n this time of economic transformation and crisis, we must be stewards of this economy more than ever before. We will maintain fiscal responsibility, so that we do not mortgage our children's future on a mountain of debt. We can do this at the same time that we invest in our future. We will restore fairness and responsibility to our tax code. We will bring balance back to the housing markets, so that people do not have to lose their homes. And we will encourage personal savings, so that our economy remains strong and Americans can live well in their retirements.

We must reform our tax code. It's thousands of pages long, a monstrosity that high-priced lobbyists have rigged with page after page of special interest loopholes and tax shelters. We will shut down the corporate loopholes and tax havens and use the money so that we can provide an immediate middle-class tax cut that will offer relief to workers and their families. We'll eliminate federal income taxes for millions of retirees, because all seniors deserve to live out their lives with dignity and respect. We will not increase taxes on any family earning under $250,000 and we will offer additional tax cuts for middle-class families.

We will ensure that the foreclosure prevention program enacted by Congress is implemented quickly and effectively so that at-risk homeowners can get help and hopefully stay in their homes. We will work to reform bankruptcy laws to restore balance between lender and homeowner rights. Because we have an obligation to prevent this crisis from recurring in the future, we will crack down on fraudulent brokers and lenders and invest in financial literacy. We will pass a Homebuyers Bill of Rights, which will include establishing new lending standards to ensure that loans are affordable and fair, provide adequate remedies to make sure the standards are met, and ensure that homeowners have accurate and complete information about their mortgage options. We will support affordable rental housing, which is now more critical than ever.

The Latest »

President Obama to Attend Copenhagen Climate Talks

November 25, 2009

The White House announced today that President Obama will travel to Copenhagen on Dec. 9 to participate in the United Nations Climate Change Conference, in order to work with the international community to drive progress toward a comprehensive and operational Copenhagen accord. The White House also announced that President Obama is prepared to put on the table a U.S. emissions reduction target in the range of 17% below 2005 levels by 2020.

The Washington Post reported that the announcement provides "new momentum" for the talks, saying:

Obama's decision to attend -- and commit to an emission reduction target -- prompted an outpouring of support from the environmental community and its Democratic allies ...

Senate Foreign Relations Committee John Kerry (D-Mass.), who is working to fashion a bipartisan compromise climate bill along with Sens. Lindsey Graham (R-S.C.) and Joseph I. Lieberman (I-Conn.), said the administration's decision to put specific climate goals on the table at the United Nations-sponsored talks amounts to "a global game changer with big reverberations here at home."

"The Obama administration is now undeniably mustering bonafide leadership on climate change, not merely departing from Bush administration intransigence and ideology," Kerry said. "By announcing a provisional target, contingent on the support of Congress, the president has defined a path to an international agreement that challenges the developed and developing nations of the to fulfill their obligations.

Raymond C. Offenheiser, president of Oxfam America, said it marked the first time Obama has "signaled that he's ready to roll up his sleeves to make a climate change deal happen."

Underscoring President Obama’s commitment to American leadership on clean energy and combating climate change, the White House also announced today that a host of Cabinet secretaries and other top officials from across the Administration will travel to Copenhagen for the conference. Interior Secretary Ken Salazar, Agriculture Secretary Tom Vilsack, Commerce Secretary Gary Locke, Energy Secretary Steven Chu, and Environmental Protection Agency Administrator Lisa P. Jackson are all scheduled to attend, along with Council on Environmental Quality Chair Nancy Sutley, and Assistant to the President for Energy and Climate Change Carol Browner.

October 31, 2009: Weekly Presidential Address

November 4, 2009 

In this week's address the President shares news that based on the GDP report the economy has grown for the first time in the past year and that we have come a long way. Additionally the President shares news that the Recovery Act has saved or created one million jobs to date.

Lest We Forget

September 14, 2009 

One year ago tomorrow Lehman Brothers collapsed, sending Wall Street into a fevered panic and bringing our entire financial system to the brink of catastrophe.

Today President Obama -- flanked by Treasury Secretary Tim Geithner, Chair of the Council of Economic Advisers Christy Romer, former Federal Reserve Chairman Paul Volcker, Financial Services Committee Chairman Barney Frank and others -- delivered a major economic address at Federal Hall in New York City.

During the speech, the President discussed the Administration’s plan to wind down government involvement in the financial sector, outlined a strong case for immediate action on regulatory reform and reiterated the importance of global coordination to prevent future crises.

Excerpts from President Obama’s prepared remarks:

”… We could not separate what was happening in the corridors of our financial institutions from what was happening on factory floors and around kitchen tables. Home foreclosures linked those who took out home loans and those who repackaged those loans as securities. A lack of access to affordable credit threatened the health of large firms and small businesses, as well as all those whose jobs depended on them. And a weakened financial system weakened the broader economy, which in turn further weakened the financial system.

“The only way to address successfully any of these challenges was to address them together, and so this administration – with terrific leadership by my Treasury Secretary, Tim Geithner, as well the Chair of my Council of Economic Advisers, Christy Romer, and the Chair of the National Economic Council, Larry Summers – moved quickly on all fronts, initializing a financial stability plan to rescue the system from the crisis and restart lending for all those affected by the crisis. By opening and examining the books of large financial firms, we helped restore the availability of two things that had been in short supply: capital and confidence. By taking aggressive and innovative steps in credit markets, we spurred lending not just to banks, but to folks looking to buy homes or cars, take out student loans, or finance small businesses. Our home ownership plan has helped responsible homeowners refinance to stem the tide of lost homes and lost home values.

“And the recovery plan is providing help to the unemployed and tax relief for working families, all while spurring consumer spending. It’s prevented layoffs of tens of thousands of teachers, police officers, and other essential public servants. And thousands of recovery projects are underway all across America, putting people to work building wind turbines and solar panels, renovating schools and hospitals, and repairing our nation’s roads and bridges.

“Eight months later, the work of recovery continues. And although I will never be satisfied while people are out of work and our financial system is weakened, we can be confident that the storms of the past two years are beginning to break.

“In fact, while there continues to be a need for government involvement to stabilize the financial system, that necessity is waning. After months in which public dollars were flowing into our financial system, we are finally beginning to see money flowing back to the taxpayers. This doesn’t mean taxpayers will escape the worst financial crisis in decades unscathed. But banks have repaid more than $70 billion, and in those cases where the government’s stake has been sold completely, taxpayers have actually earned a 17-percent return on their investment. Just a few months ago, many experts from across the ideological spectrum feared that ensuring financial stability would require even more tax dollars. Instead, we’ve been able to eliminate a $250 billion reserve included in our budget because that fear has not been realized.

“While full recovery of the financial system will take a great deal more time and work, the growing stability resulting from these interventions means we are beginning to return to normalcy. But what I want to emphasize is this: normalcy cannot lead to complacency.

“Unfortunately, there are some in the financial industry who are misreading this moment. Instead of learning the lessons of Lehman and the crisis from which we are still recovering, they are choosing to ignore them. They do so not just at their own peril, but at our nation’s. So I want them to hear my words: We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses. Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall.

“That’s why we need strong rules of the road to guard against the kind of systemic risks we have seen. And we have a responsibility to write and enforce these rules to protect consumers of financial products, taxpayers, and our economy as a whole. Yes, they must be developed in a way that does not stifle innovation and enterprise. And we want to work with the financial industry to achieve that end. But the old ways that led to this crisis cannot stand. And to the extent that some have so readily returned to them underscores the need for change and change now. History cannot be allowed to repeat itself.

“Instead, we are calling on the financial industry to join us in a constructive effort to update the rules and regulatory structure to meet the challenges of this new century.”

On the Consumer Financial Protection agency:

”First, we’re proposing new rules to protect consumers and a new Consumer Financial Protection Agency to enforce those rules…The Consumer Financial Protection Agency will have the power to ensure that consumers get information that is clear and concise, and to prevent the worst kinds of abuses…By setting ground rules, we’ll increase the kind of competition that actually provides people better and greater choices, as companies compete to offer the best product, not the one that’s most complex or confusing.”

On closing loop holes in our existing regulatory system:

“…While holding the Federal Reserve fully accountable for regulation of the largest, most interconnected firms, we’ll create an oversight council to bring together regulators from across markets to share information, to identify gaps in regulation, and to tackle issues that don’t fit neatly into an organizational chart. We’ll also require these financial firms to meet stronger capital and liquidity requirements and observe greater constraints on their risky behavior…. Even as we’ve proposed safeguards to make the failure of large and interconnected firms less likely, we’ve also proposed creating what’s called “resolution authority” in the event that such a failure happens and poses a threat to the stability of the financial system. This is intended to put an end to the idea that some firms are “too big to fail.” For a market to function, those who invest and lend in that market must believe that their money is actually at risk. And the system as a whole isn’t safe until it is safe from the failure of any individual institution.”

On the necessity of a coordinated global response:

“…The United States is leading a coordinated response to promote recovery and to restore prosperity among both the world’s largest economies and the world’s fastest growing economies. At a summit in London in April, leaders agreed to work together in an unprecedented way to spur global demand but also to address the underlying problems that caused such a deep and lasting global recession. This work will continue next week in Pittsburgh when I convene the G20, which has proven to be an effective forum for coordinating policies among key developed and emerging economies and one that I see taking on an important role in the future… As the United States is aggressively reforming our regulatory system, we will be working to ensure that the rest of the world does the same. ”

Recovery Comes to Elkhart County, IN

August 6, 2009

President Obama was in Wakarusa, Indiana, in Elkhart County on Wednesday to announce $2.4 billion in Recovery Act funds to develop the next generation of fuel efficient cars and trucks, powered by the next generation of battery technologies. The President announced that Navistar - which recently took over two Monaco Coach manufacturing facilities - would receive a $39 million grant to build 400 advanced electric battery trucks.

The video below features two Elkhart residents - talking about their daily hopes and struggles - as they anticipated President Obama's visit:

President Obama Talks Recovery and Rebuild in Wakarusa, IN

August 5, 2009

President Obama traveled to Wakarusa, IN (in Elkhart County) today to announce 48 new battery and electricity projects that will receive $2.4 billion in funding through the American Recovery Act. These 48 projects - selected through a highly competitive process by the Department of Energy - will help to establish America as a leader in the development of the next generation of advanced vehicles, while decreasing our dependence on foreign oil and reducing dangerous climate change-causing green house gas emissions. According to the White House press office this is the single largest investment in advanced battery technology for hybrid and electric vehicles ever made. From their release:

Industry officials expect that this $2.4 billion investment, coupled with another $2.4 billion in cost share from the award winners, will result directly in the creation tens of thousands of manufacturing jobs in the U.S. battery and auto industries.

- $1.5 billion in grants to U.S. based manufacturers to produce batteries and their components and to expand battery recycling capacity

- $500 million in grants to U.S. based manufacturers to produce electric drive components for vehicles, including electric motors, power electronics, and other drive train components

- $400 million in grants to purchase thousands of plug-in hybrid and all-electric vehicles for test demonstrations in several dozen locations; to deploy them and evaluate their performance; to install electric charging infrastructure; and to provide education and workforce training to support the transition to advanced electric transportation systems.

And here’s an excerpt from President Obama’s remarks:

“…The battle for America's future will be fought and won in places like Elkhart and Detroit, Goshen and Pittsburgh, South Bend, Youngstown –- in cities and towns across Indiana and across the Midwest and across the country that have been the backbone of America. It will be won by making places like Elkhart what they once were and can be again –- and that's centers of innovation and entrepreneurship and ingenuity and opportunity; the bustling, whirring, humming engines of American prosperity.

“For as the world grows more competitive, we can't afford to run the race at half-strength or half-speed. If we hope to lead this century like we did the last century, we have to create the conditions and the opportunities for places like Elkhart to succeed. We have to harness the potential –- the innovative and creative spirit –- that's waiting to be awakened all across America.

“See, I don't want to just reduce our dependence on foreign oil and then end up being dependent on their foreign innovations. I don't want to have to import a hybrid car -- I want to be able to build a hybrid car here. I don't want to have to import a hybrid truck -- I want to build a hybrid truck here. I don't want to have to import a windmill from someplace else -- I want to build a windmill right here in Indiana. I want the cars of the future and the technologies that power them to be developed and deployed right here, in America.

“And that's just the beginning. In no area will innovation be more important than in the development of new ways to produce, use, and save energy. So we're not only doubling our capacity to generate renewable energy and building a stronger and smarter electric grid. We've helped reach an agreement to raise fuel economy standards. And for the first time in history, we passed a bill to create a system of clean energy incentives which will help make renewable energy the profitable kind of energy in America -– while helping to end our dependence on foreign oil and protect our planet for future generations.

“The bill passed the House; we're now working to pass legislation through the Senate. Because we know that real innovation depends not on government, but on the generative potential of the American people. If the American people get a clear set of rules, if they know what's needed, what challenges we've got to meet, they'll figure out how to do it…”

Honoring our Veterans: Post 9/11 GI Bill

August 3, 2009

Today, President Obama and Vice President Biden joined Veterans Affairs Secretary Eric Shinseki, Senator Jim Webb (D-VA) and others at George Mason University in Fairfax, VA to mark the implementation of the Post-9/11 GI Bill. The bill provides people who have served in the armed forces since the attacks of September 11, 2001 with the most generous educational benefits package since the original GI Bill of 1944. The maximum benefit under the Post-9/11 GI Bill offers veterans, service members, Reservists and Guard members the ability to receive an in-state, undergraduate education at a public institution at no cost.

Here's an excerpt from the President's remarks:

“…The GI Bill was approved just weeks after D-Day, and carried with it a simple promise to all who had served: You pick the school, we'll help pick up the bill. And what followed was not simply an opportunity for our veterans -- it was a transformation for our country. By 1947, half of all Americans enrolled in college were veterans.

“Ultimately, this would lead to three Presidents, three Supreme Court justices, 14 Nobel Prize winners, and two dozen Pulitzer Prize winners. But more importantly, it produced hundreds of thousands of scientists and engineers, doctors and nurses -- the backbone of the largest middle class in history. All told, nearly 8 million Americans were educated under the original GI Bill, including my grandfather.

”No number can sum up this sea change in our society. Reginald Wilson, a fighter pilot from Detroit, said, "I didn't know anyone who went to college. I never would have gone to college had it not been for the GI Bill." H.G. Jones, a Navy man from North Carolina, said, "What happened in my rural Caswell County community happened all over the country ¼ going to college was no longer a novelty." Indeed, one of the men who went to college on the GI Bill, as I mentioned, was my grandfather, and I would not be standing here today if that opportunity had not led him West in search of opportunity.

”So we owe the same obligations to this generation of servicemen and women, as was afforded that previous generation. That is the promise of the post-1911 [sic] GI Bill. It's driven by the same simple logic that drove the first GI Bill -- you pick the school, we'll help pick up the bill. And looking out at the audience today, I'm proud to see so many veterans who will be able to pursue their education with this new support from the American people.

”And this is even more important than it was in 1944. The first GI Bill helped build a post-war economy that has been transformed by revolutions in communications and technology. And that's why the post-1911 -- 9/11 GI Bill must give today's veterans the skills and training they need to fill the jobs of tomorrow. Education is the currency that can purchase success in the 21st century, and this is the opportunity that our troops have earned.”

Sarah Palin's Flip-Flop on Cap-and-Trade

July 20, 2009

Since Sarah Palin announced that she’d be resigning her post as Alaska’s governor (16 month early) a couple of weeks ago, she’s made it clear that she plans to spend more time traveling around the lower 48 states. True to task, on Tuesday Palin had an oped in the Washington Post articulating her opposition to President Obama’s energy plan which includes a cap-and-trade program that would allow industrial sources to buy and sell pollution permits.

But it looks like she’s a little unclear on what her policy positions are. During the campaign, Palin-McCain campaign literature (check it out below) and the candidate herself sang a totally different tune.

McCain-Palin said climate change was one of our biggest challenges:

NOW: She doesn’t even mention climate change her piece in the Post.

McCain-Palin proposed a market based cap-and-trade program to address climate change:

THEN: “They [McCain-Palin] have proposed a cap-and-trade system that would reduce greenhouse gas emissions while encouraging the development of low-cost compliance options. A climate cap-and-trade mechanism would set a limit on greenhouse gas emissions and allow entities to buy and sell rights to emit, similar to the successful acid rain trading program of the early 1990s. The key feature of this mechanism is that it allows the market to decide and encourage the lowest-cost compliance options.”

NOW: Palin wants to “…responsibly tap the resources that God created right underfoot on American soil” and drill in the pristine Arctic National Wildlife Refuge.

McCain-Palin said a market-based system would strengthen our economy:

NOW: Palin claims, cap-and-trade (which is part of President Obama’s plan) “…is an enormous threat to our economy. It would undermine our recovery over the short term and would inflict permanent damage.”

Palin has been spending more time in the lower 48. Maybe she's been taking lessons from Mitt Romney?

Taking the GOP to Task on the Recovery Act

July 9, 2009

The party’s over for GOP leaders who have either been dissing the Recovery Act in Washington and taking credit for Recovery Act projects in their districts, or pushing outrageous falsehoods that the largest stimulus in United States history has been no help at all. That's not how it works.

A few key facts: Every single House Republication voted against the American Recovery and Reinvestment Act. In May, the Recovery Act increased personal, disposable income by $17 billion. Last week, the Department of Education announced it was releasing $2.7 billion in aid to support state education budgets months ahead of schedule. And right now, over 2,000 highway projects are already under way and over $20 billion in transportation construction funds have been put to work. There’s absolutely no denying that without the Recovery Act our economy would be in much worse shape. According to a recent analysis by respected economist Mark Zandi, by the end of next year, the Recovery Act “…leaves the unemployment rate almost 2 percentage points lower” than it would have been otherwise.

To point: Earlier this week, the DNC released a TV ad calling on Senate Minority Leader Mitch McConnell to stop playing partisan games and start offering real solutions. Then yesterday, the DNC held a press conference call to talk about Recovery Act projects and job creation in Ohio, and released a new web video which highlights John Boehner’s (OH) extreme hypocrisy and factual inaccuracy in his claim that none of the contracts for Ohio infrastructure projects resulting from Recovery Act had been okayed. As the video’s narrator puts it: “His own state’s newspaper found that Boehner was flat wrong.” In fact, in Boehner’s district alone nearly $15 million has been authorized or awarded to recovery projects that are putting more and more Ohioans back to work everyday.

American Clean Energy and Security Act Goes to Full House Vote Tomorrow

June 25, 2009

As we’ve been talking about all week, the House is expected to vote tomorrow on the American Clean Energy and Security Act.

President Obama made another strong statement in the Rose Garden today, urging Democrats and Republicans alike to seize the opportunity to create a new clean energy economy and come together to support the bill. Governor Tim Kaine also released a statement this morning (posted earlier by Jonah), and this afternoon, OFA launched a web page urging people to call their members of Congress before tomorrow’s vote to ask them to support the legislation. Have you told your representative where you stand?

According to a Washington Post/ABC poll released this morning, three-quarters of Americans think the federal government should regulate the release of climate-change causing greenhouse gas emissions from power plants, cars and factories.

Meanwhile, House Republicans led by John Boehner (OH) and Mike Pence (IN) have resorted to scare tactics and false information in an attempt to stop ACES from passing. The “Party of No” is denying science, delaying progress and siding with the oil and coal lobby, instead of acting in the best interests of the American people.

UPDATE (by Cloe): Here's an excerpt of the President's remarks from the Rose Garden:

"...Now, make no mistake -- this is a jobs bill. We're already seeing why this is true in the clean energy investments we're making through the Recovery Act. In California, 3,000 people will be employed to build a new solar plant that will create 1,000 jobs. In Michigan, investments in wind turbines and wind technology is expected to create over, 2,600 jobs. In Florida, three new solar projects are expected to employ 1,400 people.

"The list goes on and on, but the point is this: This legislation will finally make clean energy the profitable kind of energy. That will lead to the creation of new businesses and entire new industries. And that will lead to American jobs that pay well and can't be outsourced.

"...I can't stress enough the importance of this vote. I know this is going to be a close vote, in part because of the misinformation that's out there that suggests there's somehow a contradiction between investing in clean energy and our economic growth. But my call to those members of Congress who are still on the fence, as well as to the American people, is this: We cannot be afraid of the future, and we can't be prisoners of the past. We've been talking about this issue for decades, and now is the time to finally act."

Our Clean Energy Economy

June 25, 2009

With a full House vote expected this week on the American Clean Energy and Security Act (or Waxman-Markey), all eyes turn to the nation’s energy policy. President Obama is committed to an energy plan that will generate millions of new jobs, break our dependence on foreign oil, reduce the threat of dangerous carbon pollution and restore America’s role as a global leader in the clean energy industry.

As part of “Energy Week”, Commerce Secretary Gary Locke and Labor Secretary Hilda Solis were at events in Michigan, Tennessee and Arkansas today highlighting the President’s commitment to passing comprehensive energy and climate legislation. Earlier this week, Interior Secretary Ken Salazar, Transportation Secretary Ray LaHood and EPA Administrator Lisa Jackson were in New Jersey, Oklahoma and Colorado.

Yesterday, the White House released a new web video featuring Van Jones, the Special Advisor for Green Jobs, Enterprise and Innovation at the White House Council on Environmental Quality. The video demonstrates how weatherizing homes will be a major source of new jobs. Watch it below, and be sure to watch for the House vote on Friday.