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[ti:20090131] |
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[ar:Armand Tanzarian] |
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[al:Words Of The President] |
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This morning I'd like to talk about some good news and some bad news as we confront our economic crisis. |
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The bad news is well known to Americans across our country as we continue to struggle through unprecedented economic turmoil. |
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Yesterday we learned that our economy shrank by nearly 4 percent from October through December. |
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That decline was the largest in over a quarter century, |
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and it underscores the seriousness of the economic crisis that my administration found when we took office. |
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Already the slowdown has cost us tens of thousands of jobs in January alone. |
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And the picture is likely to get worse before it gets better. |
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Make no mistake, these are not just numbers. |
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Behind every statistic there's a story. |
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Many Americans have seen their lives turned upside down. |
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Families have been forced to make painful choices. |
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Parents are struggling to pay the bills. |
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Patients can't afford care. |
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Students can't keep pace with tuition. |
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And workers don't know whether their retirement will be dignified and secure. |
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The good news is that we are moving forward with a sense of urgency equal to the challenge. |
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This week the House passed the American Recovery and Reinvestment Plan, |
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which will save or create more than 3 million jobs over the next few years. |
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It puts a tax cut into the pockets of working families, |
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and places a down payment on America's future by investing in energy independence and education, |
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affordable health care, and American infrastructure. |
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Now this recovery plan moves to the Senate. |
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I will continue working with both parties so that the strongest possible bill gets to my desk. |
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With the stakes so high we simply cannot afford the same old gridlock and partisan posturing in Washington. |
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It's time to move in a new direction. |
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Americans know that our economic recovery will take years -- not months. |
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But they will have little patience if we allow politics to get in the way of action, |
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and our economy continues to slide. |
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That's why I am calling on the Senate to pass this plan, |
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so that we can put people back to work and begin the long, |
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hard work of lifting our economy out of this crisis. |
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No one bill, no matter how comprehensive, can cure what ails our economy. |
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So just as we jumpstart job creation, |
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we must also ensure that markets are stable, credit is flowing, and families can stay in their homes. |
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Last year Congress passed a plan to rescue the financial system. |
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While the package helped avoid a financial collapse, |
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many are frustrated by the results -- and rightfully so. |
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Too often taxpayer dollars have been spent without transparency or accountability. |
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Banks have been extended a hand, but homeowners, students, |
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and small businesses that need loans have been left to fend on their own. |
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And adding to this outrage, |
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we learned this week that even as they petitioned for taxpayer assistance, |
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Wall Street firms shamefully paid out nearly $20 billion in bonuses for 2008. |
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While I'm committed to doing what it takes to maintain the flow of credit, |
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the American people will not excuse or tolerate such arrogance and greed. |
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The road to recovery demands that we all act responsibly, |
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from Main Street to Washington to Wall Street. |
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Soon my Treasury Secretary, Tim Geithner, |
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will announce a new strategy for reviving our financial system that gets credit flowing to businesses and families. |
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We'll help lower mortgage costs and extend loans to small businesses so they can create jobs. |
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We'll ensure that CEOs are not draining funds that should be advancing our recovery. |
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And we will insist on unprecedented transparency, rigorous oversight, |
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and clear accountability -- so taxpayers know how their money is being spent and whether it is achieving results. |
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Rarely in history has our country faced economic problems as devastating as this crisis. |
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But the strength of the American people compels us to come together. |
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The road ahead will be long, |
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but I promise you that every day that I go to work in the Oval Office I carry with me your stories, |
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and my administration is dedicated to alleviating your struggles and advancing your dreams. |
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You are calling for action. |
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Now is the time for those of us in Washington to live up to our responsibilities. |