American Recovery and Reinvestment Act

President Barack Obama gave a challenging speech that was designed to replace pessimism with hope. And he promised the American people that there would be a recovery, in spite of the uncertainty about the present situation and the future. Many people who are skeptical won't change their attitudes until they see results.

Obama said the destiny of the United States will not be determined by the crisis. He said the answers to the nation's problems are within reach. They exist in laboratories and universities, in the nation's fields and factories and in the imagination of America's entrepreneurs.

Notably, a Washington Post/ABC poll surmises that seven in 10 Americans believe Obama is fulfilling his promise to bring change to Washington.

Some notable things Obama said in his speech: The fact is our economy did not fall into decline overnight, nor did our problems begin when the housing market collapsed or the stock market sank. We have known for decades that our survivals depends on finding new sources of energy, yet we import more oil today than ever before .

In other words, we have lived though an era where too often short term gains were prized over long term prosperity, where we failed to look beyond the next payment , the next quarter or the next election , a surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invert in our future.

Regulations were gutted for the sake of a quick profit at expense of a healthy market. People bought homes they knew they couldn't afford from banks and lenders who pushed those bad loans anyways. And all the while, critical debates, difficult decisions were put off for some other time on some other day. Well that day of reckoning has arrived and the time to take charge of our future is here. Now is the time to act boldly and wisely to not only revive this economy but to build a new foundation for lasting prosperity. Now is the time to jump -start job creation , restart lending and invest in areas like energy, health care and education that will grow our economy, even as we make hard choices to bring our deficit down. That is what my economic agenda is designed to do, and that is what I 'd like to talk to you about tonight.

It is an agenda that begins with jobs. Over the next two years, this plan will save or create 3.5 million jobs. More than 90 percent of these jobs will be in the private sector. Jobs rebuilding our roads and bridges, constructing wind turbines and solar panels, laying broadband and expanding mass transit

Because of this plan, there are teachers who can now keep their jobs and educate our kids. Health care professionals can continue caring for our sick. There are 57 police officers who are still on the streets of Minneapolis tonight because this plan prevented the layoffs their department was about to make. Because of this plan, 95 percent of working households in America will receive a tax cut, a tax cut that you will see in your paychecks beginning on April 1st.

Because of this plan, families who are struggling to pay tuition costs will receive a $2,500 tax credit for all four years of college.

And Americans who have lost their jobs in this recession will be able to receive extended unemployment benefits and continued health care coverage to help them weather this storm.

I know there are some in this chamber and watching at home who are skeptical of whether this plan will work, and I understand that skepticism.

Here in Washington, we've all seen how quickly good intentions can turn into broken promises and wasteful spending. And with a plan of this scale comes enormous responsibility to get it right.

I have told each of my cabinet, as well as mayors and governors across the country, that they will be held accountable by me and the American people for every dollar they spend.
I've appointed a proven and aggressive inspector general to ferret out any and all cases of waste and fraud.And we have created a new web site called recovery.gov so that every American can find out how and where their money is being spent.

So the recovery plan we passed is the first step in getting our economy back on track, but it is just the first step, because even if we manage this plan flawlessly, there will be no real recovery unless we clean up the credit crisis that has severely weakened our financial system.

I want to speak plainly and candidly about this issue tonight, because every American should know that it directly affects you and your family's well-being. You should also know that the money you've deposited in banks across the country is safe, your insurance is secure. You can rely on the continued operation of our financial system; that's not the source of concern.
The concern is that, if we do not re-start lending in this country, our recovery will be choked off before it even begins.

And we will do so in several ways. First, we are creating a new lending fund that represents the largest effort ever to help provide auto loans, college loans, and small-business loans to the consumers and entrepreneurs who keep this economy running.

Second, we have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and refinance their mortgages
.

Third, we will act with the full force of the federal government to ensure that the major banks that Americans depend on have enough confidence and enough money to lend even in more difficult times. And when we learn that a major bank has serious problems, we will hold accountable those responsible, force the necessary adjustments, provide the support to clean up their balance sheets, and assure the continuity of a strong, viable institution that can serve our people and our economy.

I will not spend a single penny for the purpose of rewarding a single Wall Street executive, but I will do whatever it takes to help the small business that can't pay its workers or the family that has saved and still can't get a mortgage. That's what this is about. It's not about helping banks; it's about helping people.

Because when credit is available again, that young family can finally buy a new home. And then some company will hire workers to build it. And then those workers will have money to spend. And if they can get a loan, too, maybe they'll finally buy that car or open their own business.
Investors will return to the market, and American families will see their retirement secured once more. Slowly, but surely, confidence will return, and our economy will recover.

So I ask this Congress to join me in doing whatever proves necessary, because we cannot consign our nation to an open-ended recession. And to ensure that a crisis of this magnitude never happens again, I ask Congress to move quickly on legislation that will finally reform our outdated regulatory system.

Now, to preserve our long-term fiscal health, we must also address the growing cost in Medicare and Social Security. Comprehensive health care reform is the best way to strengthen Medicare for years to come, and we must also begin a conversation on how to do the same for Social Security, while creating tax-free universal savings accounts for all Americans.

Finally, because we're also suffering from a deficit of trust, I am committed to restoring a sense of honesty and accountability to our budget. That is why this budget looks ahead 10 years and accounts for spending that was left out under the old rules and, for the first time, that includes the full cost of fighting in Iraq and Afghanistan.

For seven years, we've been a nation at war. No longer will we hide its price.

Along with our outstanding national security team, I am now carefully reviewing our policies in both wars, and I will soon announce a way forward in Iraq that leaves Iraq to its people and responsibly ends this war.

To relieve the strain on our forces, my budget increases the number of our soldiers and Marines. And to keep our sacred trust with those who serve, we will raise their pay and give our veterans the expanded health care and benefits that they have earned.

And to respond to an economic crisis that is global in scope, we are working with the nations of the G-20 to restore confidence in our financial system, avoid the possibility of escalating protectionism, and spur demand for American goods in markets across the globe, for the world depends on us having a strong economy, just as our economy depends on the strength of the world's.

There are surely times in the future where we will part ways. But I also know that every American who is sitting here tonight loves this country and wants it to succeed.

That must be the starting point for every debate we have in the coming months and where we return after those debates are done. That is the foundation on which the American people expect us to build common ground.

And if we do, if we come together and lift this nation from the depths of this crisis, if we put our people back to work and restart the engine of our prosperity, if we confront without fear the challenges of our time and summon that enduring spirit of an America that does not quit, then some day, years from now, our children can tell their children that this was the time when we performed, in the words that are carved into this very chamber, "something worthy to be remembered."

Thank you. God bless you. And may God bless the United States of America. Thank you.