[ti:20090131]
[ar:Armand Tanzarian]
[al:Words Of The President]
[00:36.42]This morning I'd like to talk about some good news and some bad news as we confront our economic crisis.
[00:42.19]The bad news is well known to Americans across our country as we continue to struggle through unprecedented economic turmoil.
[00:49.94]Yesterday we learned that our economy shrank by nearly 4 percent from October through December.
[00:56.13]That decline was the largest in over a quarter century,
[00:59.87]and it underscores the seriousness of the economic crisis that my administration found when we took office.
[01:06.23]Already the slowdown has cost us tens of thousands of jobs in January alone.
[01:11.18]And the picture is likely to get worse before it gets better.
[01:14.39]Make no mistake, these are not just numbers.
[01:17.30]Behind every statistic there's a story.
[01:20.10]Many Americans have seen their lives turned upside down.
[01:23.29]Families have been forced to make painful choices.
[01:26.52]Parents are struggling to pay the bills.
[01:28.71]Patients can't afford care.
[01:30.55]Students can't keep pace with tuition.
[01:32.90]And workers don't know whether their retirement will be dignified and secure.
[01:37.21]The good news is that we are moving forward with a sense of urgency equal to the challenge.
[01:43.51]This week the House passed the American Recovery and Reinvestment Plan,
[01:47.76]which will save or create more than 3 million jobs over the next few years.
[01:52.28]It puts a tax cut into the pockets of working families,
[01:55.32]and places a down payment on America's future by investing in energy independence and education,
[02:01.09]affordable health care, and American infrastructure.
[02:05.09]Now this recovery plan moves to the Senate.
[02:08.03]I will continue working with both parties so that the strongest possible bill gets to my desk.
[02:14.15]With the stakes so high we simply cannot afford the same old gridlock and partisan posturing in Washington.
[02:21.57]It's time to move in a new direction.
[02:24.30]Americans know that our economic recovery will take years -- not months.
[02:28.24]But they will have little patience if we allow politics to get in the way of action,
[02:33.17]and our economy continues to slide.
[02:35.46]That's why I am calling on the Senate to pass this plan,
[02:39.16]so that we can put people back to work and begin the long,
[02:42.62]hard work of lifting our economy out of this crisis.
[02:45.66]No one bill, no matter how comprehensive, can cure what ails our economy.
[02:51.14]So just as we jumpstart job creation,
[02:53.99]we must also ensure that markets are stable, credit is flowing, and families can stay in their homes.
[03:00.65]Last year Congress passed a plan to rescue the financial system.
[03:04.54]While the package helped avoid a financial collapse,
[03:07.77]many are frustrated by the results -- and rightfully so.
[03:11.11]Too often taxpayer dollars have been spent without transparency or accountability.
[03:15.99]Banks have been extended a hand, but homeowners, students,
[03:20.03]and small businesses that need loans have been left to fend on their own.
[03:24.03]And adding to this outrage,
[03:26.10]we learned this week that even as they petitioned for taxpayer assistance,
[03:30.93]Wall Street firms shamefully paid out nearly $20 billion in bonuses for 2008.
[03:37.76]While I'm committed to doing what it takes to maintain the flow of credit,
[03:41.64]the American people will not excuse or tolerate such arrogance and greed.
[03:46.52]The road to recovery demands that we all act responsibly,
[03:50.62]from Main Street to Washington to Wall Street.
[03:54.38]Soon my Treasury Secretary, Tim Geithner,
[03:57.14]will announce a new strategy for reviving our financial system that gets credit flowing to businesses and families.
[04:03.49]We'll help lower mortgage costs and extend loans to small businesses so they can create jobs.
[04:09.33]We'll ensure that CEOs are not draining funds that should be advancing our recovery.
[04:13.86]And we will insist on unprecedented transparency, rigorous oversight,
[04:18.79]and clear accountability -- so taxpayers know how their money is being spent and whether it is achieving results.
[04:25.70]Rarely in history has our country faced economic problems as devastating as this crisis.
[04:31.39]But the strength of the American people compels us to come together.
[04:35.17]The road ahead will be long,
[04:37.32]but I promise you that every day that I go to work in the Oval Office I carry with me your stories,
[04:43.24]and my administration is dedicated to alleviating your struggles and advancing your dreams.
[04:48.97]You are calling for action.
[04:51.61]Now is the time for those of us in Washington to live up to our responsibilities.