Vice President Joe Biden holds a cabinet meeting on the campaign to cut waste, in room 430 of the Eisenhower Executive Office Building at the White House, December 13, 2011. Pictured are (from left) Deputy Attorney General James Cole, Secretary of Health and Human Services Kathleen Sebelius, Secretary of the Treasury Tim Geithner, and OMB Director Jack Lew. (Official White House Photo by David Lienemann)

When is the last time you used a dollar coin? If you’re like most Americans, it’s been a while.

Back in 2005, Congress enacted the Presidential $1 Coin Act, which mandated that the US Mint issue new Presidential $1 Coins with the likeness of every deceased President. The only problem: nobody wants to use them. As a result, more than 40 percent (or 1.3 billion) of the Presidential coins that the US Mint has issued are sitting in storage at the Federal Reserve – enough to meet demand for more than a decade. And until today, the Mint was set to produce another 1.6 billion coins through 2016. That’s why Vice President Biden and Secretary Geithner announced at today’s Cabinet meeting that the Administration will stop the wasteful production of excess $1 coins for circulation, and will produce only a small number to be sold to collectors as required by law – but at no cost to taxpayers. Overall, this change will save at least $50 million annually over the next several years.

In the coming days, the final troops will cross the border out of Iraq and America’s war there will end. Over nearly nine years of fighting, tens of thousands of American troops who were wounded, and 4,500 lost their life in service to our country. The war cost $1 trillion.

American is safer and stronger because we ended the Iraq War, as President Obama promised to do. But now it’s time to invest in the American people. We must work on creating jobs, rebuilding our strong middle class, and sustaining the growth that supports our prosperity and leadership around the world.

Part of ending a war responsibly is standing by those who have fought it and providing all who served with the care and benefits they have earned. And, President Obama is enlisting our veterans in the mission of rebuilding America by funding a post-9/11 GI Bill that helps our veterans and their families pursue a college education, and creating jobs for our veterans so they can become the backbone of the middle class.

If we come together to tackle the big challenges that we face with the same sense of common purpose that our troops showed in Iraq, there’s nothing we can’t do as a country.

When President Obama took office, he set a bold goal: for the US to reclaim its place as the world's leader in college completion rates, and have the world's most competitive workforce by 2020.

With this goal, the President set our sights on achieving excellence and equity for every student in America. To achieve this goal, we must vastly improve the opportunity to learn for all Americans and we must unleash technology's potential to power up the education experience and to fully support the development of our workforce.

On Saturday, President Obama, Vice President Biden, and Dr. Jill Biden attended the 112^th edition of the annual Army vs. Navy football game at FedEx Field, which ended in the 10th straight victory for Navy, scoring 27-21.  The President's attendance kicks off a number of observances to mark the end of the Iraq war and honor all Americans who have served in Iraq.

President Barack Obama performs the coin toss before the annual Army vs. Navy football game at FedEx Field, Landover, Md. December 10, 2011. (Official White House Photo by Pete Souza)

President Barack Obama watches the first half of the annual Army vs. Navy football game with U.S. Naval Academy Midshipman at FedEx Field, Landover, Md., Dec. 10, 2011. December 10, 2011. (Official White House Photo by Pete Souza)

 

During an Army vs. Navy halftime ceremony, President Barack Obama is transferred from the U.S. Naval Academy's custody to the custody of the U.S. Military Academy by Lt. Gen. David Huntoon Jr., Superintendent, U.S. Military Academy, at FedEx Field, Landover, Md., Dec. 10, 2011 December 10, 2011. (Official White House Photo by Pete Souza)

 

President Barack Obama talks with U.S. Military Academy Cadets during the annual Army vs. Navy football game at FedEx Field in Landover, Md., Dec. 10, 2011. (Official White House Photo by Pete Souza)

 

One out of every five Americans over the age of 65 has reported being a victim of a financial scam. The Consumer Financial Protection Bureau will help put an end to the kind of unscrupulous financial practices that target our senior citizens.

The Consumer Financial Protection Bureau was created as part of the Wall Street Reform and Consumer Protection Act to protect all consumers, especially the most vulnerable groups, from abusive and scam-ridden tactics. In addition to regulating large banks financial industries like those whose unchecked risk-taking and shady practices led to the financial crisis, CFPB will establish and enforce rules that ensure other types of services like payday lenders, mortgage lenders, and debt collectors don’t build their businesses around taking advantage of consumers.

President Obama has nominated Richard Cordray to direct CFPB. His confirmation will allow the bureau to exercise its full authority and protect borrowers from unfair, deceptive or abusive financial practices, regardless of the type of bank, business or industry that uses them. Republicans in the Senate, however, refused to even vote on Cordray’s nomination this week, leaving Americans at risk of falling prey to many of the harmful practices that contributed to the worst financial crisis since the Great Depression.

Here’s what happened this week on WhiteHouse.gov:

Tax Countdown The clock is ticking. On Monday, the President urged Congress to pass tax cuts for the middle class before they go home for the holidays. Immediately after the briefing, the White House launched a countdown clock on WhiteHouse.gov and in the press briefing room, to let people know exactly how much time is left before taxes go up for middle class families without congress. Later in the week, Senate Republicans blocked the tax cut extension as well as Richard Cordray’s nomination to head the Consumer Financial Protection Bureau—a job that ensures consumer protection. In a press briefing, the President addressed that vote and Congress’ failure to extend the payroll tax cut. President Obama promised to explore all options and take nothing "off the table" in ensuring that the CFPB is able to fulfill its mission of protecting consumers. 

Make or Break Moment More than 100 years since Teddy Roosevelt gave his historic New Nationalism speech in Osawatomie,Kansas, President Obama traveled  to this same small town to address the make-or-break moment for the middle class. Some in Washington argue that we should let the markets take care of everything -- rolling back regulation and slashing taxes.Thankfully, President Obama said, we can choose a different path: “There’s another view about how we build a strong middle class in this country. It is a view that says in America we are greater together -- when everyone engages in fair play and everybody gets a fair shot and everybody does their fair share.”

College Affordability Vice President Biden and Secretary of Education Arne Duncan visited Fletcher High School in Neptune Beach, Florida to talk about college affordability in a town hall meeting. They spoke with parents and students about steps the administration has taken to reduce college costs and the need to keep college tuition low so more Americans have the opportunity to obtain a degree.  President Obama and Vice President Biden have focused on making college affordable for middle-class families since the day they took office.  Before making his speech, the Vice President made a surprise visit to Mayport in Jacksonville as sailors returned from overseas to be welcomed home by their families.

Canada Visit The President welcomed Canadian Prime Minister Stephen Harper to the White House Thursday to discuss the economy and make commitments to ease trade and travel between the two neighboring nations. The President also discussed Canada’s role in helping put Americans back to work. “Canada is key to achieving my goal of doubling American exports and putting people back to work and the important initiatives that we agreed to today will help us do just that.”

Kennedy Center Honors President Obama and the First Lady honored Meryl Streep, Neil Diamond, Sonny Rollins, Yo-Yo Ma and Barbara Cook for their lifelong contributions to the arts and thanked them for sharing their talents with the world.  The award winners were honored at the Kennedy Center for the Performing Arts in Washington D.C.

Lately, many Americans have asked me if the payroll tax cut will affect Social Security. The answer is simply no.

The payroll tax cut has given tax breaks to millions of families across the country this year, providing a boost to their pocketbooks. Extending it would ensure that taxes do not go up for nearly 160 million hardworking Americans on January 1st -- an increase of $1,000 for the typical household.

While more money stays in workers’ paychecks, the law specifies that Social Security receive every dollar it would have gotten even without the payroll tax cut. This happens by automatically transferring resources from the government’s general coffers to the Social Security Trust Fund. And indeed, the chief actuary of the Social Security Administration has confirmed that the payroll tax cut would have no impact on the Trust Fund.  

The President believes that Social Security is a sacred compact, that in return for a lifetime of hard work, America’s seniors will have a chance to retire with dignity. We have an obligation to keep that promise and safeguard and strengthen Social Security for seniors, people with disabilities and all Americans, both now and in the future.

The President also believes in the need to spur economic growth. The payroll tax cut will generate growth and put people back to work.

Jon Carson is Deputy Assistant to President and Director of the White House Office of Public Engagement

Vice President Joe Biden and Secretary of Education Arne Duncan hold town hall on college affordability at Fletcher High School in Neptune Beach, Florida, December 8, 2011. (Official White House Photo by David Lienemann)

This week, Vice President Biden and Secretary of Education Arne Duncan visited Fletcher High School in Neptune Beach, Florida to talk to students and their parents about college.  President Obama and Vice President Biden have focused on making college affordable for middle-class families since the day they took office. We increased the value of the maximum Pell Grant award by more than $800 and created the American Opportunity Tax Credit, which is worth up to $10,000 over four years for tuition and other expenses. Even after grants and tax credits, most students still need to borrow money for school. That’s why we are allowing borrowers to cap federal student loan payments at 10 percent of their discretionary income.

The Vice President reminded the audience of all these accomplishments, but he didn’t stop there. As proud as we are of this Administration’s record, increasing student aid is just one part of keeping college affordable. State higher education leaders and individual schools must also do their part. On Monday, the President gathered a group of college presidents at the White House to talk about rising college costs and strategies they can pursue to reduce these costs. In Florida, the Vice President argued that colleges "can cut cost and limit student debt without in any way compromising the quality of an education." He acknowledged that "it won’t be easy" but forcefully concluded that "there is no excuse for complacency."

Finally, the Vice President assured students who might be concerned about rising tuitions and debt loads that going to college is an excellent investment. College graduates earn more money and have a significantly lower unemployment rate than high school graduates with no post-secondary degree. And as the Vice President told the audience, "having a college degree is about a lot more than how much money you make. It’s about the independence it bestows upon you, the significantly broader range of choices it gives you…it’s about your sense of self-worth…it’s about being able to fulfill your potential."

Brian Levine is Deputy Domestic Policy Advisor to the Vice President

Vice President Joe Biden and Rear Admiral Nora Tyson welcome home sailors from the USS Gettysburg following its return to Mayport Naval Base, Fla., Dec. 8, 2011. The Gettysburg, a guided missile cruiser, was part of the carrier strike group supporting the USS George H.W. Bush on its first deployment since being commissioned. (Official White House Photo by David Lienemann)

Yesterday morning, Vice President Biden made a surprise visit to Mayport Naval Station in Jacksonville, Florida to welcome over 300 sailors home from a seven month deployment to the Middle East. 

The sailors serve on the USS Gettysburg, which was returning to its homeport in Mayport. The Gettysburg deployed last May – along with helicopters and crew from Helicopter Maritime Strike Squadron 70 (the “Spartans”, based at nearby Naval Station Jacksonville) – as part of the George H.W. Bush Strike Group. 

As the Gettysburg slowly made its way into port, the Vice President said a few words to the hundreds of family and friends gathered to welcome home their loved ones. He was joined by Rear Admiral Nora Tyson, Commander of Carrier Strike Group 2 – the first woman in U.S. Navy history to assume command of a carrier strike group. The Vice President thanked the families for the sacrifices they have made while their loved ones served overseas. “They also serve who only stand and wait,” he said, quoting poet John Milton. 

He also recalled his own son Beau’s homecoming after serving a year in Iraq. 

“I learned early, early on,” the Vice President said, “if anyone got - no matter who it was, the president, the Lord almighty - got between his mother and him or his wife and him as he was getting off that bus, they would have been trampled.” 

“I promise I'm not going to get between you and that ship coming in here,” he told the crowd.