President Obama's Weekly Radio Address (Mar 7, 2009)

HIGHLIGHTS:

Yesterday we learned that the economy lost another 651,000 jobs lost in February bringing the total to 4.4 million. The unemployment rate has surpassed 8%.

From the day I took office I knew that solving this crisis would not be easy. I also believe we will get through this. If we act swiftly, boldy, and responsibly, the USA will emerge stronger and more prosperous than ever.

That's why we're moving forward with an economic agenda to jumpstart job creation and address the challenges of our time, including the state of our schools.

We are implementing a plan to allow lenders to restructure mortgages with borrowers. Guidelines were released as to restructuring these mortgages. We are taking steps to stabilize the financial markets.

The Consumer and Business Lending Initiative was launched on Thursday so that families can finance a car or college education. We've begun to implement tthe American Recovery and Reinvestment Act to create or save 3.5 million jobs in the next three years. Those who have lost their job in this recession can receive continued health care coverage while 95% of Americans will receive a tax break on April 1.

In order to pay for the things we need we can't afford to waste moeny on things we don't. We inherited the largest deficit in history. For years, as Wall Street used accounting tricks to avoid responsibility, Washington did, too. These practices are now in the past.

We have a budget with an honest reckoning of where we are and where we need to go. It cuts where we must and invests where we need. It makes historic investments in America's future.

That's why on Wednesday I signed a presidential memorandum as to how contracts are awarded, which will save American's $40 billion each year.

I held a health care summit on Thursday to begin the long overdue process of reform. Our goal must be the same: quality, affordable health care that doesn't overwhelm our budgets.

I am confident that at this defining moment that we will prove ourselves worthy of those who have come before us and those who will come after us.