all of us share a deep belief in this country, our people, and the principles that have made America's economy the envy of the world."

America must "out-innovate, out-educate and out-build" competitors to draw companies and workers to U.S. shores, with the federal government working to make the country the "best place to do business" and businesses have a responsibility as well," Obama said.

"Ask yourselves what you can do to hire American workers, to support the American economy, and to invest in this nation," Obama said. "That's what I want to talk about today -- the responsibilities we all have to secure the future we all share."

The federal government must do its part to improve transportation and communications networks, invest in education, provide research incentives, rebuild infrastructure and reform the corporate tax code, Obama said.

Business leaders have a responsibility beyond "recognizing the need for certain standards and safeguards," the president said.

"If we're fighting to reform the tax code and increase exports to help you compete, the benefits can't just translate into greater profits and bonuses for those at the top," he said. "They should be shared by American workers, who need to know that expanding trade and opening markets will lift their standard of living as well as your bottom line."

Obama encouraged businesses leaders reluctant to invest in their businesses or new hiring during the economic recovery to "get back in the game."

"As you all know, it's investments made now that will pay off as the economy rebounds," the president said. "And as you hire, you know that more Americans working means more sales, greater demand and higher profits for your companies. We can create a virtuous cycle."

The country has faced and conquered difficult times before and will do so again, Obama said.

"We know what to do. We know how to succeed. We are Americans," the president said. "I have every confidence that we will rise to this occasion. ... And we need look no further than the innovative companies in this room. If we can harness your potential and the potential of the people all across our country, there will be no stopping us."