Obama Remarks After Meeting With Economic Advisers

Print Pool Report #5

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Following are fuller Obama remarks after the meeting with his economic advisors. All quotes are direct except those in parentheses:

"We are in a very difficult spot. The economy is bad . . . Last week we learned that manufacturing had hit a 20-year low . . . It's clear that we have to act and we have to act now . . . or the next few years will be dramatically worse. That is the message I delivered to Speaker Pelosi this morning . . .

"The most important message is that the situation is getting worse. We've got to act boldly and we've got to act swiftly . . . I said in my web address this past Saturday: this is not a Republican problem or a Democratic problem, this is an American problem.

"We're all going to have to chip in and do the hard work that is required and which the American people expect of us . . . Two million Americans have now lost their jobs over the last year . . . (You've got 2.8 million who have moved from full-time to part-time work) . . . The situation is very dire for American families . . . Millions of Americans are struggling with rising costs . . . When I last met with my team, I asked them to continue their work on an American recovery and reinvestment plan that would not only create jobs in the short term but would also spur economic growth and lay the foundation for sustained competitiveness in this global economy.

Said he is rolling out his economic plan while assuring there will be "clarity and transparency about the entire process."

"We've got to do things in a new way. It's not gong to be sufficient to us to fall back into the old Washington ways and simply throw money at the problem . . . We need to have strict accountability in terms of the way the recovery and reinvestment plan operates. The American people have a right to know how every dime of their money is being spent . . .

"We have not seen the credit markets recover the way we could like to see them recover . . . So part of this team's task is to shape the next phase of economic recovery so that it is more transparent, so that it is more consistent . . .

"The most important task for us is to stabilize the patient. The economy is badly damaged, it is very sick . . . But we also have to recognize, if we're going to grow this economy over the long term . . . then we can't be fiscally irresponsible about how we do it . . . (serious plans for mid term and long term fiscal discipline, is something we'll be presenting to the American people and with leadership on Capitol Hill.)

"We're not going to get bogged down in a lot of old-style politics on either side. There's not going to be a lot of finger-pointing or posturing . . . The American people need action now. That's what I intend to provide as president."

Q. How fast does this plan need to move to passage, and in moving swiftly are you concerned about transparency in the process, and could you also talk about the extent to which the tax cut part of this plan is a political tool to get the plan passed?

A. Some of you at least were following the campaign, and for the last two years I've talked about the need for middle class tax cuts . . . So the notion that me wanting to include relief for working families in this plan is somehow a political ploy, when this was a centerpiece of my plan for the last two years doesn't make too much sense . . . In a bad situation, there is a happy convergence between what I had pledged in the campaign and what is required for the economy right now . . . We think it is very important to have a balanced recovery and reinvestment package. Part of it is going to be addressing consumers and making sure they have money in their pockets . . . We are confident we can accomplished unprecedented transparency . . . Not only will congress kow what's in this bill, but we're exploring steps like . . . (putting on a website very detailed information about the projects, what they will accomplish) . . . We hope to generate as a consequence of any of the . . . items we are putting forward.

Q. To what extent has the (situation in Gaza) distracted you from the economic plan, and what (is your target date for passing it now?)

A. I strongly believe that a president or a president elect or his team should be able to do more than one thing at a time . . . and so obviously international affairs are of deep concern. With the situation in Gaza, I've been getting briefed every day . . . I've had consistent conversations with members of the current administration about what's taking place. That will continue. I will continue to insist that, when it comes to foreign affairs, it is particular important to emphasize that there is one president at a time. There are delicate negotiations taking place right now and we can't have two voices coming out of the United States when you have so much at stake.

With respect to the time table for the economic recover and reinvestment plan, we are going to do most of this work this month. And we're not waiting. The reason I'm here today is that we are going to present our latest ideas to congress . . . I expect to sign a bill to create 3 millino jobs for the American people shortly after I get inaugurated.

q. what do you mean by shortly after?

a. There are only so many days in the legislative process . . . some times, even on an expedited schedule . . . we anticipate that by the end of January or the first week in February we'll have gotten the bulk of this done.