Obama: 30,000 More US Troops To Afghanistan By Mid-2010

U.S. President Barack Obama is sending 30,000 more U.S. troops to Afghanistan by the summer of 2010, and plans to start withdrawing American forces a year later. The president laid out his strategy for winning the war in Afghanistan.

After several months of deliberation, President Obama has announced his plan for deploying additional troops to Afghanistan. He unveiled his strategy before an audience of cadets at the U.S. Military Academy in West Point, New York, late Tuesday and a nation watching on television.

"The 30,000 additional troops that I am announcing tonight will deploy in the first part of 2010 - the fastest pace possible - so that they can target the insurgency and secure key population centers," said President Obama.

The added troops will join an estimated 68,000 U.S. service members already in Afghanistan, and tens of thousands of allied forces.

The president spoke as Americans' support for the war continues to erode. A new survey by the Gallup organization shows only 35 percent of Americans surveyed approve of Mr. Obama's handling of the war - 55 percent disapprove.

At West Point, Mr. Obama said Afghanistan is not lost, but has been moving backwards for several years. He said al-Qaida is planning new acts of terror from its safe havens along the Afghanistan-Pakistan border, with the support of the Taliban.

"We must deny al-Qaida a safe haven," said Mr. Obama. " We must reverse the Taliban's momentum and deny it the ability to overthrow the government. And we must strengthen the capacity of Afghanistan's security forces and government, so that they can take lead responsibility for Afghanistan's future."

The president appealed to America's allies to contribute more troops to the fight in Afghanistan, and said he is confident that they will.

"Our friends have fought and bled and died alongside us in Afghanistan," said President Obama. "Now, we must come together to end this war successfully. For what's at stake is not simply a test of NATO's credibility - what's at stake is the security of our Allies, and the common security of the world."

Mr. Obama said his strategy will allow U.S. troops to begin returning home by the middle of 2011, depending on the conditions on the ground.

"Taken together, these additional American and international troops will allow us to accelerate handing over responsibility to Afghan forces, and allow us to begin the transfer of our forces out of Afghanistan in July of 2011," said Mr. Obama.

The top Senate Republican, Minority Leader Mitch McConnell, said after the speech he supports the president's plan, as long as the withdrawal does not begin until conditions in Afghanistan permit it.

"The president was absolutely right to call for building a sufficient Afghan capacity that will allow our troops to come home, rather than setting a hard withdrawal date that is not based on conditions on the ground or the advice of our generals," said Mitch McConnell.

A large part of the troops' mission will be to train Afghan forces to take over the fight against the Taliban and defend their country's security.

With most of the Taliban now in Pakistan, the president emphasized the need for a continued partnership with the government in Islamabad.

Civilian initiatives will be a large part of the U.S. strategy, especially in developing the region's agriculture, education and economy. Mr. Obama also said the U.S. will require improved performance from the governments of Afghanistan and Pakistan.

"We will work with our partners, the UN and the Afghan people to pursue a more effective civilian strategy, so that the government can take advantage of improved security," said President Obama. "This effort must be based on performance. The days of providing a blank check are over."

The president acknowledged that his new approach in Afghanistan is likely to cost the U.S. $30 billion in the coming year, and he said he will work closely with Congress to address that cost, while trying to revive the recession-battered economy.

Over the past few months, Mr. Obama has held about a dozen meetings with his top military and foreign policy advisers, including commanders on the ground in Afghanistan. (Voa-news)

10 Major US Banks Told To Raise $75 Billion

The U.S. government says 10 of America's biggest banks need a total of $75 billion in additional capital to survive if the recession deepens. The disclosure is contained in the results of so-called "stress tests" for top lending institutions that were announced Thursday.

Since last October, the U.S. government has spent hundreds of billions of dollars to prop up ailing American banks and other institutions in hopes of rescuing the nation's battered financial system and unfreezing tight credit conditions that were choking the economy.

The effort seems to have worked -- to a point. Although several well-known American banks and financial institutions failed last year, a complete collapse of the U.S. banking industry did not occur, and signs of improved credit flows have since emerged.

Even so, the threat has not ended, particularly if the current economic recession drags on or worsens. That is the message delivered by the Obama administration and the U.S. central bank, which collaborated on an exhaustive effort to review the health of America's 19 biggest private lending institutions.

Nine of the 19 were deemed safe from failure in the event of further economic shock. But 10 others must boost their capital reserves to provide a cushion in case economic conditions grow worse. Chief among them is America's largest retail bank, Bank of America, which is now tasked with raising nearly $34 billion. Wells Fargo needs $13.7 billion, while Citigroup must raise $5.5 billion.

Fed. Reserve Chairman Ben Bernanke prepares to testify before Congress, 05 May 2009

Appearing alongside Federal Reserve Chairman Ben Bernanke, U.S. Treasury Secretary Timothy Geithner struck a cautiously optimistic tone.

"The leaders of our nation's banks have a lot to do to earn back the public's trust. Things are improving in financial markets, but we have a long way to go. It is just the beginning, and we are going to keep working to try to make sure this financial system is in a stronger position so it can provide the credit necessary for recovery," he said.

Some economists have questioned whether the stress tests were rigorous enough to provide a true gauge of health in America's banking sector.

Where will banks obtain the additional capital they need? Most funds from a massive $700 billion federal rescue package have already been spent. The Obama administration says it is not inclined to ask Congress for additional funds, and that banks will have to rely primarily on private sources to raise capital in the future. As stress test results were being released, several lending institutions announced common stock offerings to raise cash.

In other economic news, the number of newly-laid off Americans applying for jobless benefits fell to a three-month low last week, although the cumulative number of Americans getting unemployment checks remains at an all-time high. U.S. retail sales edged higher in April, while U.S. consumer borrowing fell in March. U.S. productivity gains slightly exceeded most analysts' expectations in the first quarter of the year.

On Thursday Wall Street's Dow Jones Industrial Average closed down 102 points, or 1.2%.

(VOA-By Michael Bowman -Washington-07 May 2009)