February 12, 2008
THE PRESIDENT: Thank you all for ing. Good afternoon, and wele to the White House. Laura and I are honored that you all came, as we African American History Month. This is a month in which we recognize the many African Americans who've made great contributions to our country. We honor the talent and their courage. We renew our mitment to securing liberty and justice for every American. That's why we're here.
On the last day, Jesus will say to those at his right hand,
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THE PRESIDENT: Good morning. This is an extraordinary period for America's economy. Many Americans are anxious about their finances and their future. On Wednesday, I spoke to the Nation, and thanked Congress for working with my Administration to address the instability in our financial system. On Thursday, I hosted Senator McCain, Senator Obama, and congressional leaders from both parties at the White House to discuss the urgency of passing a bipartisan rescue package for our economy.
The problems in our economy are extremely plex, but at their core is uncertainty over "mortgage-backed securities." Many of these financial assets relate to home mortgages that have lost value during the housing decline. In turn, the banks holding these assets have restricted credit, and businesses and consumers have found it more difficult to obtain affordable loans. As a result, our entire economy is in danger. So I proposed that the Federal government reduce the risk posed by these troubled assets, and supply urgently needed money to help banks and other financial institutions avoid collapse and resume lending.
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President Obama called Republican Senator Judd Gregg a "master of reaching across the aisle" in announcing him as his choice to lead the merce Department today.
"Clearly, Judd and I don't agree on every issue -- most notably who should have won the election," President Obama said. "But we agree on the urgent need to get American businesses and families back on their feet. We see eye to eye on conducting the nation's business in a responsible, transparent, and accountable manner. And we know the only way to solve the great challenges of our time is to put aside stale ideology and petty partisanship, and embrace what works."
THE PRESIDENT: The 4th of July is fast approaching, and Democratic leaders in Congress have scheduled another recess. Americans are concerned that Congress may leave town with a lot of important business that hasn't been pleted.
Before they leave, the Congress needs to pass an emergency war funding bill, so that our troops on the frontlines have the tools they need to protect themselves and us. The House passed a good bill, and now the Senate needs to act.
