I’m sure he fails to see the contradiction.

(Telegraph) — President Barack Obama sought to revive his reputation as the champion of America’s poor on Monday, before heading to Hollywood to collect crucial re-election donations from millionaire supporters.

Embarking on a tour of western electoral battlegrounds, Mr Obama announced that he would take direct action to help people still struggling to recover from the recession.

He unveiled a new campaign slogan — “we can’t wait” — as he tried to hammer home the message that he is proposing $450 billion (£282 billion) in new measures to boost employment and growth that are being blocked by Republicans.

Speaking in Las Vegas, Nevada, where about 60 per cent of home owners are in negative equity, Mr Obama announced a plan, which will not require endorsement from Congress, to allow them to refinance their mortgages at lower interest rates.

On Tuesday he is expected to unveil a scheme to help graduates repay student loans in Denver, Colorado. Aides believe that Mr Obama is likely to be re-elected if he recaptures Nevada and Colorado, which were won by George W. Bush in 2004.