President Obama is speaking live on the economy from the White House. The president's comments from the Diplomatic Reception Room in the White House come hours after new figures showed the U.S. economy contracted a smaller-than-anticipated 1.0% in the second quarter and as the administration and lawmakers work to extend the "cash-for-clunkers" rebate program.
The president also is having lunch with a group of business leaders Friday at the White House.
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