EMBARGOED: Remarks of President Obama on Wall Street Reform at Cooper Union

THE WHITE HOUSE

Office of the Press Secretary

_______________________________________________________________________________________

EMBARGOED UNTIL DELIVERY

April 22, 2010

 

Remarks of President Barack Obama – As Prepared for Delivery

Wall Street Reform at Cooper Union

Thursday, April 22, 2010

New York City, New York

 

It's good to be back in the Great Hall at Cooper Union, where generations of leaders and citizens have come to defend their ideas and contest their differences.  It's also good being back in Lower Manhattan, a few blocks from Wall Street, the heart of our nation's financial sector.

 

Since I last spoke here two years ago, our country has been through a terrible trial.  More than 8 million people have lost their jobs.  Countless small businesses have had to shut their doors.  Trillions of dollars in savings has been lost, forcing seniors to put off retirement, young people to postpone college, and entrepreneurs to give up on the dream of starting a company.  And as a nation we were forced to take unprecedented steps to rescue the financial system and the broader economy.

 

As a result of the decisions we made – some which were unpopular – we are seeing hopeful signs.  Little more than one year ago, we were losing an average of 750,000 jobs each month.  Today, America is adding jobs again.  One year ago, the economy was shrinking rapidly.  Today, the economy is growing.  In fact, we've seen the fastest turnaround in growth in nearly three decades.

 

But we have more work to do.  Until this progress is felt not just on Wall Street but Main Street we cannot be satisfied.  Until the millions of our neighbors who are looking for work can find jobs, and wages are growing at a meaningful pace, we may be able to claim a recovery – but we will not have recovered.  And even as we seek to revive this economy, it is incumbent on us to rebuild it stronger than before.  That means addressing some of the underlying problems that led to this turmoil and devastation in the first place. 

One of the most significant contributors to this recession was a financial crisis as dire as any we've known in generations.  And that crisis was born of a failure of responsibility – from Wall Street to Washington – that brought down many of the world's largest financial firms and nearly dragged our economy into a second Great Depression.

 

It was that failure of responsibility that I spoke about when I came to New York more than two years ago – before the worst of the crisis had unfolded.  I take no satisfaction in noting that my comments have largely been borne out by the events that followed.  But I repeat what I said then because it is essential that we learn the lessons of this crisis, so we don't doom ourselves to repeat it.  And make no mistake, that is exactly what will happen if we allow this moment to pass – an outcome that is unacceptable to me and to the American people.

 

As I said two years ago on this stage, I believe in the power of the free market.  I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings.  But a free market was never meant to be a free license to take whatever you can get, however you can get it.  That is what happened too often in the years leading up to the crisis.  Some on Wall Street forgot that behind every dollar traded or leveraged, there is family looking to buy a house, pay for an education, open a business, or save for retirement.  What happens here has real consequences across our country. 

 

I have also spoken before about the need to build a new foundation for economic growth in the 21^st century.  And, given the importance of the financial sector, Wall Street reform is an absolutely essential part of that foundation.  Without it, our house will continue to sit on shifting sands, leaving our families, businesses and the global economy vulnerable to future crises.  That is why I feel so strongly that we need to enact a set of updated, commonsense rules to ensure accountability on Wall Street and to protect consumers in our financial system.

 

A comprehensive plan to achieve these reforms has passed the House of Representatives.  A Senate version is currently being debated, drawing on the ideas of Democrats and Republicans.  Both bills represent significant improvement on the flawed rules we have in place today, despite the furious efforts of industry lobbyists to shape them to their special interests.  I am sure that many of those lobbyists work for some of you.  But I am here today because I want to urge you to join us, instead of fighting us in this effort.  I am here because I believe that these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector.  And I am here to explain what reform will look like, and why it matters. 

 

First, the bill being considered in the Senate would create what we did not have before: a way to protect the financial system, the broader economy, and American taxpayers in the event that a large financial firm begins to fail.  If an ordinary local bank approaches insolvency, we have a process through the FDIC that insures depositors and maintains confidence in the banking system.  And it works.  Customers and taxpayers are protected and the owners and management lose their equity.  But we don't have any kind of process designed to contain the failure of a Lehman Brothers or any of the largest and most interconnected financial firms in our country.

 

That's why, when this crisis began, crucial decisions about what would happen to some of the world's biggest companies – companies employing tens of thousands of people and holding hundreds of billions of dollars in assets – had to take place in hurried discussions in the middle of the night.  That's why, to save the entire economy from an even worse catastrophe, we had to deploy taxpayer dollars.  And although much of that money has now been paid back – and my administration has proposed a fee to be paid by large financial firms to recover the rest – the American people should never have been put in that position in the first place. 

 

It is for this reason that we need a system to shut these firms down with the least amount of collateral damage to innocent people and businesses.  And from the start, I've insisted that the financial industry – and not taxpayers – shoulder the costs in the event that a large financial company should falter.  The goal is to make certain that taxpayers are never again on the hook because a firm is deemed "too big to fail."

 

Now, there is a legitimate debate taking place about how best to ensure taxpayers are held harmless in this process.  But what is not legitimate is to suggest that we're enabling or encouraging future taxpayer bailouts, as some have claimed.  That may make for a good sound bite, but it's not factually accurate.  In fact, the system as it stands is what led to a series of massive, costly taxpayer bailouts.  Only with reform can we avoid a similar outcome in the future.  A vote for reform is a vote to put a stop to taxpayer-funded bailouts.  That's the truth. 

 

And these changes have the added benefit of creating incentives within the industry to ensure that no one company can ever threaten to bring down the whole economy.  To that end, the bill would also enact what's known as the Volcker Rule: which places some limits on the size of banks and the kinds of risks that banking institutions can take.  This will not only safeguard our system against crises; this will also make our system stronger and more competitive by instilling confidence here at home and across the globe.  Markets depend on that confidence.  Part of what led to the turmoil of the past two years was that, in the absence of clear rules and sound practices, people did not trust that our system was one in which it was safe to invest or lend.  As we've seen, that harms all of us.  By enacting these reforms, we'll help ensure that our financial system – and our economy – continues to be the envy of the world.

 

Second, reform would bring new transparency to many financial markets.  As you know, part of what led to this crisis was firms like AIG and others making huge and risky bets – using derivatives and other complicated financial instruments – in ways that defied accountability, or even common sense.  In fact, many practices were so opaque and complex that few within these companies – let alone those charged with oversight – were fully aware of the massive wagers being made.  That's what led Warren Buffett to describe derivatives that were bought and sold with little oversight as "financial weapons of mass destruction."  And that's why reform will rein in excess and help ensure that these kinds of transactions take place in the light of day.

 

There has been a great deal of concern about these changes.  So I want to reiterate: there is a legitimate role for these financial instruments in our economy.  They help allay risk and spur investment.  And there are a great many companies that use these instruments to that end – managing exposure to fluctuating prices, currencies, and markets.  A business might hedge against rising oil prices, for example, by buying a financial product to secure stable fuel costs.  That's how markets are supposed to work.  The problem is, these markets operated in the shadows of our economy, invisible to regulators and to the public.  Reckless practices were rampant.  Risks accrued until they threatened our entire financial system.

 

That's why these reforms are designed to respect legitimate activities but prevent reckless risk taking.  And that's why we want to ensure that financial products like standardized derivatives are traded in the open, in full view of businesses, investors, and those charged with oversight.  I was encouraged to see a Republican Senator join with Democrats this week in moving forward on this issue.  For without action, we'll continue to see what amounts to highly-leveraged, loosely-monitored gambling in our financial system, putting taxpayers and the economy in jeopardy.  And the only people who ought to fear this kind of oversight and transparency are those whose conduct will fail its scrutiny. 

 

Third, this plan would enact the strongest consumer financial protections ever.  This is absolutely necessary.  Because this financial crisis wasn't just the result of decisions made in the executive suites on Wall Street; it was also the result of decisions made around kitchen tables across America, by folks taking on mortgages and credit cards and auto loans.  And while it's true that many Americans took on financial obligations they knew – or should have known – they could not afford, millions of others were, frankly, duped.  They were misled by deceptive terms and conditions, buried deep in the fine print.

 

And while a few companies made out like bandits by exploiting their customers, our entire economy suffered.  Millions of people have lost homes – and tens of millions more have lost value in their homes.  Just about every sector of our economy has felt the pain, whether you're paving driveways in Arizona or selling houses in Ohio, doing home repairs in California or using your home equity to start a small business in Florida.

 

That's why we need to give consumers more protection and power in our financial system.  This is not about stifling competition or innovation.  Just the opposite: with a dedicated agency setting ground rules and looking out for ordinary people in our financial system, we'll empower consumers with clear and concise information when making financial decisions.  Instead of competing to offer confusing products, companies will compete the old-fashioned way: by offering better products.  That will mean more choices for consumers, more opportunities for businesses, and more stability in our financial system.  And unless your business model depends on bilking people, there is little to fear from these new rules.

 

Finally, these Wall Street reforms will give shareholders new power in the financial system. They'll get a say on pay: a voice with respect to the salaries and bonuses awarded to top executives.  And the SEC will have the authority to give shareholders more say in corporate elections, so that investors and pension holders have a stronger role in determining who manages the companies in which they've placed their savings.

 

Now, Americans don't begrudge anybody for success when that success is earned.  But when we read in the past about enormous executive bonuses at firms even as they were relying on assistance from taxpayers, it offended our fundamental values.

 

Not only that, some of the salaries and bonuses we've seen created perverse incentives to take reckless risks that contributed to the crisis.  It's what helped lead to a relentless focus on a company's next quarter, to the detriment of its next year or decade.  And it led to a situation in which folks with the most to lose – stock and pension holders – had the least to say in the process. That has to change.

 

I'll close by saying this.  I have laid out a set of Wall Street reforms.  These are reforms that would put an end to taxpayer bailouts; that would bring complex financial dealings out of the shadows; that would protect consumers; and that would give shareholders more power in the financial system.  But we also need reform in Washington.  And the debate over these changes is a perfect example.

 

We've seen battalions of financial industry lobbyists descending on Capitol Hill, as firms spend millions to influence the outcome of this debate.  We've seen misleading arguments and attacks designed not to improve the bill but to weaken or kill it.  And we've seen a bipartisan process buckle under the weight of these withering forces, even as we have produced a proposal that is by all accounts a common-sense, reasonable, non-ideological approach to target the root problems that led to the turmoil in our financial sector. 

 

But I believe we can and must put this kind of cynical politics aside.  That's why I am here today.  We will not always see eye to eye.  We will not always agree.  But that does not mean we have to choose between two extremes.  We do not have to choose between markets unfettered by even modest protections against crisis, and markets stymied by onerous rules that suppress enterprise and innovation.  That's a false choice.  And we need no more proof than the crisis we've just been through. 

 

There has always been a tension between the desire to allow markets to function without interference – and the absolute necessity of rules to prevent markets from falling out of balance.  But managing that tension, one we've debated since our founding, is what has allowed our country to keep up with a changing world.  For in taking up this debate, in figuring out how to apply our well-worn principles with each new age, we ensure that we do not tip too far one way or the other – that our democracy remains as dynamic as the economy itself.  Yes, the debate can be contentious.  It can be heated.  But in the end it serves to make our country stronger.  It has allowed us to adapt and thrive. 

 

I read a report recently that I think fairly illustrates this point.  It's from Time Magazine.  And I quote: "Through the great banking houses of Manhattan last week ran wild-eyed alarm.  Big bankers stared at one another in anger and astonishment.  A bill just passed … would rivet upon their institutions what they considered a monstrous system…  Such a system, they felt, would not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level."  That appeared in Time Magazine – in June of 1933.  The system that caused so much concern and consternation?  The Federal Deposit Insurance Corporation – the FDIC – an institution that has successfully secured the deposits of generations of Americans. 

 

In the end, our system only works – our markets are only free – when there are basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system.  And that is what these reforms are designed to achieve: no more, no less.  Because that is how we will ensure that our economy works for consumers, that it works for investors, that it works for financial institutions – that it works for all of us. 

 

This is the central lesson not only of this crisis but of our history.  It's what I said when I spoke here two years ago.  Ultimately, there is no dividing line between Main Street and Wall Street.  We rise or we fall together as one nation.  So I urge you to join me – to join those who are seeking to pass these commonsense reforms.  And I urge you to do so not only because it is in the interests of your industry, but because it is in the interests of our country.

 

Thank you.  God bless you.  And may God bless the United States of America.

 

 

##

EMBARGOED: WEEKLY ADDRESS: President Obama Says We Must Move Forward on Wall Street Reform

 

THE WHITE HOUSE
Office of the Press Secretary
______________________________________________________________________________
EMBARGOED UNTIL 6:00 AM ET, SATURDAY, April 17, 2010

WEEKLY ADDRESS: President Obama Says We Must Move Forward on Wall Street Reform

 

WASHINGTON – In his weekly address, President Barack Obama said that in the wake of the economic crisis Wall Street reform is too important an issue for inaction.  The plan moving through Congress will end bailouts, hold Wall Street accountable, and protect consumers, taxpayers and the economy from the kind of abuses that helped bring about the economic crisis.  Every day without reform, those abuses, and the system which allowed them, remain in place.  It is time to move forward with real reforms for Wall Street.

 

The audio and video will be available online at www.whitehouse.gov at 6:00 am ET, Saturday, April 17, 2010.

 

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.

 

Embargoed: Press Briefing by Administration Officials on Recovery Act Tax Credits Available to American Families

THE WHITE HOUSE

Office of the Press Secretary

________________________________________________________________________________________________

Embargoed for Release

Until 6:00 A.M. EDT

Saturday, April 10, 2010

 

PRESS BRIEFING ON

RECOVERY ACT TAX CREDITS AVAILABLE TO AMERICAN FAMILIES

BY BRIAN DEESE, NATIONAL ECONOMIC COUNCIL,

MICHAEL MUNDACA, ASSISTANT SECRETARY OF THE TREASURY

FOR TAX POLICY, AND JARED BERNSTEIN, CHIEF ECONOMIST

TO VICE PRESIDENT BIDEN

 

Via Conference Call

 

3:08 P.M. EDT

 

     MR. DEESE:  Thanks, everybody, for joining the call.  I'm going to briefly just highlight a couple of the new items that the President will be talking about in his radio address this week, and then turn it over to Michael and Jared to go through some of the specifics of the tax provisions in the Recovery Act.

 

     I think you all have a copy of the radio address, but just to highlight some of the new issues:  First, the President will be announcing that as of the end of March more than $160 billion in tax relief has been provided to American families and businesses directly as a result of the Recovery Act.

 

     Overall the Recovery Act contained just under $300 billion in tax relief.  And so, again, as of the end of March, over $160 billion of that has gone out.  And we anticipate that April may likely be one of the largest months that we've seen in terms of tax relief -- so that doesn't include the tax cuts that are going to be going out in this month.

 

     Of that $160 billion, the primary beneficiaries of that tax relief are working families and small businesses.  Working families under the Recovery Act have received just about $100 billion in tax relief and they have nearly $100 billion more that is yet to come, again as the result of the Recovery Act tax cuts that Mike Mundaca will go through shortly.

 

     In addition, small businesses have directly benefitted both from provisions that have reduced the cost of investments by allowing them to write off more of those investments upfront, which helps them make investments, create jobs and maintain their business, as well as a reduction in the capital gains rate, a 75 percent reduction in capital gains rate on investments in small businesses, which was an important down payment on one of the President's key priorities, which is eliminating capital gains taxes for investments and small businesses.

 

     So that's the state of play in terms of tax cuts that have gone out.  And again, the President will be focusing on that $160 billion total in the Recovery Act.

 

     The second thing the President will be highlighting is that in an effort to make sure that American families know all of the tax benefits that they are eligible for, we've launched a new interactive tool on the White House website, which you can see at www.whitehouse.gov/recovery.  And the tool is sort of basic and very neat features that just allows you -- anybody who is thinking about going and doing their taxes this weekend to check through and check, you know, have I thought of all of the things that I might be eligible for, have I done the mental calculation right about all of the activities that I might have done over the past year that would have made me eligible for a tax cut.  We want to make sure that Americans get all of the tax benefits that they are owed.  And so this online tool is an important part of that.

 

     Already -- and the President will announce this tomorrow -- but already over 100,000 people have gone on and utilized the tool on the website.  And the President this weekend will encourage more to do so as we head into this last period, this most busy period up until April 15th.

 

     So that's what you're going to be hearing from the President tomorrow in his radio address.  And I will now turn it over to Assistant Secretary Mundaca who can walk through some of the specific tax provisions from the Recovery Act.

 

     MR. MUNDACA:  Thanks very much, Brian.  This is Michael Mundaca, as Brian mentioned.  And also as Brian mentioned, what I'm going to do is talk a little bit about some of the major provisions of the Recovery Act that are delivering actually to middle-class families, and then turn it over to Jared who's going to provide some context for the benefits provided in the Recovery Act.

 

     I'm going to focus on the major tax relief provisions under the Recovery Act -- the Making Work Pay tax credits; the American Opportunity tax credit; the first-time homebuyer credit; some of the incentives for home improvement that improve the energy efficiency of homes, and then touch lightly on some of the others.

 

     The centerpiece of the Recovery Act with respect to tax relief for middle-class families is the Making Work Pay tax credit, which is a refundable tax credit of up to $400 for working individuals and $800 for working families targeted to middle-class families.  It phases out over certain income levels, but it's available in its full form for married couples who make up to $150,000 and, again, starts to fade out after that.  So, again, it's very specifically targeted tax relief for middle-class working families.

 

     The delivery mechanism was through reductions in withholding tax so the money was available immediately and families could have it available over 2009 to spend, but you claim it on your tax return filed this year and get the effect of it on your bottom line taxes paid for 2009 on the return you file in 2010.

 

     So it's important for taxpayers to know that right now as we roll into the final week of tax filing season we estimate that about 95 percent of working families -- about 110 million Americans -- are eligible for the credit.  So, again, very targeted, very broad tax relief for middle-class working families.

 

     The American Opportunity tax credit builds on the already existing Hope tax credit and allows up to $2,500 tax credit with respect to cost of tuition or other college expenses.

 

     So the American Recovery Act increased the credit amount available by $700 and in addition expanded the expenses covered by the tax credits.  And in addition to expanding the expenses, also allowed that with respect to the first four years of college as opposed to just the first two available with respect to Hope credit.

 

     So, again, targeted to something very important to middle-class families and to the country as a whole, incentivizing secondary education in a way preparing us for the new economy by getting our citizens as best and well educated as we possibly can.

 

     And as well, focusing on another priority for middle-class families, which is buying their first home.  The Recovery Act provided an $8,000 tax credit for individuals or families that purchased their first home.  That was later extended so that it is available even this year with respect to houses purchased before April 30th -- so we're coming to the close of the availability of that credit.  It's important for people to know about this as well.  Again, the Recovery Act created this credit, made it available in 2009.  It is available in 2010 as well, as I mentioned, with respect to houses purchased before April 30th.  And if you purchase a home in 2010 you can claim the credit on the return you're filing this year -- so even though your tax return for this year filed in 2010 covers your 2009 year, you can claim with respect to homes purchased in 2010 on the tax return you may be about to file.  So again, important for people to know about that.

 

     And then as I mentioned, April 30th, the time in which you have to have purchased the home -- and again, not to get too technical, you have to have entered a binding contract and if you haven't actually purchased and closed by April 30th you have the binding contract and close before June, then you're okay.

 

     And then finally, the residential tax credit, again, something very important to people in the country making their houses better and more efficient, a 30 percent tax credit available with respect to certain improvements to your house, with respect to energy efficiency -- so insulation, energy efficient water heater, better doors, windows, as well as some alternative fuel systems as well -- solar energy, wind energy.  Make those improvements to your home, you can be eligible for a 30 percent tax credit, capped at $1,500 for 2009 and '10.  And again, buy and put it in use last year, claim the credit this year; or put it in use this year, you can claim it next year.  But, again, very important priority for people and the country.

 

     With that, again going over the major provisions -- and there are a whole host more in the bill --- for example, purchased a car, deduct a sales tax; improvements to the Child Tax Credit, Earned Income Tax Credit as well, I don't want to slight those, but in an effort to move along it's just the highlights.  I'll now turn it over to Jared to provide some context on all this.

 

     DR. BERNSTEIN:  Thank you.  I have just a few brief comments, putting these tax cuts and credits in the somewhat larger context of the Recovery Act and the economy in general.

 

     It's important to recognize that these tax cuts do double duty.  First and more importantly in the ways that Michael just articulated, they provide much needed relief for strapped families during these tough times.  And in fact, even well before this recession took hold we know that middle class families were challenged just making their basic family budgets go the distance, given their earning opportunities in the job market -- whether it was the cost of housing, health care, college, maybe an investment in the home -- these credits are essential to help them make ends meet.

 

     But second, when folks spend this extra money they create more economic activity that in itself helps create more jobs.  In this sense, the tax cuts are one reason why the Recovery Act is widely credited with creating or saving more than 2 million jobs so far.

 

     Already this season tax refunds are up around 10 percent, close to $300 per person compared to last year.  And that's based, as you've heard, on incomplete filing so far.  Now, that's a broad average.  For a young family starting out with a new home purchase you're talking about an $8,000 credit.  For a middle class family paying college tuition and expenses you're talking about $2,500.

 

     We know that folks don't always see these tax cuts in action the same way you do when you're driving down the road and you see a construction zone with one of those Recovery Act signs by it -- I recently traveled with the Vice President to a factory that's creating hundreds of jobs based on a manufacturing tax credit.  But we know they're out there making life a little bit easy for American families to get through these tough times and to invest in their future.

 

     Thank you.

 

     Q    My question -- perhaps for Michael or for all three of you -- is about the housing credit, in particular.  With the housing market in the state that it is today, is this something that the administration is considering extending past the end of April deadline?  And if not, why not?

 

     MR. MUNDACA:  I'll take that.  We're focused right now on trying to get information out to people with respect to the tax credits that are available.  About 40 percent of people have not yet filed their tax return, so over the next week it's very important for people to have the information about what's available right now to them.  Even those that have filed and maybe didn't realize they were eligible for a credit have a chance to amend their return to get it.

 

So again, we're trying to get the word out on the credits that are available right now, important credits with respect to homeownership, with respect to working, with respect to home improvement, so that people when they file get what they deserve and get what is owed them under the Recovery Act.

 

DR. BERNSTEIN:  I just want to make sure this is -- not in response to that question, just to make sure that I was clear about a number I cited.  I mentioned that tax refunds are up around $270 per person compared to last year, and as you just heard from Michael there is a considerable amount of folks who have yet to file.

 

The average refund so far is a record $3,000 -- up 10 percent -- and folks at the IRS told us that's largely due to the Recovery Act credits we've been discussing.

 

     Q    Thanks for taking my call.  I wanted to ask about something that the President mentioned that you guys didn't, which is the tax-free status of the first $2,400 of unemployment compensation, which expired at the end of '09.  I'm just curious if there's any interest in the administration in extending that.  I haven't heard much talk about that at all, but given that we're still at 9.7 percent, if there's just any interest in keeping that provision going.

 

     MR. DEESE:  That is a provision that was an important component of the Recovery Act and something that we would like to see but as part of a broader effort to extend unemployment insurance, the benefits of unemployment insurance, to those who are -- who have been laid off and who are out there working -- looking for work and struggling.  So that is a provision that we support, but it's part of a broader effort.  And that's one of the things that when Congress gets back next week is going to need to be first order of business, and we're very much hopeful that we're going to see some near-term action on extending unemployment insurance.

 

     MS. BRUNDAGE:  Great.  Well, thanks, everyone, for joining the call and thanks to our speakers.  Just a reminder that this call is embargoed for 6:00 a.m. Eastern time tomorrow, as is the President's weekly address.  Thanks again for joining.

 

     OPERATOR:  Ms. Brundage, we do have a new question that did appear.

 

     MS. BRUNDAGE:  Oh, okay, that's great.  Why don't we take it if we still have our speakers on the line.

 

     OPERATOR:  We do have two other speakers remaining.

 

     Q    Just a question about the website tool.  You said you have 100,000 people.  When did it actually go live?  And it seems a little late to have that out -- shouldn't it have been out sort of in January?  Thanks.

 

     MS. BRUNDAGE:  I'm not sure -- we may have lost our speakers, given it seemed as though we were ending the call.  I could pull the exact date, but it was -- I want to say it was about three to three and a half weeks ago that the tool went live.  But I will pull the exact date and email it over to you, Jon, and anybody else who needs that date, as well -- you can call the press office.

 

     Q    Okay, thank you.

 

     MS. BRUNDAGE:  Great, thanks, everybody.

 

                                            END                               3:26 P.M. EDT

EMBARGOED: Weekly Address: Recovery Act Benefiting American Families During Tax Season

 

THE WHITE HOUSE
Office of the Press Secretary
______________________________________________________________________________
EMBARGOED UNTIL 6:00 AM ET, SATURDAY, April 10, 2010

WEEKLY ADDRESS: Recovery Act Benefiting American Families During Tax Season

 

WASHINGTON – In his weekly address, President Barack Obama spoke to the American people about how to take advantage of Recovery Act tax benefits ahead of Tax Day – April 15, 2010.  Largely due to the Recovery Act, the average tax refund is up nearly 10 percent this year.  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.  To help taxpayers see for themselves exactly how they can benefit from Recovery Act tax credits and collect every dollar owed when they file this tax season, the White House launched a new interactive Tax Savings Tool available at www.WhiteHouse.gov/Recovery.

 

A fact sheet about the tax benefits in the Recovery Act is below the text.

 

The full audio of the address is HERE. The video can be viewed online at www.whitehouse.gov.

 

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.

 

 

RECOVERY ACT TAX RELIEF
Major Tax Benefits

 

Taxpayers can collect on more than a dozen 2009 Recovery Act tax benefits when they file their 2009 tax returns, including:

 

Making Work Pay - Ninety-five percent of working families are receiving the Recovery Act’s Making Work Pay tax credit of $400 for an individual or $800 for married couples filing jointly in their paychecks in 2009 – and will continue to in 2010. 

 

·         Taxpayers whose withholding in 2009 did not provide the full amount of the credit they are due will get the additional amount when they file their 2009 tax return. Even though most taxpayers received the benefit of this credit in their paychecks from adjusted tax withholding by their employers, they still need to claim this credit on their tax returns (i.e., Form 1040 or 1040A).

 

Up to $2,500 in College Expenses – Families and students are eligible for up to $2,500 in tax savings under the American Opportunity Credit as well as enhanced benefits under 529 college savings plans, which help families and students pay for college expenses.

 

·         American Opportunity Credit – More parents and students are eligible for a tax credit of up to $2,500 to pay for college expenses and can claim the credit annually for four years instead of two.

 

·         529 College Savings Plans – Students can now use a 529 plan to pay for computer technology, adding this to the list of traditional college expenses (tuition, books, etc.) that can be paid for by a 529 plan.

 

Up to $8,000 for Purchase of First Home – Homebuyers can get a credit of up to $8,000 for first homes purchased by April 30, 2010 under the First Time Homebuyer tax credit.  Long-time residents who don’t qualify as first-time homebuyers and those with incomes of up to $145,000 for an individual and $245,000 for joint filers are also eligible for a reduced credit.

 

Up to $1,500 in Energy Efficiency and Renewable Energy Incentives – Taxpayers are eligible for up to $1,500 in tax credits for making some energy-efficiency improvements to their homes such as adding insulation and installing energy efficient windows.

 

Money Back for New Vehicle Purchases – Taxpayers can deduct the state and local sales taxes they paid for new vehicles purchased from Feb. 17, 2009 through Dec. 31, 2009 under the vehicle sales tax deduction.  In states that don't have a sales tax, some other taxes or fees paid may be deducted.

 

Expanded Family Tax Credits - Moderate income families with children may be eligible for an increase in the Earned Income Tax Credit and the additional Child Tax Credit.

 

·         Earned Income Tax Credit – The Recovery Act increased the credit for families with three or more children, bringing the maximum amount to $5,657.

 

·         Child Tax Credit – More families will be able to take advantage of the child tax credit under the Recovery Act, which reduced the minimum amount of earned income used to calculate the additional child tax credit to $3,000 from $12,550. 

 

Up to $2,400 in Unemployment Benefits Tax Free in 2009 – Unemployment benefits are normally taxable, but the Recovery Act made the first $2,400 of unemployment benefits received in 2009 tax free.

 

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EMBARGOED: Weekly Address: President Obama Extends Holiday Greeting

THE WHITE HOUSE
Office of the Press Secretary
______________________________________________________________________________
EMBARGOED UNTIL 6:00 AM ET, SATURDAY, April 3, 2010

WEEKLY ADDRESS: President Obama Extends Holiday Greeting

 

WASHINGTON – In this week of faithful celebration, President Barack Obama used his address to offer his holiday greeting and to call on people of all faiths and nonbelievers to remember our shared spirit of humanity. All people know the value of work, health, education, and community. This week is a time to be mindful of this common bond which is at the heart of all the world’s great religions.

 

The audio and video will be available online at www.whitehouse.gov at 6:00 am ET, Saturday, April 3, 2010.

 

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.

 

EMBARGOED: Remarks of President Barack Obama on Health Care Insurance Reform in Portland, Maine—As Prepared for Delivery

THE WHITE HOUSE

Office of the Press Secretary

_______________________________________________________________________________________

EMBARGOED UNTIL DELIVERY

April 1, 2010

 

 

 

Remarks of President Barack Obama—As Prepared for Delivery

Health Care Insurance Reform

Thursday, April 1, 2010

Portland, Maine

 

As Prepared for Delivery--

 

Hello, Portland!  It is so good to be back in the great state of Maine. 

 

When I came here during the campaign, I made a promise.  It wasn't just a promise about any one issue.  It was a promise that our government would once again be responsive to the needs and aspirations of the middle-class.  It was a promise that Washington would concern itself not just with the next election, but with the next generation of Americans. 

 

Keeping that promise is even more critical at a time when so many families and small business owners are still struggling here in Maine and across America.  Every time I visit with workers in factories, and families in diners; every night when I sit down and read letters from everyday Americans; I see and hear the same questions.  What folks are asking is "How am I going to find a job when I've only known one skill my entire life?  How will I retire when I keep spending my savings just to get by?  How am I going to make it when I'm stretched to the limit on my mortgage and my bills?"

 

I want you to know that we are working every day to spur job creation and turn this economy around.  And that's why we worked so hard over the last year to lift one of the biggest burdens facing middle-class families and small business owners:  the crushing cost of health care in America.   

 

Last week, after a year of debate and a century of trying, health insurance reform became the law of the land.  And it happened because of you.   

 

It happened because people had the courage to stand up at town hall meetings and talk about how insurance companies were denying their families coverage because of a pre-existing condition. 

 

It happened because folks wrote letters about how premium hikes of 40% and 50% and 100% were forcing them to give up their insurance. 

 

It happened because countless small business owners and families and doctors shared stories about a health care system that works better for the insurance industry than it does for the American people.

 

And when the special interests sent an army of lobbyists to Congress and blanketed the airwaves with millions in negative ads, you mobilized and organized and refused to give up.  When the pundits were obsessing over who was up and who was down, you never lost sight of what was right and what was wrong.  You knew this wasn't about the fortunes of any one party -- this was about the future of our country.  And today, because of what you did, that future looks stronger and more hopeful than it has in some time. 

 

Now, over the last year, there's been a lot of misinformation spread about health care reform.  There has been plenty of fear-mongering and overheated rhetoric.  And if you turn on the news, you'll see that those same folks are still shouting about how the world will end because we passed this bill.  This is not an exaggeration.  Leaders of the Republican Party have actually been calling the passage of this bill "Armageddon."  They say it's the end of freedom as we know it.  

 

So after I signed the bill, I looked up to see if there were any asteroids headed our way.  I checked to see if any cracks had opened up in the ground.  But you know what?  It turned out to be a pretty nice day.  Birds were chirping.  Folks were strolling down the street.  Nobody lost their doctor, or was forced into some government plan.   

 

Then you have to love some of the pundits in Washington.  Every day since I signed reform into law, there's another poll or headline that says "Nation still divided on health reform.  No great surge in public support."  Well, yeah.  It's only been a week!  Before we find out if people like health care reform maybe we should wait until it actually happens.  Just a thought.      

 

This reform will not solve every problem with our health care system.  It will not bring down the cost of health care overnight.  We'll have to make some adjustments along the way.  But it represents enormous progress.  It enshrines the principle that every American should have the security of decent health care; that nobody should go bankrupt because they get sick or have a child with a preexisting condition.  And now that this bill is finally law, all the folks who've been playing politics with health care will have to finally confront the reality of what this reform is and what it isn't. 

 

They will have to finally acknowledge that this isn't a government takeover of our health care system.  They will see that if Americans like their doctor, they will keep their doctor.  If people like their plan, they will keep their plan.  No one will be able to take that away from you.  It hasn't happened yet and it won't happen in the future.     

 

What this reform represents is basically a middle-of-the-road solution to our health care problems.  It's not the single-payer, government-run system that some on the left have supported in the past.  And it's not what many on the right wanted, which was even fewer rules and regulations for insurance companies.  Instead, this reform incorporates ideas from Democrats and Republicans – including some from your Senator and my friend, Olympia Snowe, who spent many hours meeting with me about this bill.    

 

What this reform does is build on the system of private health insurance that we already have. If you already have insurance, this reform will make it more secure and more affordable.  If you can't afford insurance or have been denied coverage, you'll finally be able to get it.  And over time, costs will come down for families, businesses, and the federal government, reducing our deficit by more than $1 trillion over the next two decades.  That's what reform will do. 

 

Now, it will take about four years to implement this entire plan – because we need to do it responsibly and we need to get it right.  But there are also a set of reforms that will take effect this year. 

 

Starting this year, millions of small business owners will be eligible for tax credits that will help them cover the cost of insurance for their employees.  And let me talk about what this means for a small business owner like Bill Milliken.  Bill owns Market House Coffee and the Maine Beer and Beverage Corporation, both here in Portland.  He wants to give his part time employees health insurance and more hours, but he can't afford to do both.  This tax credit will make it easier for an employer like Bill who wants to do the right thing by his workers. 

 

Starting now, small business owners like Bill will have the security of knowing that they can qualify for a tax credit that covers up to 35% of what they pay for their employees' health insurance.  Starting now, small business owners that provide health care to their workers can sit down at the end of the week, look at their expenses, and begin calculating how much money they're going to save.  For small business owners who don't currently provide health insurance, they'll be able to factor in this new benefit in deciding whether to do so.   And with that savings, employers may be able to cover an additional worker or hire that extra employee they've needed.  This health care tax credit is pro-jobs, it's pro-business, and it starts this year.  This month, we're going to be sending out details on how to apply for this credit to millions of small businesses across the county, but if you want to learn more today, we put up all the facts on www.whitehouse.gov.      

 

Starting this year, tens of thousands of uninsured Americans with a preexisting condition and parents whose children have a pre-existing condition will finally be able to purchase the coverage they need.  Last week, I met David Gallagher, whose daughter Lauren had written me a letter last year.  When Lauren's mom lost her job, their entire family lost their health insurance.  When they tried to get new insurance, David was denied coverage because he once had a complication-free hernia surgery.  Lauren's been worried sick about what would happen if her father became ill or injured.  But now, because of this reform, David Gallagher can finally have access to health insurance again.  That starts this year.    

 

This year, insurance companies will no longer be able to drop people's coverage when they get sick; or place lifetime limits or restrictive annual limits on the amount of care they can receive.  There was a story in a local paper this week about Theresa D'Andrea.  Theresa's husband passed away recently from cancer, and before he died, he hit the lifetime cap on his insurance.  As a result, Theresa not only has to cope with the loss of her husband, but with $60,000 in medical bills – and this is after she already spent all of their retirement savings on medical care.  Because of this reform, a situation like Theresa's will never happen again in the United States of America – starting this year.   

 

Starting this year, all new insurance plans will be required to offer free preventive care. 

 

Starting this year, if you're a young person who doesn't have insurance or doesn't have a job that offers insurance, you'll be able to stay on your parents' insurance policy until you're 26 years old. 

 

And this year, seniors who fall in the coverage gap known as the doughnut hole will receive $250 to help pay for prescriptions, which will be the first step toward closing that gap completely.  And I want seniors to know: despite what some have said, these reforms will not cut your guaranteed benefits.  What they will do is eliminate co-payments and deductibles for preventive care, like check-ups and mammograms.

 

So all that happens this year.  Then, by 2014, each state will set up a health insurance exchange, a competitive marketplace where uninsured people and small businesses will finally be able to purchase affordable, quality insurance.  In other words, they'll be part of a pool, and get the same good deal that Members of Congress get for themselves.  That will happen in the next few years.  And when this exchange is up and running, millions of people will get tax breaks to help them afford coverage – credits that add up to the largest middle class tax cut for health care in history. 

 

This is the reform that some folks in Washington are still hollering about.  And now that it's passed, they're already promising to repeal it.  They're actually going to run on a platform of repeal in November. 

 

Well I say go for it.  If these Congressmen in Washington want to come here to Maine and tell small business owners that they plan to take away their tax credits and essentially raise their taxes, be my guest.  If they want to look Lauren Gallagher in the eye and tell her they plan to take away her father's ability to get health insurance, that's their right.  If they want to tell people like Theresa D'Andrea that they could once again face a lifetime of debt if they lose a family member, they can run on that platform.  If they want to have that fight, I welcome that fight.  Because I don't believe the American people are going to put the insurance industry back in the driver's seat.  We've been there already and we're not going back.  This country is ready to move forward. 

 

Portland, the road to this victory has been long and it has been difficult.  And reaching this milestone does not represent the end of all our problems.  We still have jobs to create and deficits to reduce and children to educate.  We still face enormous challenges in this country. 

 

But what this fight has taught us – about ourselves and about this country – is so much bigger than any one issue.  It has reminded us that change is never easy, but it is always possible.  It reminds us that in the United States of America, we still have the power to shape our own destiny.  It has reminded us that we, as a people, do not shrink from a challenge.  We overcome it.  We do not shirk our responsibility.  We embrace it.  We do not fear the future.  We shape the future.  That is what we do.  That is who we are.  That's what makes us the United States of America.  Thank you Portland, God bless you, and may God bless the United States of America. 

 

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