20090131 - Armand Tanzarian

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