President Obama vows nation's economy 'will recover' during first speech before Congr
President Obama vows nation's economy 'will recover' during first speech before Congress
President Barack Obama will tell lawmakers and the public tonight that the U.S. will meet the challenge of the economic crisis, recover and “emerge stronger than before.”
“Though we are living through difficult and uncertain times, tonight I want every American to know this: We will rebuild, we will recover,” Obama will say in his first address to a joint session of Congress, according to excerpts released by the White House. “The weight of this crisis will not determine the destiny of this nation.”
Obama is seeking to convince lawmakers and voters that his plans to revive growth will succeed while cautioning that the recovery will take time. The president has spent his first month in office focused on three initiatives — a $787 billion stimulus bill, a bank-rescue plan and an effort to limit home foreclosures — while warning of economic “catastrophe” if the government doesn’t take aggressive action.
His address to Congress and the nation comes as reports showed consumer confidence collapsed this month and home values plunged in December. Federal Reserve Chairman Ben S. Bernanke told the Senate Banking Committee earlier today that the U.S. economy is in a “severe” contraction and the recession may last into 2010 unless the financial system is stabilized.