Stimulus passes, more work to be done, Obama says

President Obama, in his weekly address to the nation, Feb. 14, celebrated a major political victory with the passage of his economic recovery package in the Senate this week. He also looked forward to putting into place what he has called the other legs of the stool of economic recovery: fixing the financial system and restoring fiscal soundness to the federal budget process.

The president praised a ‘lively debate full of healthy difference of opinion’ but added that ‘we have delivered real and tangible progress for the American people.’

The economic recovery package will create or save 3.5 million, promote new economic activity by businesses and consumers, but will also lay some foundations for long-term growth, Obama stated.

Investments in infrastructure, education, health care modernization, science and green technology, along with boosting safety net programs like unemployment insurance and health care will help create jobs will create jobs and prevent deep hardships for struggling families, Obama argued.

President Obama further pledged to provide public access information about the programs in the economic recovery package on a new White House Web site at once the bill is signed into law and its provisions implemented.

Economic stimulus isn’t enough, however, to bring the country out of recession, Obama added. ‘This historic step won’t be the end of what we do to turn our economy around, but the beginning. The problems that led us into this crisis are deep and widespread.’

Repairing and stabilizing the financial system by loosening the credit crunch, providing aid to home buyers facing foreclosure, and reforming the regulatory system are additional pieces to the puzzle of economic stability, Obama concluded.

See the address here (transcript below):