Weekly Address: Congress Should Take Action to Continue Growing the Economy

WASHINGTON, DC— In this week’s address, President Obama said that the economy is moving in the right direction, but there is still more work to do.  He called on Congress to act to give every responsible homeowner the chance to save money on their mortgage by refinancing at historically low interest rates, put more Americans to work rebuilding our crumbling infrastructure, and fix our broken immigration system, so that we can continue to grow our economy and create good middle class jobs.  

Remarks of President Barack Obama
Weekly Address
The White House
June 1, 2013

Hi, everybody.  Over the past four and a half years, we’ve been fighting our way back from an economic crisis and punishing recession that cost millions of Americans their jobs, their homes, and the sense of security they’d worked so hard to build. 

And thanks to the grit and determination of the American people, our businesses have now created nearly 7 million new jobs over the past 38 months.

An auto industry that was flatlining is once again the heartbeat of American manufacturing – with Americans buying more cars than we have in five years.

Within the next few months, we’re projected to begin producing more of our own crude oil at home than we buy from other countries – the first time that’s happened in 16 years.

Deficits that were growing for years are now shrinking at the fastest rate in decades.  The rise of health care costs is slowing, too.

And a housing market that was in tatters is showing new signs of real strength.  Sales are rising.  Foreclosures are declining.  Construction is expanding.  And home prices that are rising at the fastest rate in nearly seven years are helping a lot of families breathe a lot easier. 

Now we need to do more. 

This week, my administration announced that we’re extending a program to help more responsible families modify their mortgages so they can stay in their homes. 

But to keep our housing market and our economy growing, Congress needs to step up and do its part.  Members of Congress will be coming back next week for an important month of work.  We’ve got to keep this progress going until middle-class families start regaining that sense of security.  And we can’t let partisan politics get in the way.

Congress should pass a law giving every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low interest rates. 

Congress should put more Americans to work rebuilding our crumbling roads and bridges, like the one that collapsed last week in Washington state.  We’d all be safer, and the unemployment rate would fall faster.

And Congress should fix our broken immigration system by passing commonsense reform that continues to strengthen our borders; holds employers accountable; provides a pathway to earned citizenship; and also modernizes our legal immigration system so that we’re reuniting families and attracting the highly-skilled entrepreneurs and engineers who will help our economy grow. 

So there are a lot of reasons to feel optimistic about where we’re headed as a country – especially after all we’ve fought through together.  We’ve just got to keep going.  Because we’ve got more good jobs to create.  We’ve got more kids to educate.  We’ve got more doors of opportunity to open for anyone who’s willing to work hard enough to walk through those doors.

And if we work together, I’m as confident as I’ve ever been that we’ll get to where we need to be.

Thanks and have a great weekend.