Washington (CNN) -- President Barack Obama renewed his push Friday for new congressional action on measures to spur job growth, acknowledging that the addition of 117,000 jobs in July will not be enough to lift the sagging economy.
The president called on Congress to extend the payroll tax credit, extend unemployment insurance, and fund new construction jobs when it returns from its summer recess after Labor Day. He insisted there is no contradiction between short-term economic stimulus measures and long-term deficit reduction.
"We need to create a self-sustaining cycle where people are spending and companies are hiring," Obama said during an appearance before military service members at the Washington Navy Yard. This "is the responsibility of all Americans."
Obama also acknowledged the recent stock market dive, noting that "markets around the globe have taken a bumpy ride."
On Thursday, the Dow Jones Industrial Average plunged 512 points, the ninth-steepest drop in its history, fueled by fears about the global economy.
"This has been a tumultuous year," the president said. But "we are going to get through this. ... Things will get better. And we're going to get there together."
CNN's Alan Silverleib contributed to this report