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Moving forward
In the
weekly address, President Barack Obama addressed the latest
economic news and urged the passing of an America Recovery and
Reinvestment Plan.
He also announced that Treasury Secretary Timothy Geithner is
preparing a new strategy for reviving our financial system -- which
will not only ensure that CEOs aren't abusing taxpayer dollars, but
also get credit flowing and lower mortgage costs.
ADDRESS OF THE PRESIDENT
TO THE NATION
January 31, 2009
This morning I'd like to talk about some good news and some bad
news as we confront our economic crisis.
The
bad news is well known to Americans across our country as we
continue to struggle through unprecedented economic turmoil.
Yesterday we learned that our economy shrank by nearly 4 percent
from October through December. That decline was the largest in over
a quarter century, and it underscores the seriousness of the
economic crisis that my administration found when we took
office.
Already the slowdown has cost us tens of thousands of jobs in
January alone. And the picture is likely to get worse before it
gets better.
Make no mistake, these are not just numbers. Behind every
statistic there's a story. Many Americans have seen their lives
turned upside down. Families have been forced to make painful
choices. Parents are struggling to pay the bills. Patients can't
afford care. Students can't keep pace with tuition. And workers
don't know whether their retirement will be dignified and
secure.
The
good news is that we are moving forward with a sense of urgency
equal to the challenge. This week the House passed the American
Recovery and Reinvestment Plan, which will save or create more than
3 million jobs over the next few years. It puts a tax cut into the
pockets of working families, and places a down payment on America's
future by investing in energy independence and education,
affordable health care, and American infrastructure.
Now
this recovery plan moves to the Senate. I will continue working
with both parties so that the strongest possible bill gets to my
desk. With the stakes so high we simply cannot afford the same old
gridlock and partisan posturing in Washington. It's time to move in
a new direction.
Americans know that our economic recovery will take years --
not months. But they will have little patience if we allow politics
to get in the way of action, and our economy continues to slide.
That's why I am calling on the Senate to pass this plan, so that we
can put people back to work and begin the long, hard work of
lifting our economy out of this crisis. No one bill, no matter how
comprehensive, can cure what ails our economy. So just as we
jumpstart job creation, we must also ensure that markets are
stable, credit is flowing, and families can stay in their
homes.
Last year Congress passed a plan to rescue the financial
system. While the package helped avoid a financial collapse, many
are frustrated by the results -- and rightfully so. Too often
taxpayer dollars have been spent without transparency or
accountability. Banks have been extended a hand, but homeowners,
students, and small businesses that need loans have been left to
fend on their own.
And
adding to this outrage, we learned this week that even as they
petitioned for taxpayer assistance, Wall Street firms shamefully
paid out nearly $20 billion in bonuses for 2008. While I'm
committed to doing what it takes to maintain the flow of credit,
the American people will not excuse or tolerate such arrogance and
greed. The road to recovery demands that we all act responsibly,
from Main Street to Washington to Wall Street.
Soon my Treasury Secretary, Tim Geithner, will announce a new
strategy for reviving our financial system that gets credit flowing
to businesses and families. We'll help lower mortgage costs and
extend loans to small businesses so they can create jobs. We'll
ensure that CEOs are not draining funds that should be advancing
our recovery. And we will insist on unprecedented transparency,
rigorous oversight, and clear accountability -- so taxpayers know
how their money is being spent and whether it is achieving
results.
Rarely in history has our country faced economic problems as
devastating as this crisis. But the strength of the American people
compels us to come together. The road ahead will be long, but I
promise you that every day that I go to work in the Oval Office I
carry with me your stories, and my administration is dedicated to
alleviating your struggles and advancing your dreams. You are
calling for action. Now is the time for those of us in Washington
to live up to our responsibilities.
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