President Barack Obama Weekly Address Video, Photos 1-31-09

President Barack Obama speaks after the swearing-in of Timothy Geithner as U.S. treasury secretary, January 26, 2009

President Barack Obama delivered his weekly address on January 31, 2009 via radio and YouTube. See the video and recent photos of Obama duing the past week.

He began by noting there is good news and bad news, the latter being well known, that the economy is worsening and that according to new statistics, the economy shrank by nearly 4 percent in the last quarter of 2008; the largest decline in more than a quarter century, meaning more job loss in January 2009.

President Barack Obama with Lilly Ledbetter before signing the Lilly Ledbetter Fair Pay Act duringn an event in the East Room of the White House January 29, 2009

President Barack Obama with Lilly Ledbetter before signing the Lilly Ledbetter Fair Pay Act duringn an event in the East Room of the White House January 29, 2009

He said the good news was that the House had passed the American Recovery and Reinvestment Plan (commonly known as the economic stimulus package), indicating that the government is moving with urgency in light of the economic crisis. Obama said the plan “will save or create more than 3 million jobs over the next few years.” He went on to add, “It puts a tax cut into the pockets of working families, and places a down payment on America’s future by investing in energy independence and education, affordable health care, and American infrastructure.”

President Barack Obama signing the Lilly Ledbetter Fair Pay Act during an event in the East Room of the White House January 29, 2009

President Barack Obama signing the Lilly Ledbetter Fair Pay Act during an event in the East Room of the White House January 29, 2009

Reiterating comments he made during the week in which he called Wall Street bonuses “outrageous,” Obama said, “We learned this week that even as they petitioned for taxpayer assistance, Wall Street firms shamefully paid out nearly $20 billion in bonuses for 2008.” He went on to add, “While I’m committed to doing what it takes to maintain the flow of credit, the American people will not excuse or tolerate such arrogance and greed.”

President Barack Obama at the swearing in of Timothy Geithner as Treasury Secretary, January 26, 2009

The President also said that the newly sworn in Treasury Secretary Tim Geithner, “will announce a new strategy for reviving our financial system that gets credit flowing to businesses and families. We’ll help lower mortgage costs and extend loans to small businesses so they can create jobs.”

Obama did not offer specifics about the new plan or say when it would be unveiled. His chief spokesman, Robert Gibbs, said on Friday that the White House would hold meetings next week about financial industry regulation.

President Barack Obama at the swearing in of Timothy Geithner as Treasury Secretary, January 26, 2009

President Barack Obama at the swearing in of Timothy Geithner as Treasury Secretary, January 26, 2009

Republicans, who opposed the president’s stimulus package of over $800 billion largely because of its spending priorities, suggested mortgage help as well, proposing government-backed 4 percent fixed-rate mortgages for “any credit-worthy borrower,” Senate Republican Leader Mitch McConnell said.

“The availability of these low-interest loans would increase demand for houses significantly and low-interest mortgages would boost household income,” McConnell said in a separate radio address.

Source: Obama pledges mortgage help

Here is the Weekly Address video. See also Weekly Address Transcript, January 31, 2009 via WhiteHouse.gov More Obama pictures below.

YouTube Link

Vice President Joe Biden and Secretary of Defense Robert Gates stand with the Joint Chiefs of Staff as President Barack Obama talks to reporters after a meeting at the Pentagon January 28, 2009

Vice President Joe Biden and Secretary of Defense Robert Gates stand with the Joint Chiefs of Staff as President Barack Obama talks to reporters after a meeting at the Pentagon January 28, 2009.

President Barack Obama greets service men and women after a meeting at the Pentagon January 28, 2009