I'm no socialist, Obama tells CEOs

Business is economic engine but government is catalyst, the president says

WASHINGTON (MarketWatch) - President Barack Obama told business leaders Wednesday that he's no socialist plotting a government takeover of the economy.

His administration isn't anti-business, he said in a speech to the Business Roundtable, an organization of chief executive officers of major U.S. corporations. "It's pro-America and I don't apologize for it."

"Contrary to the claims of some of my critics, I am an ardent believer in the free market," Obama said. "I believe businesses like yours are the engines of economic growth in this country."