President Barack Obama Weekly Address April 24, 2010 (Video/Subtitle)

President Barack Obama Weekly Address April 17, 2010 (Video/Transcipt)

Remarks of President Barack Obama
As Prepared for Delivery
The White House
April 17, 2010

There were many causes of the turmoil that ripped through our economy over the past two years.  But above all, this crisis was caused by failures in the financial industry.  What is clear is that this crisis could have been avoided if Wall Street firms were more accountable, if financial dealings were more transparent, and if consumers and shareholders were given more information and authority to make decisions.
But that did not happen.  And that’s because special interests have waged a relentless campaign to thwart even basic, common-sense rules – rules to prevent abuse and protect consumers.  In fact, the financial industry and its powerful lobby have opposed modest safeguards against the kinds of reckless risks and bad practices that led to this very crisis.
The consequences of this failure of responsibility – from Wall Street to Washington – are all around us: 8 million jobs lost, trillions in savings erased, countless dreams diminished or denied.  I believe we have to do everything we can to ensure that no crisis like this ever happens again.  That’s why I’m fighting so hard to pass a set of Wall Street reforms and consumer protections.  A plan for reform is currently moving through Congress.
Here’s what this plan would do.  First, it would enact the strongest consumer financial protections ever.  It would put consumers back in the driver’s seat by forcing big banks and credit card companies to provide clear, understandable information so that Americans can make financial decisions that work best for them.
Next, these reforms would bring new transparency to financial dealings.  Part of what led to this crisis was firms like AIG and others making huge and risky bets – using things like derivatives – without accountability.  Warren Buffett himself once described derivatives bought and sold with little oversight as “financial weapons of mass destruction.”  That’s why through reform we’d help ensure that these kinds of complicated financial transactions take place on an open market.  Because, ultimately, it is a marketplace that is open, free, and fair that will allow our economy to flourish.
We would also close loopholes to stop the kind of recklessness and irresponsibility we’ve seen.  It’s these loopholes that allowed executives to take risks that not only endangered their companies, but also our entire economy.  And we’re going to put in place new rules so that big banks and financial institutions will pay for the bad decisions they make – not taxpayers.  Simply put, this means no more taxpayer bailouts.  Never again will taxpayers be on the hook because a financial company is deemed “too big to fail.”
Finally, these reforms hold Wall Street accountable by giving shareholders new power in the financial system.  They’ll get a say on pay: a vote on the salaries and bonuses awarded to top executives.  And the SEC will ensure that shareholders have more power in corporate elections, so that investors and pension holders have a stronger voice in determining what happens with their life savings.
Now, unsurprisingly, these reforms have not exactly been welcomed by the people who profit from the status quo – as well their allies in Washington.  This is probably why the special interests have spent a lot of time and money lobbying to kill or weaken the bill.  Just the other day, in fact, the Leader of the Senate Republicans and the Chair of the Republican Senate campaign committee met with two dozen top Wall Street executives to talk about how to block progress on this issue.
Lo and behold, when he returned to Washington, the Senate Republican Leader came out against the common-sense reforms we’ve proposed.  In doing so, he made the cynical and deceptive assertion that reform would somehow enable future bailouts – when he knows that it would do just the opposite.  Every day we don’t act, the same system that led to bailouts remains in place – with the exact same loopholes and the exact same liabilities.  And if we don’t change what led to the crisis, we’ll doom ourselves to repeat it.  That’s the truth.  Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again.
So my hope is that we can put this kind of politics aside.  My hope is that Democrats and Republicans can find common ground and move forward together.  But this is certain: one way or another, we will move forward.  This issue is too important.  The costs of inaction are too great.  We will hold Wall Street accountable.  We will protect and empower consumers in our financial system. That’s what reform is all about. That’s what we’re fighting for.  And that’s exactly what we’re going to achieve.
Thank you.

President Barack Obama Weekly Address April 10, 2010 (Video/Transcipt)

Remarks of President Barack Obama
Weekly Address
The White House
April 10, 2010

All across America are good, decent folks who meet their obligations each and every day.  They work hard.  They support their families.  They try to make an honest living the best they can. And this weekend, many are sitting down to pay the taxes they owe – not because it’s fun, but because it’s a fundamental responsibility of our citizenship.
But in tough times, when many families are having trouble just making it all work, Tax Day can seem even more daunting. This year, however, many Americans are seeing some welcome relief.
So far, Americans who have filed their taxes have discovered that the average refund is up nearly ten percent this year – to an all-time high of about $3,000.  This is due in large part to the Recovery Act.  In fact, one-third of the Recovery Act was made up of tax cuts – tax cuts that have already provided more than $160 billion in relief for families and businesses, and nearly $100 billion of that directly into the pockets of working Americans.
No one I’ve met is looking for a handout.  And that’s not what these tax cuts are.  Instead, they’re targeted relief to help middle class families weather the storm, to jumpstart our economy, and to bring the fundamentals of the American Dream – making an honest living, earning an education, owning a home, and raising a family – back within reach for millions of Americans.
First, because folks who work hard should be able to make a decent living, I kept a promise I made when I campaigned for this office and cut taxes for 95 percent of working Americans.  For most Americans, this Making Work Pay tax credit began showing up in your paychecks last April. And it continues this year, for a total of $400 per individual and $800 per couple, per year.
Second, because a college education is critical to the success of our workers and our economy, we’re helping to make it more affordable for millions of Americans.  Millions of students and parents paying for college tuition are now eligible for up to $2,500 under the American Opportunity Credit.  Along with a host of other steps we’ve taken, this will help us reach our goal of once again having the highest proportion of college graduates in the world by 2020.
Third, we’re restoring the home as a source of stability and an anchor of the American Dream.  If you’ve bought a home for the first time, you’re eligible for a credit of up to $8,000.  And if you bought a new car last year, you can deduct the state and local sales taxes you paid on that car.
Fourth, whether you bought a home for the first time or you’ve owned one for a long time, if you invested in making your home more energy-efficient with certain improvements like new insulation or windows, or plan to this year, you’re eligible for up to $1,500 in new tax credits.  This does more than just put money back in your pocket; it’s helping create new clean energy, manufacturing, and construction jobs at small businesses across the country.
Fifth, to help working families with children through difficult times, we increased the Earned Income Tax Credit and allowed more families to qualify for the Child Tax Credit.
Finally, for those who lost their jobs in the recession and need some help getting back on their feet, we provided a 65 percent tax credit to help cover the cost of health care and made sure the first $2,400 in unemployment benefits is tax-free.
These are among the tax breaks and savings that are available to over one hundred million Americans right now.  It’s also important to note that the new health reform law includes the largest middle class tax cut for health care in history, and once it’s implemented; millions of Americans will finally be able to purchase quality, affordable care and the security and peace of mind that comes with it.  And one thing we have not done is raise income taxes on families making less than $250,000.  That’s another promise we’ve kept.
We’ve also made it easy to find out what’s owed to you and your family.  After all, the big guys know how to find their tax breaks; it’s time you did, too.   Just visit WhiteHouse.gov and click on the Tax Savings Tool.  It’s already been accessed more than 100,000 times by folks who want to see what savings they’re owed and how to collect them.  If you’ve already filed your taxes and missed some of the savings available to you, don’t worry – you can still amend your returns after April 15th to save hundreds or even thousands of dollars.
And just as each of us meets our responsibilities as citizens, we expect our businesses and our government to meet theirs in return.  That’s why I’ve asked Congress to close some of the biggest tax loopholes exploited by some of our most profitable corporations to avoid paying their fair share – or, in some cases, paying taxes at all.  That’s why we’re tightening Washington’s belt by cutting programs that don’t work, contracts that aren’t fair, and spending we don’t need.  And that’s why I’ve proposed a freeze on discretionary spending, signed a law that restores the pay-as-you-go principle that helped produce the surpluses of the 1990s, and created a bipartisan, independent commission to help solve our fiscal crisis and close the deficits that have been growing for a decade.  Because I refuse to leave our problems to the next generation.
It’s been a tough couple years for America.  But the economy is growing again.  Companies are beginning to hire again.  We are rewarding work and helping more of our people reach for the American Dream again.  And while there’s no doubt we still face a long journey together, with more steps to take, more obstacles to overcome, and more challenges to face along the way; if there is one thing of which the people of this great country have convinced me, it’s that the United States of America will recover, stronger than before.
Thanks for listening, and have a great weekend.

President Barack Obama Weekly Address April 3, 2010 (Video/Transcipt)

Remarks of President Barack Obama
Weekly Address
The White House
April 3, 2009

This is a week of faithful celebration. On Monday and Tuesday nights, Jewish families and friends in the United States and around the world gathered for a Seder to commemorate the Exodus from Egypt and the triumph of hope and perseverance over injustice and oppression.  On Sunday, my family will join other Christians all over the world in marking the resurrection of Jesus Christ.
And while we worship in different ways, we also remember the shared spirit of humanity that inhabits us all – Jews and Christians, Muslims and Hindus, believers and nonbelievers alike.
Amid the storm of public debate, with our 24/7 media cycle, in a town like Washington that’s consumed with the day-to-day, it can sometimes be easy to lose sight of the eternal. So, on this Easter weekend, let us hold fast to those aspirations we hold in common as brothers and sisters, as members of the same family – the family of man.
All of us know how important work is – not just for the paycheck, but for the peace of mind that comes with knowing you can provide for your family. As Americans, and as human beings, we seek not only the security, but the sense of dignity, the sense of community, that work confers. That is why it was heartening news that last month, for the first time in more than two years, our economy created a substantial number of jobs, instead of losing them. We have begun to reverse the devastating slide, but we have a long way to go to repair the damage from this recession, and that will continue to be my focus every single day.
All of us value our health and the health of our loved ones. All of us have experienced an illness, a loss, a personal tragedy. All of us know that no matter what we’re doing or what else is going on in our lives, if the health of someone we love is endangered, nothing else matters. Our health is the rock upon which our lives are built, for better and for worse.
All of us value education. We know that in an economy as competitive as ours, an education is a prerequisite for success. But we also know that ultimately, education is about something more, something greater. It is about the ability that lies within each of us to rise above any barrier, no matter how high; to pursue any dream, no matter how big; to fulfill our God-given potential.
All of us are striving to make a way in this world; to build a purposeful and fulfilling life in the fleeting time we have here. A dignified life. A healthy life. A life, true to its potential. And a life that serves others. These are aspirations that stretch back through the ages – aspirations at the heart of Judaism, at the heart of Christianity, at the heart of all of the world’s great religions.
The rites of Passover, and the traditions of Easter, have been marked by people in every corner of the planet for thousands of years. They have been marked in times of peace, in times of upheaval, in times of war.
One such war-time service was held on the black sands of Iwo Jima more than sixty years ago. There, in the wake of some of the fiercest fighting of World War II, a chaplain rose to deliver an Easter sermon, consecrating the memory, he said “of American dead – Catholic, Protestant, Jew. Together,” he said, “they huddled in foxholes or crouched in the bloody sands…Together they practiced virtue, patriotism, love of country, love of you and of me.” The chaplain continued, “The heritage they have left us, the vision of a new world, [was] made possible by the common bond that united them…their only hope that this unity will endure.”
Their only hope that this unity will endure.
On this weekend, as Easter begins and Passover comes to a close, let us remain ever mindful of the unity of purpose, the common bond, the love of you and of me, for which they sacrificed all they had; and for which so many others have sacrificed so much. And let us make its pursuit – and fulfillment – our highest aspiration, as individuals and as a nation. Happy Easter and Happy Passover to all those celebrating, here in America, and around the world.

President Barack Obama Weekly Address March 27, 2010 (Video/)

Remarks of President Barack Obama
Weekly Address
The White House
March 27, 2009

This was a momentous week for America.  It was a week in which together, we took bold new steps toward restoring economic security for our middle class and rebuilding a stronger foundation for our future.  It was a week in which some of the change that generations have hoped for and worked for finally became reality in America.
It began with the passage of comprehensive health insurance reform that will begin to end the worst practices of the insurance industry, rein in our exploding deficits, and, over time, finally offer millions of families and small businesses quality, affordable care – and the security and peace of mind that comes with it.
And it ended with Congress casting a final vote on another piece of legislation that accomplished what we’ve been talking about for decades – legislation that will reform our student loan system and help us educate all Americans to compete and win in the 21st century.
Year after year, we’ve seen billions of taxpayer dollars handed out as subsidies to the bankers and middlemen who handle federal student loans, when that money should have gone to advancing the dreams of our students and working families.  And yet attempts to fix this problem and reform this program were thwarted by special interests that fought tooth and nail to preserve their exclusive giveaway.
But this time, we said, would be different.  We said we’d stand up to the special interests, and stand up for the interests of students and families.   That’s what happened this week.  And I commend all the Senators and Representatives who did the right thing.
This reform of the federal student loan programs will save taxpayers $68 billion over the next decade.  And with this legislation, we’re putting that money to use achieving a goal I set for America: by the end of this decade, we will once again have the highest proportion of college graduates in the world.
To make college more affordable for millions of middle-class Americans for whom the cost of higher education has become an unbearable burden, we’re expanding federal Pell Grants for students: increasing them to keep pace with inflation in the coming years and putting the program on a stronger financial footing.  In total, we’re doubling funding for the federal Pell Grant program to help the students who depend on it.
To make sure our students don’t go broke just because they chose to go to college, we’re making it easier for graduates to afford their student loan payments.  Today, about 2 in 3 graduates take out loans to pay for college.  The average student ends up with more than $23,000 in debt.  So when this change takes effect in 2014, we’ll cap a graduate’s annual student loan repayments at 10 percent of his or her income.
To help an additional 5 million Americans earn degrees and certificates over the next decade, we’re revitalizing programming at our community colleges – the career pathways for millions of dislocated workers and working families across this country.  These schools are centers of learning; where students young and old can get the skills and technical training they need for the jobs of today and tomorrow.  They’re centers of opportunity; where we can forge partnerships between students and businesses so that every community can gain the workforce it needs.  And they are vital to our economic future.
And to ensure that all our students have every chance to live up to their full potential, this legislation also increases support for our Minority Serving Institutions, including our Historically Black Colleges and Universities, to keep them as strong as ever in this new century.
Education.  Health care.  Two of the most important pillars of a strong America grew stronger this week.  These achievements don’t represent the end of our challenges; nor do they signify the end of the work that faces our country.  But what they do represent is real and major reform.  What they show is that we’re a nation still capable of doing big things.  What they prove is what’s possible when we can come together to overcome the politics of the moment; push back on the special interests; and look beyond the next election to do what’s right for the next generation.
That’s the spirit in which we continue the work of tackling our greatest common tasks – an economy rebuilt; job creation revitalized; an American Dream renewed – for all our people.

President Barack Obama Weekly Address March 20, 2010 (Video/Transcript)

Remarks of President Barack Obama
As Prepared for Delivery
Weekly Address
March 20, 2010

On Monday, the Banking Committee of the United States Senate will debate a proposal to address the abuse and excess that led to the worst financial crisis in generations.  These reforms are essential.  As I’ve urged over the past year, we need common-sense rules that will our allow markets to function fairly and freely while reining in the worst practices of the financial industry.  That’s the central lesson of this crisis.  And we fail to heed that lesson at our peril.
Of course, there were many causes of the economic turmoil that ripped through our country over the past two years.  But it was a crisis that began in our financial system.  Large banks engaged in reckless financial speculation without regard for the consequences – and without tough oversight.  Financial firms invented and sold complicated financial products to escape scrutiny and conceal enormous risks.  And there were some who engaged in the rampant exploitation of consumers to turn a quick profit no matter who was hurt in the process.
Now, I have long been a vigorous defender of free markets.  And I believe we need a strong and vibrant financial sector so that businesses can get loans; families can afford mortgages; entrepreneurs can find the capital to start a new company, sell a new product, offer a new service.  But what we have seen over the past two years is that without reasonable and clear rules to check abuse and protect families, markets don’t function freely.  In fact, it was just the opposite.  In the absence of such rules, our financial markets spun out of control, credit markets froze, and our economy nearly plummeted into a second Great Depression.
That’s why financial reform is so necessary.  And after months of bipartisan work, Senator Chris Dodd and his committee have offered a strong foundation for reform, in line with the proposal I previously laid out, and in line with the reform bill passed by the House.
It would provide greater scrutiny of large financial firms to prevent any one company from threatening the entire financial system – and it would update the rules so that complicated financial products like derivatives are no longer bought and sold without oversight.  It would prevent banks from engaging in risky dealings through their own hedge funds – while finally giving shareholders a say on executive salaries and bonuses.  And through new tools to break up failing financial firms, it would help ensure that taxpayers are never again forced to bail out a big bank because it is “too big to fail.”
Finally, these reforms include a new Consumer Financial Protection Agency to prevent predatory loan practices and other abuses to ensure that consumers get clear information about loans and other financial products before they sign on the dotted line.  Because this financial crisis wasn’t just the result of decisions made by large financial firms; it was also the result of decisions made by ordinary Americans to open credit cards and take on mortgages.  And while there were many who took out loans they knew they couldn’t afford, there were also millions of people who signed contracts they didn’t fully understand offered by lenders who didn’t always tell the truth.
This is in part because the job of protecting consumers is spread across seven different federal agencies, none of which has the interests of ordinary Americans as its principal concern.  This diffusion of responsibility has made it easier for credit card companies to lure customers with attractive offers then punish them in the fine print; for payday lenders and others who charge outrageous interest to operate without much oversight; and for mortgage brokers to entice homebuyers with low initial rates only to trap them with ballooning payments down the line.
For these banking reforms to be complete – for these reforms to meet the measure of the crisis we’ve just been through – we need a consumer agency to advocate for ordinary Americans and help enforce the rules that protect them.  That’s why I won’t accept any attempts to undermine the independence of this agency.  And I won’t accept efforts to create loopholes for the most egregious abusers of consumers, from payday lenders to auto finance companies to credit card companies.
Unsurprisingly, this proposal has been a source of contention with financial firms who like things just the way they are.  In fact, the Republican leader in the House reportedly met with a top executive of one of America’s largest banks and made thwarting reform a key part of his party’s pitch for campaign contributions.  And this week, the allies of banks and consumer finance companies launched a multimillion dollar ad campaign to fight against the proposal.  You might call this ‘air support’ for the army of lobbyists already arm twisting members of the committee to reject these reforms and block this consumer agency.  Perhaps that’s why, after months of working with Democrats, Republicans walked away from this proposal.  I regret that and urge them to reconsider.
The fact is, it’s now been well over a year since the near collapse of the entire financial system – a crisis that helped wipe out more than 8 million jobs and that continues to exact a terrible toll throughout our economy.  Yet today the very same system that allowed this turmoil remains in place.  No one disputes that.  No one denies that reform is needed.  So the question we have to answer is very simple: will we learn from this crisis, or will we condemn ourselves to repeat it?  That’s what’s at stake.
I urge those in the Senate who support these reforms to remain strong, to resist the pressure from those who would preserve the status quo, to stand up for their constituents and our country.   And I promise to use every tool at my disposal to see these reforms enacted: to ensure that the bill I sign into law reflects not the special interests of Wall Street, but the best interests of the American people.
Thank you.

President Barack Obama Weekly Address March 13, 2010 (Video/Transcript)

Remarks of President Barack Obama
As Prepared for Delivery
Weekly Address
March 13, 2010

Lost in the news of the week was a headline that ought to be a source of concern for every American.  It said, “Many Nations Passing U.S. in Education.”   Now, debates in Washington tend to be consumed with the politics of the moment: who’s up in the daily polls; whose party stands to gain in November.  But what matters to you – what matters to our country – is not what happens in the next election, but what we do to lift up the next generation.  And the fact is, there are few issues that speak more directly to our long term success as a nation than issues concerning the education we provide to our children.
Our prosperity in the 20th century was fueled by an education system that helped grow the middle class and unleash the talents of our people more fully and widely than at any time in our history.  We built schools and focused on the teaching of math and science.  We helped a generation of veterans go to college through the GI Bill.  We led the globe in producing college graduates, and in turn we led in producing ground-breaking technologies and scientific discoveries that lifted living standards and set us apart as the world’s engine of innovation.
Of course, other nations recognize this, and are looking to gain an edge in the global marketplace by investing in better schools, supporting teachers, and committing to clear standards that will produce graduates with more skills.  Our competitors understand that the nation that out-educates us today will out-compete us tomorrow.  Yet, too often we have failed to make inroads in reforming and strengthening our public education system – the debate mired in worn arguments hurled across entrenched divides.
As a result, over the last few decades, we’ve lost ground.  One assessment shows American fifteen year olds no longer even near the top in math and science when compared to their peers around the world.  As referenced in the news report I mentioned, we’ve now fallen behind most wealthy countries in our high school graduation rates.  And while we once led the world in the proportion of college graduates we produced, today we no longer do.
Not only does that risk our leadership as a nation, it consigns millions of Americans to a lesser future.  For we know that the level of education a person attains is increasingly a prerequisite for success and a predictor of the income that person will earn throughout his or her life.  Beyond the economic statistics is a less tangible but no less painful reality: unless we take action – unless we step up – there are countless children who will never realize their full talent and potential.
I don’t accept that future for them.  And I don’t accept that future for the United States of America.  That’s why we’re engaged in a historic effort to redeem and improve  our public  schools: to raise the expectations for our students and for ourselves, to recognize and reward excellence, to improve performance in troubled schools, and to give our kids and our country the best chance to succeed in a changing world.
Under the leadership of an outstanding Education Secretary, Arne Duncan, we launched a Race to the Top, through which states compete for funding by committing to reform and raising standards, by rewarding good teaching, by supporting the development of better assessments to measure results, and by emphasizing math and science to help prepare children for college and careers.
And on Monday, my administration will send to Congress our blueprint for an updated Elementary and Secondary Education Act to overhaul No Child Left Behind.  What this plan recognizes is that while the federal government can play a leading role in encouraging the reforms and high standards we need, the impetus for that change will come from states, and from local schools and school districts.  So, yes, we set a high bar – but we also provide educators the flexibility to reach it.
Under these guidelines, schools that achieve excellence or show real progress will be rewarded, and local districts will be encouraged to commit to change in schools that are clearly letting their students down.  For the majority of schools that fall in between – schools that do well but could do better – we will encourage continuous improvement to help keep our young people on track for a bright future: prepared for the jobs of the 21st century. And because the most important factor in a child’s success is the person standing at the front of the classroom, we will better prepare teachers, support teachers, and encourage teachers to stay in the field.  In short, we’ll treat the people who educate our sons and daughters like the professionals they are.
Through this plan we are setting an ambitious goal: all students should graduate from high school prepared for college and a career – no matter who you are or where you come from.  Achieving this goal will be difficult. It will take time.  And it will require the skills, talents, and dedication of many: principals, teachers, parents, students.  But this effort is essential for our children and for our country.  And while there will always be those cynics who claim it can’t be done, at our best, we know that America has always risen to the challenges that we’ve faced.  This challenge is no different.
As a nation, we are engaged in many important endeavors: improving the economy, reforming the health care system, encouraging innovation in energy and other growth industries of the 21st century.  But our success in these efforts – and our success in the future as a people – will ultimately depend on what happens long before an entrepreneur opens his doors, or a nurse walks the rounds, or a scientist steps into her laboratory.  Our future is determined each and every day, when our children enter the classroom, ready to learn and brimming with promise.
It’s that promise we must help them fulfill.  Thank you.

President Barack Obama Weekly Address March 6, 2010 (Video/Transcript)

Remarks of President Barack Obama

As Prepared for Delivery

Weekly Address

March 6, 2010

This week, I asked Congress to schedule a final vote on reform that will give families and businesses more control over their health care by holding insurance companies more accountable. This comes after nearly a year of debate, as well as a seven hour summit with Democrats and Republicans where we had a public and substantive discussion on health care. Since then, I’ve said that I’m willing to incorporate some ideas offered by Republicans, and we’re eliminating special provisions that had no place in health care reform.

Now, despite all the progress and improvements we’ve made, Republicans in Congress insist that the only acceptable course on health care is to start over. But you know what? The insurance companies aren’t starting over. I just met with some of them on Thursday and they couldn’t give me a straight answer as to why they keep arbitrarily and massively raising premiums – by as much as 60% in states like Illinois. If we do not act, they will continue to do this. They will continue to drop people’s coverage when they need it. They will continue to refuse coverage based on pre-existing conditions. These practices will continue.

That’s why we must act now. That’s why the United States Congress owes the American people an up-or-down vote on health insurance reform.

The proposal we’ve put forward would end the worst practices of the insurance industry, lower costs for millions of Americans, and give uninsured individuals and small businesses the same kind of choice of private health insurance that Members of Congress get for themselves. And while it will take a few years to fully implement these reforms, there are numerous protections and benefits that would start to take effect this year.

This year, small business owners will receive tax credits to purchase health insurance.

This year, thousands of uninsured Americans with pre-existing conditions will finally be able to purchase coverage. Insurance companies will no longer be allowed to deny coverage to children with pre-existing conditions. And they will no longer be allowed to drop your coverage when you get sick.

This year, all new insurance plans will be required to offer free preventive care to their customers – so that we can start catching preventable illnesses and diseases on the front end. There will no longer be lifetime limits or restrictive annual limits on the amount of care you receive. Young adults will be able to stay on their parents’ insurance policy until they’re 26 years old. And there will be a new, independent appeals process for anyone who feels they were unfairly denied a claim by their insurance company.

Finally, seniors who fall into the gap in coverage known as the donut hole will receive $250 to help them pay for their prescriptions.

What won’t change when this bill is signed this: if you like the insurance plan you have now, you can keep it. If you like your doctor, you can keep your doctor. Because nothing should get in the way of the relationship between a family and their doctor.

If we act now, all of this will happen this year. Millions of lives will improve. Some will be saved. Many families and small business owners will have health insurance for the very first time in their lives. Doctors and patients will have more control over their health care decisions, and insurance company bureaucrats will have less. This future is within our grasp.

But we also know what the future will look like if we don’t act – if we let this opportunity pass for another year, or another decade, or another generation. More Americans will lose their family’s health insurance if they switch jobs or lose their job. More small businesses will be forced to choose between health care and hiring. More insurance companies will raise premiums and deny coverage. And the rising cost of Medicare and Medicaid will sink our government deeper and deeper into debt.

I don’t accept that future for the United States of America. I know it has been a long and hard road to this point. And we are not finished with our journey just yet. But we are close. We are very close. And so I ask Congress to finish its work. I ask them to give the American people an up or down vote. And let’s show our citizens that it’s still possible for Washington to look out for their interests and their future. Thanks for listening.

President Barack Obama Weekly Address February 27, 2010 (Video/Transcript)

Remarks of President Barack Obama
As Prepared for Delivery
Weekly Address
February 27, 2010

As the Winter Olympics draw to a close this weekend, I just want to take a minute to congratulate all the athletes who competed in these games.  And I especially want to say how proud I am of all the American men and women have achieved over the last few weeks.
Whether it was the men’s hockey team’s stunning upset of the Canadians on their way to the gold-medal game, Lindsey Vonn’s heroic gold-medal comeback from a shin injury, or Apolo Ohno becoming the most decorated American winter Olympian of all time, you can’t help but be inspired by the sheer grit and athletic prowess on display in Vancouver.
And it’s not just the medal count that’s inspiring – though we’ve certainly done great on that score.  What’s truly inspiring is the character of the men and women who have won those medals.  The sacrifices they’ve made.  The integrity they’ve shown.  The indomitable Olympic spirit that says no matter who you are or where you come from or what difficulties you may face, you can work hard and train hard and still triumph in the end.  That is why we watch.  That is why we cheer.  That is why in the middle of an extremely challenging time for America, we’ve been able to come together as one nation for a few weeks in February and swell with pride at what our citizens have achieved.
Now, when it comes to meeting the larger challenges we face as a nation, I realize that finding this unity is easier said than done – especially in Washington.  But if we want to compete on the world stage as well as we’ve competed in the world’s games, we need to find common ground.  We need to move past the bickering and the game-playing that holds us back and blocks progress for the American people.
We know it’s possible to do this.  And we were reminded of that last week when Democrats and Republicans in the Senate came together to pass a jobs bill that will give small businesses tax credits to hire more workers.  We also saw it when Democrats and Republicans in the House came together to pass a bill that will force insurance companies to abide by common-sense rules that prevent price-fixing and other practices that drive up health care costs.
We need that same spirit of cooperation and bipartisanship when it comes to finally passing reform that will bring down the cost of health care and give Americans more control over their insurance.  On Thursday, we brought both parties together for a frank and productive discussion about this issue.  In that discussion, we heard many areas of agreement.  Both sides agreed that the rising cost of health care is a serious problem that plagues families, small businesses, and our federal budget.  Many on both sides agreed that we should give small businesses and individuals the ability to participate in a new insurance marketplace – which members of Congress would also use – that would allow them to pool their purchasing power and get a better deal from insurance companies.  And I heard some ideas from our Republican friends that I believe are very worthy of consideration.
But still, there were differences.  We disagreed over whether insurance companies should be held accountable when they deny people care or arbitrarily raise premiums.  I believe they should.  We disagreed over giving tax credits to small businesses and individuals that would make health care affordable for those who don’t have it.  This would be the largest middle class tax cut for health care in history, and I believe we should do it.  And while we agreed that Americans with pre-existing conditions should be able to get coverage, we disagreed on how to do that.
Some of these disagreements we may be able to resolve.  Some we may not.  And no final bill will include everything that everyone wants.  That’s what compromise is.  I said at the end of Thursday’s summit that I am eager and willing to move forward with members of both parties on health care if the other side is serious about coming together to resolve our differences and get this done.  But I also believe that we cannot lose the opportunity to meet this challenge.  The tens of millions of men and women who cannot afford their health insurance cannot wait another generation for us to act.  Small businesses cannot wait.  Americans with pre-existing conditions cannot wait.  State and federal budgets cannot sustain these rising costs.
It is time for us to come together.  It is time for us to act.  It is time for those of us in Washington to live up to our responsibilities to the American people and to future generations.  So let’s get this done.
Thanks for listening.

President Barack Obama Weekly Address February 20, 2010 (Video/Transcript)

Remarks of President Barack Obama
Weekly Address
February 20, 2010

The other week, men and women across California opened up their mailboxes to find a letter from Anthem Blue Cross. The news inside was jaw-dropping. Anthem was alerting almost a million of its customers that it would be raising premiums by an average of 25 percent, with about a quarter of folks likely to see their rates go up by anywhere from 35 to 39 percent.
Now, after their announcement stirred public outcry, Anthem agreed to delay their rate hike until May 1st while the situation is reviewed by the state of California. But it’s not just Californians who are being hit by rate hikes. In Kansas, one insurance company raised premiums by 10 to 20 percent only after asking to raise them by 20 to 30 percent. Last year, Michigan Blue Cross Blue Shield raised rates by 22 percent after asking to raise them by up to 56 percent. And in Maine, Anthem is asking to raise rates for some folks by about 23 percent.
The bottom line is that the status quo is good for the insurance industry and bad for America. Over the past year, as families and small business owners have struggled to pay soaring health care costs, and as millions of Americans lost their coverage, the five largest insurers made record profits of over $12 billion.
And as bad as things are today, they’ll only get worse if we fail to act. We’ll see more and more Americans go without the coverage they need. We’ll see exploding premiums and out-of-pocket costs burn through more and more family budgets. We’ll see more and more small businesses scale back benefits, drop coverage, or close down because they can’t keep up with rising rates. And in time, we’ll see these skyrocketing health care costs become the single largest driver of our federal deficits.
That’s what the future is on track to look like. But it’s not what the future has to look like. The question, then, is whether we will do what it takes, all of us – Democrats and Republicans – to build a better future for ourselves, our children, and our country.
That’s why, next week, I am inviting members of both parties to take part in a bipartisan health care meeting, and I hope they come in a spirit of good faith. I don’t want to see this meeting turn into political theater, with each side simply reciting talking points and trying to score political points. Instead, I ask members of both parties to seek common ground in an effort to solve a problem that’s been with us for generations.
It’s in that spirit that I have sought out and supported Republican ideas on reform from the very beginning. Some Republicans want to allow Americans to purchase insurance from a company in another state to give people more choices and bring down costs. Some Republicans have also suggested giving small businesses the power to pool together and offer health care at lower prices, just as big companies and labor unions do. I think both of these are good ideas – so long as we pursue them in a way that protects benefits, protects patients, and protects the American people. I hope Democrats and Republicans can come together next week around these and other ideas.
To members of Congress, I would simply say this. We know the American people want us to reform our health insurance system. We know where the broad areas of agreement are. And we know where the sources of disagreement lie. After debating this issue exhaustively for a year, let’s move forward together. Next week is our chance to finally reform our health insurance system so it works for families and small businesses. It’s our chance to finally give Americans the peace of mind of knowing that they’ll be able to have affordable coverage when they need it most.
What’s being tested here is not just our ability to solve this one problem, but our ability to solve any problem. Right now, Americans are understandably despairing about whether partisanship and the undue influence of special interests in Washington will make it impossible for us to deal with the big challenges that face our country. They want to see us focus not on scoring points, but on solving problems; not on the next election but on the next generation. That is what we can do, and that is what we must do when we come together for this bipartisan health care meeting next week. Thank you, and have a great weekend.

President Barack Obama Weekly Address February 13, 2010 (Video/Transcript)

Remarks of President Barack Obama

Weekly Address

February 13, 2010

All across America, people work hard to meet their responsibilities. You do your jobs, take care of your families, pay your bills. Sometimes, particularly in tough times like these, you have to make hard choices about where to spend and where to save. That’s what being responsible means. That’s a bedrock value of our country. And that ought to be a value that our government lives up to as well.

Yet, over the past decade, this hasn’t always not been the case. Ten years ago, we had a big budget surplus with projected surpluses far into the future. Ten years later, those surpluses are gone. In fact, when I first walked through the door, the government’s budget deficit stood at $1.3 trillion, with the budget gap over the next decade projected to be $8 trillion.

Partly, the recession is to blame. With millions of people out of work, and millions of families facing hardship, folks are paying less in taxes while seeking more services, like unemployment benefits. Rising health care costs are also to blame. Each year, more and more tax dollars are devoted to Medicare and Medicaid.
But what also made these large deficits possible was the end of a common sense rule called “pay as you go.” It’s pretty simple. It says to Congress, you have to pay as you go. You can’t spend a dollar unless you cut a dollar elsewhere. This is how a responsible family or business manages a budget. And this is how a responsible government manages a budget, as well.

It was this rule that helped lead to balanced budgets in the 1990s, by making clear that we could not increase entitlement spending or cut taxes simply by borrowing more money. And it was the abandonment of this rule that allowed the previous administration and previous congresses to pass massive tax cuts for the wealthy and create an expensive new drug program without paying for any of it. Now in a perfect world, Congress would not have needed a law to act responsibly, to remember that every dollar spent would come from taxpayers today – or our children tomorrow.

But this isn’t a perfect world. This is Washington. And while in theory there is bipartisan agreement on moving on balanced budgets, in practice, this responsibility for the future is often overwhelmed by the politics of the moment. It falls prey to the pressure of special interests, to the pull of local concerns, and to a reality familiar to every single American – the fact that it is a lot easier to spend a dollar than save one.
That is why this rule is necessary. And that is why I am pleased that Congress fulfilled my request to restore it. Last night, I signed the “pay as you go” rule into law. Now, Congress will have to pay for what it spends, just like everybody else.

But that’s not all we must do. Even as we make critical investments to create jobs today and lay a foundation for growth tomorrow – by cutting taxes for small businesses, investing in education, promoting clean energy, and modernizing our roads and railways – we have to continue to go through the budget line by line, looking for ways to save. We have to cut where we can, to afford what we need.

This year, I’ve proposed another $20 billion in budget cuts. And I’ve also called for a freeze in government spending for three years. It won’t affect benefits through Medicare, Medicaid, or Social Security. And it will not affect national security – including benefits for veterans. But it will affect the rest of the budget.
Finally, I’ve proposed a bipartisan Fiscal Commission to provide recommendations for long-term deficit reduction. Because in the end, solving our fiscal challenge – so many years in the making – will take both parties coming together, putting politics aside, and making some hard choices about what we need to spend, and what we don’t. It will not happen any other way. Unfortunately this proposal – which received the support of a bipartisan majority in the Senate – was recently blocked. So, I will be creating this commission by executive order.

After a decade of profligacy, the American people are tired of politicians who talk the talk but don’t walk the walk when it comes to fiscal responsibility. It’s easy to get up in front of the cameras and rant against exploding deficits. What’s hard is actually getting deficits under control. But that’s what we must do. Like families across the country, we have to take responsibility for every dollar we spend. And with the return of “pay as you go,” as well as other steps we’ve begun to take, that is exactly what we are doing.

Thanks.

President Barack Obama Weekly Address February 6, 2010 (Video/Transcript)

Remarks of President Barack Obama
As Prepared for Delivery
Weekly Address
February 6, 2010

Even though our economy is growing again, these are still tough times for America.  Too many businesses are still shuttered.  Too many families can’t make ends meet.  And while yesterday, we learned that the unemployment rate has dropped below ten percent for the first time since summer, it is still unacceptably high – and too many Americans still can’t find work.
But what we must remember at a time like this is that we are not helpless in the face of our difficulties.  As Americans, we make our own destiny.  We forge our own path.  And I am confident that if we come together and put aside the politics that keeps holding us back, we can do that again.  We can rebuild this economy on a new, stronger foundation that leads to more jobs and greater prosperity.
I believe a key part of that foundation is America’s small businesses – the places where most new jobs begin.
These companies represent the essence of the American spirit – the promise that anyone can succeed in this country if you have a good idea and the determination to see it through.  And every once in awhile, these ideas don’t just lead to a new business and new jobs, but a new American product that forever changes the world.  After all, Hewlett Packard began in a garage.  Google began as a simple research project.
Government can’t create these businesses, but it can give entrepreneurs the support they need to open their doors, expand, or hire more workers.  And that’s what we’ve always done in this country.  The folks at Southwest Windpower in Flagstaff, Arizona started their company in a small home.  Since getting a loan from the Small Business Administration, they’ve sold 160,000 wind turbines to about 90 different countries, and are hiring even more workers today.  When Sam Ko walked into one of the SBA’s small business development centers in Illinois, he didn’t have any business experience at all – just a patent for a new metal manufacturing technology.  He was given a loan and a business plan, and today his company is still growing, with offices all over the Midwest.
Last year, the steps we took supported over 47,000 loans to small businesses and delivered billions in tax relief to small business owners, which helped companies keep their doors open, make payroll, and hire workers.  But we can and must do more.  That’s why I’ve proposed a series of steps this week to support small business owners and the jobs they create – to provide more access to credit, more incentives to hire, and more opportunities to grow and sell products all over the world.
Because financing remains difficult for good, credit-worthy small businesses across the country, I’ve proposed that we take $30 billion from the TARP fund originally used for Wall Street and create a new Small Business Lending Fund that will provide capital for community banks on Main Street.  These are the small, local banks that will be able to give our small business owners more of the credit they need to stay afloat.  We should also continue to waive fees, increase guarantees, and expand the size of SBA-backed loans for small businesses.  And yesterday, I proposed making it easier for small business owners to refinance their mortgages during these tough times.
To give these companies greater incentives to grow and create jobs, I’ve proposed a new tax credit for more than one million small businesses that hire new workers or raise wages, as well as the elimination of all capital gains taxes on small business investment.
Finally, we should provide targeted support to the most innovative small businesses – the ones with the greatest potential to export new goods and products all over the world.  A lot of these companies – like the wind turbine manufacturer I mentioned – are the foundation on which we can rebuild our economy to compete in the 21st century.  They just need a little help securing the financing they need to get off the ground.  We have every incentive to help them do that.
Next week, Congress will start debating many of these proposals.  And if anyone has additional ideas to support small businesses and create jobs, I’m happy to consider them.  My door is always open.  But I urge members of both parties:  do not oppose good ideas just because it’s good politics to do so.  The proposals I’ve outlined are not Democratic or Republican; liberal or conservative.  They are pro-business, they are pro-growth, and they are pro-job.  Leaders in both parties have supported similar ideas in the past.  So let’s come together and pass these measures without delay.  Let’s put more Americans back to work, and let’s give our small business owners the support to do what they’ve always done:  the freedom to pursue their dreams and build our country’s future.  Thanks for listening.

President Barack Obama Weekly Address January 30, 2010 (Video/Transcript)

Remarks of President Barack Obama
As Prepared for Delivery
Weekly Address
January 30, 2010

At this time last year, amidst headlines about banks on the verge of collapse and job losses of 700,000 a month, we received another troubling piece of news about our economy.  Our economy was shrinking at an alarming rate – the largest six-month decline in 50 years.  Our factories and farms were producing less; our businesses were selling less; and more job losses were on the horizon.
One year later, according to numbers released this past week, this trend has reversed itself.  For the past six months, our economy has been growing again.  And last quarter, it grew more quickly than at any time in the past six years.
This is a sign of progress.  And it’s an affirmation of the difficult decisions we made last year to pull our financial system back from the brink and get our economy moving again.
But when so many people are still struggling – when one in ten Americans still can’t find work, and millions more are working harder and longer for less – our mission isn’t just to grow the economy.  It’s to grow jobs for folks who want them, and ensure wages are rising for those who have them.  It’s not just about improvements we see in quarterly statistics, but ones people feel in their daily lives – a bigger paycheck; more security; the ability to give your kids a decent shot in life and still have enough to retire one day yourself.
That’s why job creation will be our number one focus in 2010.  We’ll put more Americans back to work rebuilding our infrastructure all across the country.  And since the true engines of job creation are America’s businesses, I’ve proposed tax credits to help them hire new workers, raise wages, and invest in new plants and equipment.  I also want to eliminate all capital gains taxes on small business investment, and help small businesses get the loans they need to open their doors and expand their operations.   
But as we work to create jobs, it is critical that we rein in the budget deficits we’ve been accumulating for far too long – deficits that won’t just burden our children and grandchildren, but could damage our markets, drive up our interest rates, and jeopardize our recovery right now.
There are certain core principles our families and businesses follow when they sit down to do their own budgets.  They accept that they can’t get everything they want and focus on what they really need.  They make tough decisions and sacrifice for their kids.  They don’t spend what they don’t have, and they make do with what they’ve got.
It’s time their government did the same.  That’s why I’m pleased that the Senate has just restored the pay-as-you-go law that was in place back in the 1990s.  It’s no coincidence that we ended that decade with a $236 billion surplus.  But then we did away with PAYGO – and we ended the next decade with a $1.3 trillion deficit.  Reinstating this law will help get us back on track, ensuring that every time we spend, we find somewhere else to cut.
I’ve also proposed a spending freeze, so that as we increase investments in things we need, like job creation and middle class tax cuts – we cut spending on those we don’t, like tax cuts for oil companies and investment fund managers, and programs that are redundant, obsolete, or simply ineffective.  Spending related to Medicare, Medicaid, and Social Security will not be affected – and neither will national security – but all other discretionary government programs will.
Finally, I’ve called for a bi-partisan Fiscal Commission – a panel of Democrats and Republicans who would sit down and hammer out concrete deficit-reduction proposals by a certain deadline.  Because we’ve heard plenty of talk and a lot of yelling on TV about deficits, and it’s now time to come together and make the painful choices we need to eliminate those deficits.
This past week, 53 Democrats and Republicans voted for this commission in the Senate.  But it failed when seven Republicans who had co-sponsored this idea in the first place suddenly decided to vote against it.
Now, it’s one thing to have an honest difference of opinion about something.  I will always respect those who take a principled stand for what they believe, even if I disagree with them.
But what I won’t accept is changing positions because it’s good politics.  What I won’t accept is opposition for opposition’s sake.  We cannot have a serious discussion and take meaningful action to create jobs and control our deficits if politicians just do what’s necessary to win the next election instead of what’s best for the next generation.
I’m ready and eager to work with anyone who’s serious about solving the real problems facing our people and our country.  I welcome anyone who comes to the table in good faith to help get our economy moving again and fulfill this country’s promise.  That’s why we were elected in the first place.  That’s what the American people expect and deserve.  And that’s what we must deliver.
Thank you.