President Obama Promises Economic Recovery

In his first address to Congress since taking office, President Obama reassured the nation that "we will recover" and called on Congress to focus on reforming American health care, education, and energy policy.

Mr. Obama spoke Wednesday night to a full House chamber, including Congress, the Supreme Court, and his cabinet, delivering what amounted to an unofficial State of the Union speech. He spoke for approximately 50 minutes, largely focusing on the current economic recession, telling the public that although "our economy is in crisis," America will "emerge stronger than before."

The president began by thanking Congress for passing the American Recovery and Reinvestment Act, which he signed into law earlier this month, emphasizing that it gives 95% of working families tax cuts starting April 1st and will create 3.5 million jobs over the next two years, as well as extending unemployment benefits.

While he acknowledged that many Americans are frustrated at having their tax money spent on bailing out banks and financial institutions, President Obama declared that the stimulus is "not about helping banks, it's about helping people."

Saying that both he and Congress will need to "sacrifice some worthy priorities for which there are no dollars," the president laid out three specific areas he will be focusing on in his budget: energy policy, health care, and education. Two specific policies he mentioned were a market cap on carbon pollution and an expanded commitment to charter schools (an idea usually supported more by Republicans than Democrats).

Seeking to alleviate concerns about the amount of taxpayer money that is being spent, Mr. Obama reminded his audience that Vice President Joe Biden is leading an "unprecedented oversight effort," as well as reiterating that every dollar will be publicly accounted for on the new government website www.recovery.gov.

A recurring theme in the president's speech was that of responsibility. "The fact is, our economy did not fall into decline overnight," he said. "Nor did all of our problems begin when the housing market collapsed or the stock market sank." According to Mr. Obama, a collective failure "both as individuals and through our government" led to the current economic situation.

The president called on all Americans to do their part to repair the economy: Congress to work with him in reforming energy, health care, and education, and citizens to commit to a year of public service, in return for which Mr. Obama said they will be able to pay for college. Stressing the importance of each individual having an education, he said dropping out of high school is "not just quitting on yourself; it's quitting on your country. And this country needs and values the talents of every American."

In addition to addressing the current economic crisis, President Obama reaffirmed his pledge to cut the deficit in half by the end of his first four years, saying that he had already begun his line by line check of the federal budget and had already found a savings of $2 trillion over the next decade.

Toward the end of his speech, the president quickly touched on foreign policy, promising that he is working with his military advisors and will soon "announce a way forward in Iraq that leaves Iraq to its people and responsibly ends this war" as well as "forge a new and comprehensive strategy for Afghanistan and Pakistan to defeat Al Qaida and combat extremism."

Finishing his remarks on a positive note, Mr. Obama declared that "America does not quit," and emphasized that by working together, the American people and government can solve its current challenges in a way that is "worthy to be remembered."

All quotes taken from a transcript of the president's remarks, available at "Transcript--President Obama's Address to Congress--Text", The New York Times