The president has too much authority compared with Congress' power, says former General Electric CEO Jack Welch.
"The presidency has become too powerful relative to Congress," Welch told CNBC.
The trend dates back to the Clinton administration, he stated. "That's been happening for a long time, and it's accelerated this time" under President Obama.
Editor’s Note: Obama Donor Banned This Message (Shocking)
According to Welch, Obama has gone overboard on regulations, such as changes the president has made to Obamacare and environmental rules. "He can arbitrarily legislate around Congress on clean air, change the game," Welch noted.
Meanwhile, he faults both Congressional Republicans and Obama for their hardline stances through much of the budget/debt ceiling conflict.
"Both sides went down the wrong path," Welch said, explaining that the Republican demand to defund Obamacare —"by definition that's not sitting across the table," he said.
"I wouldn't let Republicans market an iPad when it came out. They can't market anything."
As for Obama, "then the president says, 'I will not negotiate.' That's not a position I can accept either," Welch added.
On Thursday, Congress and the White House made progress in negotiations to re-open the government and implement a debt ceiling increase.
Stocks have risen Friday in reaction.
"The much-needed political breakthrough appears intact, although investors are now awaiting a nod from the president on the strings attached to the offer from Republicans to extend the debt limit by six more weeks," said Andrew Wilkinson, chief economic strategist at Miller Tabak, according to MarketWatch.
Via: Newsmax
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