Obama Says He Will Engage With Republicans
Associated Press
Transcript
when I made a series of overtures to the Republicans going over to meet with both Republican caucuses um you know putting three Republicans in my cabinet something that is unprecedented making sure that uh they were invited here to the White House to talk about the economic recovery plan uh all those were not designed simply to get some short-term votes they were designed to try to build up some trust over time uh and I think that uh as I continue to make these overtures uh over time hopefully uh that will be reciprocated but understand the bottom line that I've got right now which is what's happening to the people of Elkart and what's happening across the country I can't afford to see Congress play the usual political games what we have to do right now is deliver for the American people so my bottom line when it comes to the recovery package is send me a bill that creates or saves 4 million jobs because everybody has to be possessed with a sense of urgency about putting people back to work making sure that folks are staying in their homes that they can send their kids to college uh that doesn't negate the continuing efforts that I'm going to make to listen and uh engage engage uh with my Republican colleagues and hopefully the tone that I've taken which has been consistently civil and respectful uh will'll pay some dividends over the long term there are going to be areas where we disagree and there are going to be areas where we agree
Obama Campaigns For Stimulus
CBS
Transcript
the president aimed the full power of his office including Air Force One at the Heartland today speaking directly to the people in elart Indiana it didn't take long though for the mood to grow somber in this community with an unemployment rate of more than 15% one of the highest in the nation we're talking about people who've lost their livelihood and don't know what'll take its place the White House insisted until recently that the president could sell the stimulus from the White House but with no Republic support so far in the house and little in the Senate the president decided to take his message directly to the American people this week to put pressure on Congress to pass the plan swiftly endless delay or paralysis in Washington in the face of this crisis will only bring deepening disaster I can tell you that doing nothing is not an option he explained what the plan will do for the people of Indiana will create or save nearly 880,000 badly needed jobs for Indiana right here over the next couple years and he took questions and comments from the audience most were friendly we welcome you to alart with our whole heart one was not you have come to our County and asked us to trust you but those that you have pointed to your cabinet are not trustworthy and can't handle their own budget and taxes no no no this is a legitimate this is a legitimate question if you're not going to appoint anybody who's ever made a mistake in your life then there're you're not going to have anybody take your job Republican Congressman Fred Upton from nearby Michigan voted against the bill in the house the first time around but after talking to him on the plane and listening to him here today you're still undecided well I want to see what the package is going to look like but you're hopeful I am hopeful for now the president appears to have the public on his side a new Gallop poll out today gives him a 67% approval rating for his handling of the stimulus legislation far higher than either Democrats or Republicans in Congress and he'll be turning on on the pressure of popularity again tonight when he holds his first Prime Time press conference Katie and Chip after the Senate passes the bill at goes to conference with the house what is the outlook for that well the Democrats and Republicans admit that it is going to be passed eventually probably by the end of this week but there's going to be some serious horse trading it all goes on behind closed doors and that's when the real work gets done it gets done much more quickly than when it's out in public Katie chip Reed at the White House tonight thanks chip
Obama's Economic Plea
CBS
Transcript
before I take your questions tonight I'd like to speak briefly about the state of our economy and why I believe we need to put this recovery plan in motion as soon as possible I took a trip to Elkart Indiana today Elkart a place that has lost jobs faster than anywhere else in America in one year the unemployment rate went from 4.7% to 15.3% comp companies that have sustained this community for years are shedding jobs at an alarming speed and the people whove lost them have no idea what to do or who to turn to they can't pay their bills they've stopped spending money and because they've stopped spending money more businesses have been forced to lay off more workers in fact local TV stations have started running public service announcements that tell people where to find food banks even as the food banks don't have enough to meet the demand as we speak similar scenes are playing out in cities and towns Across America last Monday more than a thousand men and women stood in line for 35 firefighter jobs in Miami last month our economy lost 598 th000 jobs which is nearly the equivalent of losing every single job in the state of Maine and if there's anyone out there who still doesn't believe this constitutes a full Lo crisis I suggest speaking to one of the millions of Americans whose lives have been turned upside down because they don't know where their next paycheck is coming from and that is why the single most important part of this economic recovery and reinvestment plan is the fact that it will save or create up to 4 million jobs because that's what America needs most right now it is absolutely true that we can't depend on government alone to create jobs or econom iic growth that is and must be the role of the private sector but at this particular moment with the private sector so weakened by this recession the federal government is the only entity left with the resources to jolt our economy back into life it is only government they can break the Vicious Cycle where lost jobs lead to people spending less money which leads to even more layoffs and breaking that cycle is exactly what the plan that's moving through Congress is designed to to do when past this plan will ensure that Americans who've lost their jobs through no fault of their own can receive greater unemployment benefits and continue their healthc care coverage we'll also provide a $2500 tax credit to folks who are struggling to pay the costs of their college tuition and $1,000 worth of badly needed tax relief to working and middle class families these steps will put more money in the pockets of those Americans who are most likely to spend it and that will help break the cycle and get our economy moving but as we've learned very clearly and conclusively over the last eight years tax cuts alone can't solve all of our economic problems especially tax cuts that are targeted to the wealthiest few Americans we have tried that strategy time and time again and it's only helped lead us to the crisis we face right now and that's why we have come together around a plan that combines hundreds of billions in tax cuts the middle class with direct investment in areas like healthcare energy education and infrastructure Investments that will save jobs create new jobs and new businesses and help our economy grow again now and in the future more than 90% of the jobs created by this plan will be in the private sector they're not going to be make work jobs but jobs doing the work that America desperately needs done jobs rebuilding our crumbling roads and bridges repairing are dangerously deficient dams and levies so that we don't face another Katrina there'll be jobs building the wind turbines and solar panels and fuel efficient cars that will lower our dependence on foreign oil and modernizing our costly Health Care system that will save us billions of dollars and countless lives there'll be jobs creating the 21st century classrooms libraries and labs for millions of children Across America and there'll be the jobs of firefighters and teachers and police officers that would otherwise be eliminated if we do not provide states with some relief now after many weeks of debate and discussion the plan that ultimately emerges from Congress must be big enough and bold enough to meet the size of the economic challenges that we face right now it's a plan that is already supported by businesses representing almost every industry in America by both the Chamber of Commerce and the AFL CIO it contains input ideas and and compromises from both Democrats and Republicans it also contains an unprecedented level of transparency and accountability so that every American will be able to go online and see where and how we're spending every dime what it does not contain however is a single Pet Project not a single earmark and it has been stripped of the projects members of both parties found most objectionable now despite all of this the plan's not perfect no plan is I can't tell you for sure that everything in this plan will work exactly as we hope but I can tell you with complete confidence that a failure to act will only deepen this crisis as well as the pain felt by millions of Americans and my Administration inherited a deficit of over $1 trillion but because we also inherited the most profound economic emergency since the Great Depression doing little or nothing at all will result in even even greater deficits even greater job loss even greater loss of income and even greater loss of confidence those are deficits that could turn a crisis into a catastrophe and I refuse to let that happen as long as I hold this office I will do whatever it takes to put this economy back on track and put this country back to work I want to thank the members of Congress who've worked so hard to move this plan forward but I also want to urge all members of Congress to Act without delay in the coming week to resolve their differences and pass this plan we find ourselves in a rare moment where the citizens of our country and all countries are watching and waiting for us to lead it's a responsibility that this generation did not ask for but one that we must accept for the future of our children and our grandchildren the strongest democracies flourish from frequent and Lively debate but they endure when people of every background ground and belief find a way to set aside smaller differences in service of a greater purpose that's the test facing the United States of America in this winter of our hardship and it is our duty as leaders and citizens to say stay true to that purpose in the weeks and months ahead after a day of speaking with and listening to the fundamentally decent men and women who call this nation home I have full faith and confidence that we can do it but we're going to have to work together and that's what I intend to promote uh in the weeks and days ahead
'Credit crisis is not over'
CNN
Transcript
The President of the United States, Mr. President, thank you for your time. The credit crisis is real, and it's not over. We averted catastrophe by passing the TARP legislation. But as I said before, because of a lack of clarity and consistency in how it was applied, a lack of oversight in how the money went out, we didn't get as big of a bang for the buck as we should have. My immediate task is making sure that the second half of that money, $350 billion, is spent properly. That's my first job, before I even think about what else I've got to do. My first task is to make sure that my Secretary of Defense, the Treasury, Tim Geithner, working with Larry Summers, my national economic advisor, and others, are coming up with the best possible plan to use this money wisely, in a way that's transparent, in a way that provides clear oversight, that we are conditioning any money that we give to banks on them reducing executive compensation to reasonable levels and to make sure that they're not wasting that money. We are going to have to work with the banks in an effective way to clean up their balance sheets so that some trust is restored within the marketplace. Because right now, part of the problem is that nobody really knows what's on the banks' books. Any given bank, they're not sure what kinds of losses are there. We've got to open things up and restore some trust. We also have to deal with the housing issue in a clear and consistent way.
Senate nears $827B stimulus vote; Nissan cuts 20,000 jobs
CBS News
Transcript
a stream of weak corporate earnings is adding to the sense of urgency over the government's economic stimulus plan the Senate is expected to pass its $827 billion version of the bill tomorrow but then they'll have to resolve their differences with the house before the president can sign it into law investors stayed on the sidelines waiting for Washington's next move the DOW Industrials dropped about 10 points the NASDAQ Composite was down just a fraction while the stimulus plan moves slowly through Congress corporations are showing the strain of the recession the Hasbro toy company says fourth quarter profit fell 30% and Japan's Nissan Motor Company is slashing 20,000 jobs anticipating its first yearly loss in nearly a decade but McDonald's continues to Buck the trend with Americans backing away from more expensive restaurants the company reported another winning month sales climbed more than 7% worldwide and Starbucks wants to shake its reputation for high-priced coffee the company is introducing a bargain menu next month $4 will get you a latte plus coffee cake or a regular coffee with a hot sandwich and that's your money watch click on cbsnews.com for more headlines in New York I'm Alexis christopherus