TUE, APRIL 14, 6:48 PM EST
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(The First family and Bo, their new Portuguese water dog, walk on the South Lawn of the White House,
April 14, 2009. White House Photo/ Chuck Kennedy)
(The First family and Bo, their new Portuguese water dog, run on the South Lawn of the White House,
April 14, 2009. White House Photo/ Lawrence Jackson)
TUE, APRIL 14, 12:38 PM EST
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So today, I want to step back for a moment and explain our strategy as clearly as I can. This is going to be prose, and not poetry. I want to talk about what we've done, why we've done it, and what we have left to do. I want to update you on the progress we've made, but I also want to be honest about the pitfalls that may still lie ahead.
Most of all, I want every American to know that each action we take and each policy we pursue is driven by a larger vision of America's future -- a future where sustained economic growth creates good jobs and rising incomes; a future where prosperity is fueled not by excessive debt, or reckless speculation, or fleeting profits, but is instead built by skilled, productive workers, by sound investments that will spread opportunity at home and allow this nation to lead the world in the technologies and the innovation and discoveries that will shape the 21st century. That's the America I see. That's the America that Georgetown is preparing so many of you for. That is the future that I know that we can have.
He explained that in order to understand where we have to go from here, we also have to understand how we got here:
Now, this is when the crisis spread from Wall Street to Main Street. After all, the ability to get a loan is how you finance the purchase of everything from a home to a car to, as you all know very well, a college education. It's how stores stock their shelves, and farms buy equipment, and businesses make payroll. So when banks stopped lending money, businesses started laying off workers. When laid-off workers had less money to spend, businesses were forced to lay off even more workers. When people couldn't get a car loan, a bad situation at the auto companies became even worse. When people couldn't get home loans, the crisis in the housing market only deepened. Because the infected securities were being traded worldwide and other nations also had weak regulations, this recession soon became global. And when other nations can't afford to buy our goods, it slows our economy even further.
So this is the situation, the downward spiral that we confronted on the day that we took office. So our most urgent task has been to clear away the wreckage, repair the immediate damage to the economy, and do everything we can to prevent a larger collapse. And since the problems we face are all working off each other to feed a vicious economic downturn, we've had no choice but to attack all fronts of our economic crisis simultaneously.
The President spoke at length addressing a sentiment he said he hears most often in letters from people across the country, namely outrage about the government support for banks teetering on failure. As he did throughout the speech, he took time to address opposing arguments and perspectives. To those who take the intuitively and emotionally understandable position that we should simply let the banks fail – "where’s my bailout?" in short – he argued that in truth a dollar in credit can have an immense multiplier effect that will produce a much greater gain in terms of jobs and the broader economy. And in turn, the failure of those banks would have a vastly disproportionate impact on every American. To those who urge the preemptive takeover of banks, "the nationalization argument" as he called it, he gave assurance that his reticence to engage in that strategy was not born of ideological rigidity or moral obligation to shareholders, but rather a belief that this strategy would cause even bigger losses for taxpayers.
Perhaps the heart of the speech was focused on the core weaknesses of the economy that led to the crisis we see now, and the pillars of the new economy the President envisions to ensure such a crisis will be kept at bay in the future:
It is simply not sustainable to have a 21st-century financial system that is governed by 20th-century rules and regulations that allowed the recklessness of a few to threaten the entire economy. It is not sustainable to have an economy where in one year, 40 percent of our corporate profits came from a financial sector that was based on inflated home prices, maxed-out credit cards, over-leveraged banks and overvalued assets. It's not sustainable to have an economy where the incomes of the top 1 percent has skyrocketed while the typical working household has seen their incomes decline by nearly $2,000. That's just not a sustainable model for long-term prosperity.
For even as too many were out there chasing ever-bigger bonuses and short-term profits over the last decade, we continued to neglect the long-term threats to our prosperity: the crushing burden that the rising cost of health care is placing on families and businesses; the failure of our education system to prepare our workers for a new age; the progress that other nations are making on clean energy industries and technologies while we -- we remain addicted to foreign oil; the growing debt that we're passing on to our children. Even after we emerge from the current recession, these challenges will still represent major obstacles that stand in the way of our success in the 21st century. So we've got a lot of work to do.
Now, there's a parable at the end of the Sermon on the Mount that tells the story of two men. The first built his house on a pile of sand, and it was soon destroyed when a storm hit. But the second is known as the wise man, for when "the rain descended, and the floods came, and the winds blew, and beat upon that house, it fell not: for it was founded upon a rock."
It was founded upon a rock. We cannot rebuild this economy on the same pile of sand. We must build our house upon a rock. We must lay a new foundation for growth and prosperity -- a foundation that will move us from an era of borrow and spend to one where we save and invest; where we consume less at home and send more exports abroad.
It's a foundation built upon five pillars that will grow our economy and make this new century another American century: Number one, new rules for Wall Street that will reward drive and innovation, not reckless risk-taking -- (applause); number two, new investments in education that will make our workforce more skilled and competitive -- (applause); number three, new investments in renewable energy and technology that will create new jobs and new industries -- (applause); number four, new investments in health care that will cut costs for families and businesses; and number five, new savings in our federal budget that will bring down the debt for future generations. (Applause.)
That's the new foundation we must build. That's our house built upon a rock. That must be our future -- and my administration's policies are designed to achieve that future.
Towards the end of his speech, he noted that in addition to the fundamental weaknesses of the economy, there is also a fundamental weakness in the political system that must be confronted. He talked about how the prospects for long-term, bold, necessary solutions often give way to 24-hour news cycles and fluctuating poll numbers.
This can’t be one of those times. The challenges are too great. The stakes are too high. I know how difficult it is for Members of Congress in both parties to grapple with some of the big decisions we face right now. It’s more than most congresses and most presidents have to deal with in a lifetime.
But we have been called to govern in extraordinary times. And that requires an extraordinary sense of responsibility – to ourselves, to the men and women who sent us here, and to the many generations whose lives will be affected for good or for ill because of what we do here.
Having been forthright about the challenges ahead, he expressed confidence: America will have that house upon the rock.
MON, APRIL 13, 7:04 PM EST
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Today Press Secretary Robert Gibbs was joined by Senior Director for Western Hemisphere Affairs at the National Security Council Dan Restrepo -- who spoke in Spanish -- in announcing a change in US policy towards Cuba at the Daily Press Briefing:
MR. GIBBS: Good. Before we do our regularly scheduled program, I’ve got a short announcement. And I am joined for the bilingual portion of this announcement by Dan Restrepo, a Special Assistant to the President and a Senior Director for Western Hemisphere Affairs at the National Security Council.
Today, President Obama has directed that a series of steps be taken to reach out to the Cuban people to support their desire to enjoy basic human rights and to freely determine their country’s future. The President has directed the Secretaries of State, Treasury and Commerce to carry out the actions necessary to lift all restrictions on the ability of individuals to visit family members in Cuba, and to send them remittances. He’s further directed that steps be taken to enable the freer flow of information among the Cuban people and between those in Cuba and the rest of the world, as well as to facilitate the delivery of humanitarian items directly to the Cuban people.
In taking these steps to help bridge the gap among divided Cuban families and to promote the increased flow of information and humanitarian items to the Cuban people, President Obama is working to fulfill the goals he identified both during his presidential campaign and since taking office.
All who embrace core democratic values long for a Cuba that respects the basic human, political and economic rights of all of its citizens. President Obama believes the measure he has taken today will help make that goal a reality. He encourages all who share it to continue their steadfast support for the Cuban people.
MR. RESTREPO: Thanks, Robert.
Buenas tardes.
Hoy, el Presidente Obama ha ordenado que se tomen ciertas medidas, ciertos pasos, para extender la mano al pueblo cubano, para apoyar su deseo de vivir con respeto a los derechos humanos y para poder determinar su destino propio y el destino de su país.
El Presidente ha dado instrucciones a los secretarios de Estado, Comercio y Tesoro para que pongan en marcha las acciones necesarias para eliminar todas las restricciones a individuos para que puedan visitar a sus familiares en la isla y mandar remesas. Además ha dado instrucciones para que se tomen pasos para permitir el flujo libre de información entre el pueblo cubano y entre quienes están en Cuba y el resto del mundo, y para facilitar la entrega de recursos humanitarios enviados directamente al pueblo cubano.
Al tomar estas medidas para ayudar a -- cerrar la brecha -- la brecha entre familias cubanas divididas y promover el flujo libre de información y artículos de ayuda humanitaria para el pueblo cubano, el Presidente Obama está esforzándo por cumplir los objetivos que fijó durante la campaña y desde el asumio del cargo.
Todos aquellos que creen en los valores democráticos básicos anhelan una Cuba que respeta los derechos humanos, políticos, económicos, básicos de todo su pueblo. El Presidente Obama considera que estas medidas ayudarán a hacer realidad ese objetivo. El Presidente - El Presidente alenta a todos quienes comparten este deseo, que sigan cometidos a su firme apoyo para el pueblo cubano.
MON, APRIL 13, 5:43 PM EST
The first two meetings of the Middle Class Task Force were focused on Green Jobs and the Recovery Act, both of which will create a fundamental shift in our economy and the way it affects and lifts up the middle class here in America. The Green Jobs meeting featured experts explaining how what was once an abstract concept is now being translated into bread on the kitchen table, while the Recovery Act meeting discussed how that legislation will help middle class families, town by town and community by community.
For any family that has sent a child off to college and faced tuition costs that rivaled the total costs of their mortgage, the topic of the third meeting needs much less explanation. On Friday April 17th, the Task Force will hold its next meeting at the University of Missouri St. Louis. The meeting, titled "Making College More Affordable for our Families," will also be attended by Dr. Jill Biden, who has been an educator for 28 years and is currently at Northern Virginia Community College with a focus on English and writing. It's an issue that often gets overlooked in the midst of staggering job losses and stock prices plummeting – but it’s a critical one to the middle class and it will get its proper attention this Friday.
MON, APRIL 13, 2:34 PM EST
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Saying that "the road to recovery must, quite literally, be repaved," Vice President Biden introduced the President at an
event marking the 2,000th approved project under the Recovery Act. The President began his remarks on a different note, however:
Before I discuss the purpose of my visit to the Department of Transportation today, I want to take a moment to say how pleased I am about the rescue of Captain Phillips and his safe return to the USS Boxer this weekend. (Applause.) His safety has been our principal concern, and I know this came as a welcome relief to his family and his crew.
I had a chance to talk to his wife yesterday and, as she put it, she couldn't imagine a better Easter than seeing his safe return. And I am very proud of the efforts of the U.S. military and many other departments and agencies that worked tirelessly to resolve this situation. I share our nation's admiration for Captain Phillips' courage and leadership and selfless concern for his crew.
Pledging a renewed international effort to stem the rise of piracy in that region, he then turned back to the ongoing concern of most Americans: the state of the economy and the President’s plan to address it, starting with the Recovery Act:
Today, I think it's safe to say that this plan is beginning to work. We see it in the clean energy companies rehiring workers; in police departments cancelling planned layoffs; in health care clinics planning to expand to care for more folks in need. We see it in the 120 million families who are already taking home larger paychecks because of our Making Work Pay tax cut.
And we see it particularly in the work of this department --in the plans underway to rebuild crumbling roads and bridges, modernize our airports and shipyards, develop high-speed rail networks and restore aging public transit systems. All told, we are making the largest new investment in America's infrastructure since President Eisenhower built the Interstate Highway System back in the 1950s.
But what is most remarkable about this effort -- and what I'm here to talk about today -- isn't just the size of our investment, or the number of projects we're investing in -- it's how quickly, efficiently, and responsibly those investments have been made.
Today, because these projects are getting approved more quickly than we thought, thanks to in large part the outstanding work of the TIGER team and folks here at the Department of Transportation, and because these projects are costing less than we thought, we can utter a sentence rarely heard in recent years: This government effort is coming in ahead of schedule and under budget. (Applause.)
Giving a nod to construction workers from Maryland and Virginia in the audience, he applauded their hard work rebuilding the country in more ways than one. He then concluded with a smile: "We don't want to keep them too long. They've already got their hard hats. (Laughter.) They are going to go straight into their cars and they're going to go back to work."
(President Barack Obama is joined by Vice President Joe Biden and U.S. Secretary of Transportation
Ray LaHood, right, as he gives remarks on the economy Monday April 13, 2009, during a visit
to the Department of Transportation in Washington, D.C. White House Photo/Pete Souza)MON, APRIL 13, 12:27 PM EST
President Obama and the First Lady spoke to the happy crowd this morning:
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THE PRESIDENT: Hello, everybody -- that's Malia, our technical advisor. (Laughter.)
It is wonderful to see all of you today. Welcome. I hope everybody had a wonderful Easter. This is one of the greatest White House traditions because it reminds us that this is the people's house. And to see so many children out here having a great time just fills Michelle and myself and the entire family with a whole lot of joy.
So I'm not really in charge here today. My sole job, in addition to thanking Fergie for that wonderful rendition of our National Anthem and thanking my buddy, the Easter Bunny, for being here, is to introduce my First Lady, your First Lady, Michelle Obama. (Applause.)
MRS. OBAMA: All right -- okay, it's working. Welcome everybody. I don't have much to say. I want to welcome you all to the 2009 White House Easter Egg Hunt. Yay!
Our goal today is just to have fun. We want to focus on activity, healthy eating. We've got yoga, we've got dancing, we've got storytelling, we've got Easter egg decorating. Oh, we've got basketball -- (applause) -- a little soccer, as well. And we want everybody to think about moving their bodies, get out -- we don't have tennis; it's on the tennis court -- the peanut gallery back here. (Laughter.)
So the goal today is to have fun, to get out and play. And let's get things started with the Easter Egg Roll. Thank you all for coming today. Have fun. Thanks so much. (Applause.)
(President Barack Obama smiles up at a young child in bunny ears as he shakes the hands of guests attending
the White House Easter Egg Roll Monday, April 13, 2009, on the South Lawn of the White House.
White House Photo/Pete Souza)SUN, APRIL 12, 10:50 AM EST
In case anybody is wondering, Bo is a boy.
SAT, APRIL 11, 5:30 AM EST
This week the President discusses the multitude of problems and opportunities before the world through the prism of Passover and Easter: "These are two very different holidays with their own very different traditions. But it seems fitting that we mark them both during the same week. For in a larger sense, they are both moments of reflection and renewal. They are both occasions to think more deeply about the obligations we have to ourselves and the obligations we have to one another, no matter who we are, where we come from, or what faith we practice.
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FRI, APRIL 10, 6:00 PM EST
This morning, having made
progress on an international response to the financial crisis in Europe, the President met with Treasury Secretary Geithner, Federal Reserve Chairman Ben Bernanke, FDIC Chair Sheila Bair, SEC Chair Mary Shapiro and Comptroller of the Currency John Dugan to start working on next steps here at home.
(President Barack Obama confers with Federal Reserve Chairman Ben Bernanke following their meeting
at the White House, April 10, 2009. White House Photo/Pete Souza)
Meanwhile, the Recovery Act continues to pick up steam…
"Building repairs are underway on public housing in Imboden, Ark., and Cumberland, Ill., states across the country are receiving money to weatherize the homes of low-income residents, and the Silver Star Construction Co. is about to start work on two road-resurfacing projects in south-central Oklahoma with a total cost of $12 million. ‘We were thrilled to get some work,’ said Steve Shawn, president of the company. ‘Some of the work had started slowing down from the economy. The new work came in just around the right time.’ Slowly but surely, the $787 billion American Recovery and Reinvestment Act -- better known as the economic stimulus package -- is beginning to percolate nationwide, six weeks after President Obama signed the legislation."
"Stephen Lieber, president and CEO of the Healthcare Information and Management Systems Society, looked tired but sounded pleased with the outcome of the trade association’s annual convention in Chicago… Offsetting the economy was the American Recovery and Reconciliation Act of 2009, signed into law by President Barack Obama in February, which by some estimates contains as much as $35 billion in federal dollars directed toward healthcare information technology spending. ‘We had more provider organizations represented here than we’ve ever had,’ Lieber said. ‘What else could you attribute it to? It’s the stimulus… They (providers) knew they had to pick up whatever intelligence they could this week.’ And that understanding of what the stimulus act held in store for them came not just from the educational sessions—government officials were somewhat limited in what they could say, since Kansas Gov. Kathleen Sebelius, HHS secretary nominee, has not yet passed through Senate vetting and been sworn in—but by ‘sitting across the coffee table’ at breaks during the show, exchanging ideas and information with IT industry peers, Lieber said."
"The Denver area will have at least 38 active road construction projects this summer totaling $234.4 million, 14 of which are being paid for with federal stimulus money, the Colorado Department of Transportation said Wednesday. "With the funds we are receiving from [the American Recovery and Reinvestment Act], we will now be able to have a construction season similar to those of recent years," CDOT Executive Director Russell George said in a statement. "We will be able to resurface roadways, replace poor bridges and improve safety all across the Denver metro area."
"Kansas will get $18.4 million for child care and disease prevention for children, and $2.1 million for children’s vaccines, according to the U.S. Department of Health and Human Services Web site. Nationwide, $2 billion in stimulus money for the Child Care and Development Fund will help states support child-care services for working families, those seeking employment or those receiving job training or education."
"Lieutenant Governor John D. Cherry, Jr. today announced that 67 communities in 27 Michigan counties will benefit from a total of $47.3 million in transportation enhancement (TE) funding. This total includes 22 projects funded through the federal American Recovery and Reinvestment Act (Recovery Act). The funding will complete 176 miles of bike paths and paved shoulders; enhance local roadways in communities statewide with lighting, landscaping, sidewalks, crosswalks and other improvements; preserve a historic bridge and two historic rail facilities. The projects are planned for the 2009 and 2010 construction seasons and will create or retain more than 1,300 jobs. ‘This is a positive step for Michigan’s economy,’ said Cherry. ‘These enhancement projects will create jobs and improve communities so they are more attractive to residents, businesses and visitors.’"
"Within a couple of years, Kansas City could become a green model for turning around some of its poorest neighborhoods, officials said Thursday. Up to $200 million in federal stimulus money will weatherize every home that needs it in a 150-block area, upgrade bus services and provide much more help, they said. ‘I’m so excited, I'm trying to calm down,’ said U.S. Rep. Emanuel Cleaver, a Kansas City Democrat who came up with the idea for a Green Impact Zone. ‘This is a perfect storm of opportunity.’ Kansas City is taking the lead in the nation by funneling as much stimulus money as possible over two years into rebuilding one area of the city, Cleaver said. Local, state and federal governments have agreed to work together on the plan. ‘The key is we are investing federal money wisely and building an inclusive green economy strong enough to create jobs for residents,’ said Cleaver, who met with more than 50 neighborhood and community leaders Thursday."
"Over the next three years, New Hampshire will receive more than $23 million in federal stimulus money designed to create jobs and increase energy conservation by funding a major boost in home weatherization projects. The program is one piece of the job creation puzzle presented by the more than $900 million targeted for New Hampshire through the American Recovery and Reinvestment Act passed by Congress in February…’This is great, exciting stuff,’ said Charlie Wolfe, weatherization manger for the Dover-based Strafford County Community Action Committee. ‘We’ve talked before what we could do if we had more money, and now we will have a chance to make a big difference.’ According to the Department of Energy, the low- and moderate-income participants in the Weatherization Assistance Program on average see a 32 percent reduction in heating bills – cutting a $2,000 annual heating bill, for example, to about $1,400."
"The state of New Mexico has awarded contracts for four highway reconstruction projects to be funded through the American Recovery and Reinvestment Act, Gov. Bill Richardson said this week. Construction on the projects, worth a total of nearly $50 million, is scheduled to start within 30 days. Among the projects is U.S. 491, the main north-south thoroughfare through the New Mexico portion of the Navajo Nation. The highway, which has earned a variety of notorious nicknames, is among the most dangerous in the United States. Construction began on the road formerly called U.S. 666, or the ‘Highway to Hell,’ almost a year ago. The ground-breaking ceremony occurred last May, signaling a $100 million collaboration between the state and the Navajo Nation to widen the two-lane corridor to four lanes. The agreement came after a nearly four-year struggle over rights-of-way and state funding. A compromise calling for the Nation to contribute $10 million in cash and in-kind donations was reached in January 2008, just months before construction began. Stimulus money, however, will not be used for the widening project. The state Department of Transportation awarded $8.9 million for rehabilitation of a portion of the two-lane highway, spokesman S.U. Mahesh said."
"The 1,776 jobs expected to be created by the federal stimulus money earmarked for roads and bridges in the Rochester region give this spending package a patriotic ring. But in announcing the job-creation number in Canandaigua on Thursday, Gov. David Paterson noted that the projects must meet federal standards…To date, Paterson has certified projects for about $24 million of the $74 million that the seven-county region is scheduled to receive. The funds are slated to go to 115 projects."
"Take, for instance, what Oregon's Housing and Community Services Department needs to do to secure its $82 million. It has already applied for $38 million to weatherize low-income residents' homes, and just received the first 10 percent of that, but still needs approval from the state legislature to spend it. It is awaiting guidelines for applying for $27 million in tax credits for affordable housing development. It just received the guidelines for applying for $8 million to help prevent homelessness, and expects that it will not spend that money before July. And Oregon will not apply until July for ‘neighborhood stabilization’ funding that will be distributed on a competitive basis for states to renovate or demolish abandoned homes. In fact, it is still getting ready to spend $19.6 million that it received for a similar purpose from a housing recovery bill President George W. Bush signed in late July. It is a lot of hoops to jump through, but officials say it is worth it. ‘This is a huge investment for us,’ said Rick Crager, Oregon's deputy housing director. The process ‘is not an issue for us. It's important that we're accountable.’"
"U.S. Rep. Lloyd Doggett today announced that $2.4 million in federal funds from the American Recovery and Reinvestment Act will be used for flood control projects along Plum Creek in Hays County. ‘Upgrading flood control along Plum Creek will protect people and property along the rapidly growing Kyle-Buda corridor,’ said Rep. Doggett, a senior member of the House Ways and Means Committee and House Budget Committee. ‘This recovery funding will create jobs, promote future construction in Hays County, and reduce the danger from any future flooding.’"
"United States Senators Robert C. Byrd and Jay Rockefeller, both D-W.Va., along with Congressman Nick Rahall, W.Va.-3, today announced that West Virginia is slated to receive more than $1,643,000 in federal funding as part of the American Recovery and Reinvestment Act (ARRA). The monies will be distributed through the Environmental Protection Agency (EPA) as part of a $197 million spending program across the country… The funds will be used for overseeing the assessment and cleanup of leaks from underground storage tanks or directly paying for assessment and cleanup of leaks from federally regulated tanks where the responsible party is unknown, unwilling, unable, or the clean up is an emergency response. ‘Many West Virginia families rely on groundwater as a source of their safe drinking water,’ said Byrd. ‘This funding will help to eliminate the backlog of more than 950 underground tank clean-up projects in West Virginia. And through this funding we will both create jobs and improve the health and safety of West Virginia communities.’ ‘The protection of West Virginia's drinking water is essential. West Virginia families should be able to trust that the water coming from their faucet is safe," said Senator Rockefeller."
"A Teton County pathway project will receive $300,000 to complete a route from Jackson to the Gros Ventre River in Grand Teton National Park. On Thursday, the Wyoming Department of Transportation Commission approved $300,000 of federal economic stimulus money for the first phase of the pathway along Highway 89 north of Jackson. Tim Young, director of Friends of Pathways, said the stimulus money likely will provide the final funding needed to finish the path. Teton County has won competitive federal grants totaling $3 million, but Young said that money was just shy of what it will take to finish the project. ‘This stimulus funding helps bridge the gap,’ he said."
THU, APRIL 9, 8:08 PM EST
[
Download High Resolution]
(President Obama hosts a traditional Seder dinner in the Old Family Dining Room of the White House on Thursday
night, April 9, 2009. Some friends and White House employees and their families joined the Obama family.
Official White House photo by Pete Souza)
