20th Anniversary of the Americans with Disabilities Act

THE PRESIDENT: Thank you. Good evening, everybody. (Applause.) Thank you so much. Well, we have a gorgeous day to celebrate an extraordinary event in the life of this nation. Welcome, all of you, to our White House. And thank you, Robert, for the wonderful introduction. It is a pleasure and honor to be with all [...]

Regarding the DISCLOSE Act

THE PRESIDENT: Good afternoon, everybody. Tomorrow there’s going to be a very important vote in the Senate about how much influence special interests should have over our democracy. Because of the Supreme Court’s decision earlier this year in the Citizens United case, big corporations –- even foreign-controlled ones –- are now allowed to spend unlimited [...]

Limiting the Influence of Special Interests

Weekly Address: 07.24.10

This week, I signed into law a Wall Street reform bill that will protect consumers and our entire economy from the recklessness and irresponsibility that led to the worst recession of our lifetime. It’s reform that will help put a stop to the abusive practices of mortgage lenders and credit card companies. It will end [...]

Remarks by the President at Signing of the Improper Payments Elimination and Recovery Act

Remarks by the President at Signing of Dodd-Frank Wall Street Reform and Consumer Protection Act

THE PRESIDENT: Well, good morning, everyone.
AUDIENCE: Good morning.
THE PRESIDENT: We are gathered in the heart of our nation’s capital, surrounded by memorials to leaders and citizens who served our nation in its earliest days and in its days of greatest trial. Today is such a time for America.
Over the past two years, we have faced [...]

20th Anniversary of the Americans with Disabilities Act

July 26th, 2010

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THE PRESIDENT: Thank you. Good evening, everybody. (Applause.) Thank you so much. Well, we have a gorgeous day to celebrate an extraordinary event in the life of this nation. Welcome, all of you, to our White House. And thank you, Robert, for the wonderful introduction. It is a pleasure and honor to be with all of you on the 20th anniversary of one of the most comprehensive civil rights bills in the history of this country — the Americans with Disabilities Act. (Applause.)

I see so many champions of this law here today. I wish I had time to acknowledge each and every one of you. I want to thank all of you. But I also want to thank our Cabinet Secretaries and the members of my administration here today who are working to advance the goals of the ADA so that it is not just the letter of the law, but the spirit of the law, that’s being applied all across this country. (Applause.)

I want to thank the members of Congress in attendance who fought to make ADA possible and to keep improving it throughout the years. (Applause.) I want to acknowledge Dick Thornburgh, who worked hard to make this happen as Attorney General under President George H.W. Bush. (Applause.)

And by the way, I had a chance to speak to President Bush before I came out here, and he sends heartfelt regards to all of you. And it’s — he’s extraordinarily proud of the law that was passed. He was very humble about his own role, but I think it’s worth acknowledging the great work that he did. (Applause.)

We also remember those we’ve lost who helped make this law possible — like our old friend, Ted Kennedy. (Applause.) And I see Patrick here. And Justin Dart, Jr., a man folks call the father of the ADA — whose wife Yoshiko, is here. (Applause.) Yoshiko, so nice to see you. (Applause.)

I also notice that Elizabeth Dole is here, and I had a chance to speak to Bob Dole, as well, and thank him for the extraordinary role that he played in advancing this legislation. (Applause.)

Let me also say that Congressman Jim Langevin wanted to be here today, but he’s currently presiding over the House chamber — the first time in our history somebody using a wheelchair has done so. (Applause.)

Today, as we commemorate what the ADA accomplished, we celebrate who the ADA was all about. It was about the young girl in Washington State who just wanted to see a movie at her hometown theater, but was turned away because she had cerebral palsy; or the young man in Indiana who showed up at a worksite, able to do the work, excited for the opportunity, but was turned away and called a cripple because of a minor disability he had already trained himself to work with; or the student in California who was eager and able to attend the college of his dreams, and refused to let the iron grip of polio keep him from the classroom — each of whom became integral to this cause.

And it was about all of you. You understand these stories because you or someone you loved lived them. And that sparked a movement. It began when Americans no longer saw their own disabilities as a barrier to their success, and set out to tear down the physical and social barriers that were. It grew when you realized you weren’t alone. It became a massive wave of bottom-up change that swept across the country as you refused to accept the world as it was. And when you were told, no, don’t try, you can’the — you responded with that age-old American creed: Yes, we can. (Applause.)

AUDIENCE MEMBER: (Inaudible.)

THE PRESIDENT: Yes, we can!

Sit-ins in San Francisco. Demonstrations in Denver. Protests in Washington, D.C., at Gallaudet, and before Congress. People marched, and organized, and testified. And laws changed, and minds changed, and progress was won. (Applause.)

Now, that’s not to say it was easy. You didn’t always have folks in Washington to fight on your behalf. And when you did, they weren’t as powerful, as well-connected, as well-funded as the lobbyists who lined up to kill any attempt at change. And at first, you might have thought, what does anyone in Washington know or care about my battle? But what you knew from your own experience is that disability touches us all. If one in six Americans has a disability, then odds are the rest of us love somebody with a disability.

I was telling a story to a group that was in the Oval Office before I came out here about Michelle’s father who had MS. By the time I met him, he had to use two canes just to walk. He was stricken with MS when he was 30 years old, but he never missed a day of work; had to wake up an hour early to get dressed –

AUDIENCE MEMBER: So what.

THE PRESIDENT: — to get to the job, but that was his attitude — so what. He could do it. Didn’t miss a dance recital. Did not miss a ball game of his son. Everybody has got a story like that somewhere in their family.

And that’s how you rallied an unlikely assortment of leaders in Congress and in the White House to the cause. Congressmen like Steny Hoyer, who knew his wife Judy’s battle with epilepsy; and Tony Coehlo, who waged his own; and Jim Sensenbrenner, whose wife, Cheryl, is a tremendous leader and advocate for the community. And they’re both here today. (Applause.)

Senators like Tom Harkin, who’s here today, and who signed — (applause) — who signed part of a speech on the ADA so his deaf brother, Frank, would understand. And Ted Kennedy, whose sister had a severe intellectual disability and whose son lost a leg to cancer. And Bob Dole, who was wounded serving heroically in World War II. Senior officials in the White House, and even the President himself.

They understood this injustice from the depths of their own experience. They also understood that by allowing this injustice to stand, we were depriving of our nation — we were depriving our nation and our economy of the full talents and contributions of tens of millions of Americans with disabilities.

That is how the ADA came to be, when, to his enduring credit, President George H.W. Bush signed it into law, on this lawn, on this day, 20 years ago. That’s how you changed America. (Applause.)

Equal access — to the classroom, the workplace, and the transportation required to get there. Equal opportunity — to live full and independent lives the way we choose. Not dependence — but independence. That’s what the ADA was all about. (Applause.)

But while it was a historic milestone in the journey to equality, it wasn’t the end. There was, and is, more to do. And that’s why today I’m announcing one of the most important updates to the ADA since its original enactment in 1991.

Today, the Department of Justice is publishing two new rules protecting disability-based discrimination — or prohibiting disability-based discrimination by more than 80,000 state and local government entities, and 7 million private businesses. (Applause.) And beginning 18 months from now, all new buildings must be constructed in a way that’s compliant with the new 2010 standards for the design of doors and windows and elevators and bathrooms — (applause) — buildings like stores and restaurants and schools and stadiums and hospitals and hotels and theaters. (Applause.)

My predecessor’s administration proposed these rules six years ago. And in those six years, they’ve been improved upon with more than 4,000 comments from the public. We’ve heard from all sides. And that’s allowed us to do this in a way that makes sense economically and allows appropriate flexibility while ensuring Americans with disabilities full participation in our society.

And for the very first time, these rules will cover recreational facilities like amusement parks and marinas and gyms and golf facilities and swimming pools — (applause) — and municipal facilities like courtrooms and prisons. (Applause.) From now on, businesses must follow practices that allow individuals with disabilities an equal chance to purchase tickets for accessible seating at sporting events and concerts. (Applause.)

And our work goes on. Even as we speak, Attorney General Eric Holder is preparing new rules to ensure accessibility of websites. (Applause.)

AUDIENCE: Yes, we can.

THE PRESIDENT: Yes, we can.

We’re also placing a new focus on hiring Americans with disabilities across the federal government. (Applause.) Today, only 5 percent of the federal workforce is made up of Americans with disabilities — far below the proportion of Americans with disabilities in the general population. In a few moments, I’ll sign an executive order that will establish the federal government as a model employer of individuals with disabilities. (Applause.) So we’re going to boost recruitment, we’re going to boost training, we’re going to boost retention. We’ll better train hiring managers. Each agency will have a senior official who’s accountable for achieving the goals we’ve set. And I expect regular reports. And we’re going to post our progress online so that you can hold us accountable, too. (Applause.)

And these new steps build on the progress my administration has already made.

To see it that no one who signs up to fight for our country is ever excluded from its promise, we’ve made major investments in improving the care and treatment for our wounded warriors. (Applause.) To ensure full access to participation in our democracy and our economy, we’re working to make all government websites accessible to persons with disabilities. (Applause.)

We’re expanding broadband Internet access to Americans who are deaf and hard of hearing. We’ve followed through with a promise I made to create three new disability offices at the State Department and Department of Transportation and at FEMA.

And to promote equal rights across the globe, the United States of America joined 140 other nations in signing the U.N. Convention on the Rights of Persons with Disabilities — the first new human rights convention of the 21st century. (Applause.)

America was the first nation on Earth to comprehensively declare equality for its citizens with disabilities. We should join the rest of the world to declare it again — and when I submit our ratification package to Congress, I expect passage to be swift. (Applause.)

And to advance the right to live independently, I launched the Year of Community Living, on the 10th anniversary of the Olmstead decision — a decision that declared the involuntary institutional isolation of people with disabilities unlawful discrimination under the ADA. (Applause.)

So HHS Secretary Kathleen Sebelius and HUD Secretary Shaun Donovan have worked together to improve access to affordable housing and community supports and independent living arrangements for people with disabilities. And we continued a program that successfully helps people with disabilities transition to the community of their choice. (Applause.) And I’m proud of the work that the Department of Justice is doing to enforce Olmstead across the country.

And we’ve finally broken down one discriminatory barrier that the ADA left in place. Because for too long, our health care system denied coverage to tens of millions of Americans with preexisting conditions — including Americans with disabilities. It was time to change that. And we did. Yes, we did. (Applause.)

So the Affordable Care Act I signed into law four months ago will give every American more control over their health care -– and it will do more to give Americans with disabilities control over their own lives than any legislation since the ADA. I know many of you know the frustration of fighting with an insurance company. That’s why this law finally shifts the balance of power from them to you and to other consumers. (Applause.)

No more denying coverage to children based on a preexisting condition or disability. No more lifetime limits on coverage. No more dropping your coverage when you get sick and need it the most because your insurance company found an unintentional error in your paperwork. (Applause.) And because Americans with disabilities are living longer and more independently, this law will establish better long-term care choices for Americans with disabilities as a consequence of the CLASS Act, an idea Ted Kennedy championed for years. (Applause.)

Equal access. Equal opportunity. The freedom to make our lives what we will. These aren’t principles that belong to any one group or any one political party. They are common principles. They are American principles. No matter who we are — young, old, rich, poor, black, white, Latino, Asian, Native American, gay, straight, disabled or not — these are the principles we cherish as citizens of the United States of America. (Applause.)

They were guaranteed to us in our founding documents. One of the signers of those documents was a man named Stephen Hopkins. He was a patriot, a scholar, a nine-time governor of Rhode Island. It’s also said he had a form of palsy. And on July 4, 1776, as he grasped his pen to sign his name to the Declaration of Independence, he said, “My hand trembles. But my heart does not.” My hand trembles. But my heart does not.

Life, liberty, the pursuit of happiness. Words that began our never-ending journey to form a more perfect union. To look out for one another. To advance opportunity and prosperity for all of our people. To constantly expand the meaning of life, liberty, the pursuit of happiness. To move America forward. That’s what we did with the ADA. That is what we do today. And that’s what we’re going to do tomorrow — together.

So, thank you. God bless you. And God bless the United States of America. Let me sign this order. (Applause.)
The President began speaking on the South Lawn, Washignton, DC at 6:26 PM EDT and finished at 6:44PM EDT.

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July 26th, 2010

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THE PRESIDENT: Good afternoon, everybody. Tomorrow there’s going to be a very important vote in the Senate about how much influence special interests should have over our democracy. Because of the Supreme Court’s decision earlier this year in the Citizens United case, big corporations –- even foreign-controlled ones –- are now allowed to spend unlimited amounts of money on American elections. They can buy millions of dollars worth of TV ads –- and worst of all, they don’t even have to reveal who’s actually paying for the ads. Instead, a group can hide behind a name like “Citizens for a Better Future,” even if a more accurate name would be “Companies for Weaker Oversight.” These shadow groups are already forming and building war chests of tens of millions of dollars to influence the fall elections.

Now, imagine the power this will give special interests over politicians. Corporate lobbyists will be able to tell members of Congress if they don’t vote the right way, they will face an onslaught of negative ads in their next campaign. And all too often, no one will actually know who’s really behind those ads.

So the House has already passed a bipartisan bill that would change all this before the next election. The DISCLOSE Act would simply require corporate political advertisers to reveal who’s funding their activities. So when special interests take to the airwaves, whoever is running and funding the ad would have to appear in the advertisement and claim responsibility for it -– like a company’s CEO or the organization’s biggest contributor. And foreign-controlled corporations and entities would be restricted from spending money to influence American elections — just as they were in the past.

Now, you’d think that making these reforms would be a matter of common sense, particularly since they primarily involve just making sure that folks who are financing these ads are disclosed so that the American people can make up their own minds. Nobody is saying you can’t run the ads — just make sure that people know who in fact is behind financing these ads. And you’d think that reducing corporate and even foreign influence over our elections would not be a partisan issue. But of course, this is Washington in 2010. And the Republican leadership in the Senate is once again using every tactic and every maneuver they can to prevent the DISCLOSE Act from even coming up for an up or down vote. Just like they did with unemployment insurance for Americans who’d lost their jobs in this recession. Just like they’re doing by blocking tax credits and lending assistance for small business owners. On issue after issue, we are trying to move America forward, and they keep on trying to take us back.

At a time of such challenge for America, we can’t afford these political games. Millions of Americans are struggling to get by, and their voices shouldn’t be drowned out by millions of dollars in secret, special interest advertising. The American people’s voices should be heard.

A vote to oppose these reforms is nothing less than a vote to allow corporate and special interest takeovers of our elections. It is damaging to our democracy. It is precisely what led a Republican President named Theodore Roosevelt to tackle this issue a century ago.

Back then, President Roosevelt warned of the dangers of limitless corporate spending in our political system. He actually called it “one of the principal sources of corruption in our political affairs.” And he proposed strict limits on corporate influence in elections not because he was opposed to them expressing their views in the halls of democracy, but he didn’t want everybody else being drowned out.

He said, “Every special interest is entitled to justice, but no one is entitled” — “not one is entitled to a vote in Congress, or a voice on the bench, or to representation in any public office,” because he understood those weren’t individual voters — these are amalgams of special interests. They have the right to hire their lobbyists. They have the right to put forward their view. They even have the right to advertise. But the least we should be able to do is know who they are.

So on Tuesday we face the sort of challenge that Teddy Roosevelt talked about over a century ago. We’ve got a similar opportunity to prevent special interests from gaining even more clout in Washington. This should not be a Democratic issue or a Republican issue. This is an issue that goes to whether or not we’re going to have a government that works for ordinary Americans; a government of, by and for the people.

That’s why these reforms are so important, and that’s why I urge the Senate to pass the DISCLOSE Act.

Thank you.

The President began speaking in the Rose Garden, Washington, DC at 2:49PM and finished at 2:55pm EDT.

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July 24th, 2010

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Wall Street reform is a key pillar of an overall economic plan we’ve put in place to dig ourselves out of this recession and build an economy for the long run – an economy that makes America more competitive and our middle-class more secure. It’s a plan based on the Main Street values of hard work and responsibility – and one that demands new accountability from Wall Street to Washington.

Instead of giving tax breaks to corporations that ship jobs overseas, we want to give tax breaks to small business owners who are creating jobs right here in America. Already, we’ve given small businesses eight new tax cuts, and have expanded lending to more than 60,000 small business owners.

We’re also investing in a homegrown, clean energy industry – because I don’t want to see new solar panels and wind turbines and electric cars manufactured in some other country. I want to see them made in America, by American workers. So far, we’ve provided new tax credits, loan guarantees, and investments that will lead to more than 800,000 clean energy jobs by 2012. And throughout America, communities are being rebuilt by people working in hundreds of thousands of new private sector jobs repairing our roads, bridges, and railways.

Our economic plan is also aimed at strengthening the middle-class. That’s why we’ve cut taxes for 95% of working families. That’s why we’ve offered tax credits that have made college more affordable for millions of students, and why we’re making a new commitment to our community colleges. And that’s why we passed health insurance reform that will stop insurance companies from dropping or denying coverage based on an illness or pre-existing condition.

This is our economic plan – smart investments in America’s small businesses, America’s clean energy industry, and America’s middle-class. Now, I can’t tell you that this plan will bring back all the jobs we lost and restore our economy to full strength overnight. The truth is, it took nearly a decade of failed economic policies to create this mess, and it will take years to fully repair the damage. But I am confident that we are finally headed in the right direction. We are moving forward. And what we can’t afford right now is to go back to the same ideas that created this mess in the first place.

Unfortunately, those are the ideas we keep hearing from our friends in the other party. This week, the Republican leader in the House of Representatives offered his plan to create jobs. It’s a plan that’s surprisingly short, and sadly familiar.

First, he would repeal health insurance reform, which would take away tax credits from millions of small business owners, and take us back to the days when insurance companies had free rein to drop coverage and jack up premiums. Second, he would say no to new investments in clean energy, after his party already voted against the clean energy tax credits and loans that are creating thousands of new jobs and hundreds of new businesses. And third, even though his party voted against tax cuts for middle-class families, he would permanently keep in place the tax cuts for the very wealthiest Americans – the same tax cuts that have added hundreds of billions to our debt.

These are not new ideas. They are the same policies that led us into this recession. They will not create jobs, they will kill them. They will not reduce our deficit, they will add $1 trillion to our deficit. They will take us backward at a time when we need to keep America moving forward.

I know times are tough. I know that the progress we’ve made isn’t good enough for the millions of Americans who are still out of work or struggling to pay the bills. But I also know the character of this nation. I know that in times of great challenge and difficulty, we don’t fear the future – we shape the future. We harness the skills and ingenuity of the most dynamic country on Earth to reach a better day. We do it with optimism, and we do it with confidence. That’s the spirit we need right now, and that’s the future I know we can build together. Thank you.

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July 22nd, 2010

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THE PRESIDENT: Good morning, everybody. Thank you, thank you. Everybody please have a seat. Welcome to the White House. I am pleased that you could all join us today as I sign this bill — the Improper Payments Elimination and Recovery Act –- which, translated into English, means cutting down on waste, fraud and abuse, and ensuring that our government serves as a responsible steward for the tax dollars of the American people.

This is a responsibility we’ve been working to fulfill from the very beginning of this administration. Back when I first started campaigning for office, I said I wanted to change the way Washington works so that it works for the American people. I meant making government more open and more transparent and more responsive to the needs of the people. I meant getting rid of the waste and inefficiencies that squander the people’s hard-earned money. And I meant finally revamping the systems that undermine our efficiency and threaten our security and fail to serve the interests of the American people.

Now, there are outstanding public servants doing essential work throughout our government. But too often, their best efforts are thwarted by outdated technologies and outmoded ways of doing business. That needs to change. We have to challenge a status quo that accepts billions of dollars in waste as the cost of doing business and enables obsolete or under-performing programs to survive year after year, simply because that’s the way things have always been done.

This isn’t just about lines on a spreadsheet or numbers in a budget, because when we fail to spend people’s tax dollars wisely, that’s money that we’re not investing in better schools for our kids, or tax relief for families, or innovation to create new industries and new jobs. When government doesn’t work like it should, it has a real effect on people’s lives -– on small business owners who need loans, on young people who want to go to college, on the men and women who’ve served this country and are trying to get the benefits that they’ve earned. And when we continue to spend as if deficits don’t matter, that means our kids and our grandkids may wind up saddled with debts that they’ll never be able to repay.

And the reality is that right now, in these difficult economic times, families across this country are cutting every frill and stretching every dollar as far as they can -– and they should expect no less from their government.

If folks can book a flight or buy a pair of shoes online with the click of a button, there’s no reason they should have to fill out duplicative forms or endure endless red tape and delays when they deal with their government. So that’s why one of the first things we did when we arrived in Washington was to undertake an Accountable Government Initiative –- an effort that spans every agency, department and office in our government.

We named our first ever Chief Performance Officer, Jeffrey Zients, and we’re bringing to bear every tool at our disposal –- a combination of 21st century technology and old-fashioned common sense –- to ensure that our government operates as efficiently as possible and provides the highest quality of service to its customers, the American people.

We began by combining — by going through the budget line by line and proposing $20 billion worth of cuts each year by targeting programs that are wasteful, duplicative or, in some cases, just plain ridiculous, like the $35 million we’re spending for a radio navigation system for ships. Since we now have this thing called GPS, we don’t need it. Or the $3 million that was spent on consultants to create seals and logos for the Department of Homeland Security. Their logos and seals are fine. (Laughter.) Or the billions of dollars slated to be spent on a fancy new presidential helicopter fleet that I didn’t want and didn’t need because Marine One is also fine.

We’ve drafted a budget for next year that freezes all discretionary government spending outside of national security for three years, a budget, by the way, that would reduce this spending — non-defense discretionary spending — to its lowest level as a share of the economy in 50 years. This isn’t talked about a lot so I’m going to repeat it. Our budget would take non-security defense — or non-defense spending to its lowest level since JFK — lowest level as a percentage of the economy since JFK.

We’ve gone after wasteful government contracting with a vengeance, working to put an end to unnecessary no-bid contracts and dramatically reinforcing the way government contracts are awarded. And we’re now on track to reach our goal of saving $40 billion by the end of the next fiscal year. We’re working to sell or lease out thousands of federal buildings which we no longer need and aren’t using, saving another $8 billion. We froze salaries for senior White House staff — hence the glum faces. (Laughter.)

And we’ve asked Congress for additional authority so that working together, we can move quickly to cut wasteful spending proposals before the money goes out the door. We’ve streamlined those college loan forms, eliminating nearly two dozen unnecessary questions.

We’re creating a single electronic medical record for our men and women in uniform that will follow them from the day they enlist until the day that they are laid to rest. We’re revamping our Social Security and citizenship processes so that folks can book appointments and check the status of their applications online. We’ve created mobile apps that provide everything from disaster assistance to product safety information to the latest wait times for security lines at your local airport.

And we’ve begun an unprecedented effort to put an end to a problem known as improper payments, which is the purpose of the bill that I’m signing into law today. Now, these are payments sent by the government to the wrong person, or for the wrong reasons, or in the wrong amount. Payments to a defense contractor that’s been disbarred for shoddy work but somehow managed to get through the system. Payments to companies that haven’t paid their taxes, or to folks who are incarcerated –- or who are dead.

Sometimes these payments are the result of innocent mistakes or reflect valid claims that were paid at the wrong time. But sometimes, they result from abuses by scam artists and crooked companies. And all told, they added up to $110 billion. I want everybody to understand — just get some perspective on that. That is more than the budgets of the Department of Education and the Small Business Administration combined. And that’s unacceptable.

That’s why, earlier this year, I directed our federal agencies to launch rigorous audits conducted by auditors who are paid based on how many abuses or errors they uncover -– the more they find, the more money they make. So they are highly incentivized. We’re also creating a “Do Not Pay” list –- a consolidated database of every individual and company that’s ineligible for federal payments. Before checks are mailed, agencies will be required to check this list to make sure that the payment is to the right person, in the right amount, for the right reason.

With these new tools, the challenge I’m making to my team today is to reduce improper payments by $50 billion between now and 2012. This goal is fully achievable due in no small part to some of the great work of the members of Congress standing with me today, particularly Senator Tom Carper and Representative Patrick Murphy, who sponsored the bill I’m about to sign and worked with all the other members of Congress who are here today to get it passed.

And I think, by the way, it’s worth noting that this bill passed unanimously in both the House and the Senate -– a powerful reminder of what we can accomplish when we put partisanship aside and do what’s best for the people we serve.

So this bill will dramatically expand and intensify our efforts to end improper payments. And going forward, every agency in our government will be required to conduct annual assessments to determine which of their programs are at risk of making improper payments. Agencies will be required to audit more of their programs and recapture more taxpayer dollars. And we now have rigorous enforcement mechanisms to hold agencies accountable for how much money they save.

So, in large part, thanks to the great work of the people in this room, I think we’re headed in the right direction. And today, I’m pleased to announce that I will be charging Jack Lew, my choice for director of Office of Management and Budget — once Peter Orszag, the current OMB director, departs — with building on the good work that Peter began. I’m entrusting Jack with carrying forward our Accountable Government Initiative in the months ahead. I will be asking him and Jeff to give me regular updates on our progress in cutting waste and making our government more efficient and effective.

And as the only OMB director in history to preside over a budget surplus for three consecutive years, Jack Lew knows a thing or two about making government work. I’m confident he’s up to the challenge of building the kind of government that the American people expect and deserve -– one that spends their money wisely, serves their interests well, and is fully worthy of their trust and respect.

So I want to again thank these outstanding members of Congress who are here today who have been on the case in both chambers for quite some time. I want to thank all the people who worked on this bill in this room for your outstanding efforts.

Thank you. God bless you. God bless America. And let me sign this bill. (Applause)

(The bill is signed)

(Applause)

_____________

The President began speaking at 11:28am in the State Dining Room, and finished at 11:39 A.M. EDT.

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July 21st, 2010

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THE PRESIDENT: Well, good morning, everyone.

AUDIENCE: Good morning.

THE PRESIDENT: We are gathered in the heart of our nation’s capital, surrounded by memorials to leaders and citizens who served our nation in its earliest days and in its days of greatest trial. Today is such a time for America.

Over the past two years, we have faced the worst recession since the Great Depression. Eight million people lost their jobs. Tens of millions saw the value of their homes and retirement savings plummet. Countless businesses have been unable to get the loans they need and many have been forced to shut their doors. And although the economy is growing again, too many people are still feeling the pain of the downturn.

Now, while a number of factors led to such a severe recession, the primary cause was a breakdown in our financial system. It was a crisis born of a failure of responsibility from certain corners of Wall Street to the halls of power in Washington. For years, our financial sector was governed by antiquated and poorly enforced rules that allowed some to game the system and take risks that endangered the entire economy.

Unscrupulous lenders locked consumers into complex loans with hidden costs. Firms like AIG placed massive, risky bets with borrowed money. And while the rules left abuse and excess unchecked, they also left taxpayers on the hook if a big bank or financial institution ever failed.

Now, even before the crisis hit, I went to Wall Street and I called for common-sense reforms to protect consumers and our economy as a whole. And soon after taking office, I proposed a set of reforms to empower consumers and investors, to bring the shadowy deals that caused this crisis into the light of day, and to put a stop to taxpayer bailouts once and for all. (Applause.) Today, thanks to a lot of people in this room, those reforms will become the law of the land.

For the last year, Chairmen Barney Frank and Chris Dodd have worked day and night — (applause) — Barney and Chris have worked day and night to bring about this reform. And I am profoundly grateful to them. I would be remiss if I didn’t also express my appreciation to Senator Harry Reid and Speaker Nancy Pelosi for their leadership. It wouldn’t have happened without them. (Applause.)

Passing this bill was no easy task. To get there, we had to overcome the furious lobbying of an array of powerful interest groups and a partisan minority determined to block change. So the members who are here today, both on the stage and in the audience, they have done a great service in devoting so much time and expertise to this effort, to looking out for the public interests and not the special interests. (Applause.) And I also want to thank the three Republican senators who put partisanship aside — (applause) — judged this bill on the merits, and voted for reform. We’re grateful to them. (Applause.) And the Republican House members. (Applause.) Good to see you, Joe. (Applause.)

Now, let’s put this in perspective. The fact is, the financial industry is central to our nation’s ability to grow, to prosper, to compete and to innovate. There are a lot of banks that understand and fulfill this vital role, and there are a whole lot of bankers who want to do right — and do right — by their customers. This reform will help foster innovation, not hamper it. It is designed to make sure that everybody follows the same set of rules, so that firms compete on price and quality, not on tricks and not on traps.

It demands accountability and responsibility from everyone. It provides certainty to everybody, from bankers to farmers to business owners to consumers. And unless your business model depends on cutting corners or bilking your customers, you’ve got nothing to fear from reform. (Applause.)

Now, for all those Americans who are wondering what Wall Street reform means for you, here’s what you can expect. If you’ve ever applied for a credit card, a student loan, or a mortgage, you know the feeling of signing your name to pages of barely understandable fine print. What often happens as a result is that many Americans are caught by hidden fees and penalties, or saddled with loans they can’t afford.

That’s what happened to Robin Fox, hit with a massive rate increase on her credit card balance even though she paid her bills on time. That’s what happened to Andrew Giordano, who discovered hundreds of dollars in overdraft fees on his bank statement –- fees he had no idea he might face. Both are here today. Well, with this law, unfair rate hikes, like the one that hit Robin, will end for good. (Applause.) And we’ll ensure that people like Andrew aren’t unwittingly caught by overdraft fees when they sign up for a checking account. (Applause.)

With this law, we’ll crack down on abusive practices in the mortgage industry. We’ll make sure that contracts are simpler -– putting an end to many hidden penalties and fees in complex mortgages -– so folks know what they’re signing.

With this law, students who take out college loans will be provided clear and concise information about their obligations.

And with this law, ordinary investors -– like seniors and folks saving for retirement –- will be able to receive more information about the costs and risks of mutual funds and other investment products, so that they can make better financial decisions as to what will work for them.

So, all told, these reforms represent the strongest consumer financial protections in history. (Applause.) In history. And these protections will be enforced by a new consumer watchdog with just one job: looking out for people -– not big banks, not lenders, not investment houses -– looking out for people as they interact with the financial system.

And that’s not just good for consumers; that’s good for the economy. Because reform will put a stop to a lot of the bad loans that fueled a debt-based bubble. And it will mean all companies will have to seek customers by offering better products, instead of more deceptive ones.

Now, beyond the consumer protections I’ve outlined, reform will also rein in the abuse and excess that nearly brought down our financial system. It will finally bring transparency to the kinds of complex and risky transactions that helped trigger the financial crisis. Shareholders will also have a greater say on the pay of CEOs and other executives, so they can reward success instead of failure.

And finally, because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. (Applause.) There will be no more tax-funded bailouts — period. (Applause.) If a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy. And there will be new rules to make clear that no firm is somehow protected because it is “too big to fail,” so we don’t have another AIG.

That’s what this reform will mean. Now, it doesn’t mean our work is over. For these new rules to be effective, regulators will have to be vigilant. We may need to make adjustments along the way as our financial system adapts to these new changes and changes around the globe. No law can force anybody to be responsible; it’s still incumbent on those on Wall Street to heed the lessons of this crisis in terms of how they conduct their businesses.

The fact is every American -– from Main Street to Wall Street –- has a stake in our financial system. Wall Street banks and firms invest the capital that makes it possible for start-ups to sell new products. They provide loans to businesses to expand and to hire. They back mortgages for families purchasing a new home. That’s why we’ll all stand to gain from these reforms. We all win when investors around the world have confidence in our markets. We all win when shareholders have more power and more information. We all win when consumers are protected against abuse. And we all win when folks are rewarded based on how well they perform, not how well they evade accountability.

In the end, our financial system only works –- our market is only free –- when there are clear rules and 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’s what these reforms are designed to achieve — no more, no less. Because that’s 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. Ultimately, there’s no dividing line between Main Street and Wall Street. We rise or fall together as one nation. So these reforms will help lift our economy and lead all of us to a stronger, more prosperous future.

And that’s why I’m so honored to sign these reforms into law, and I’m so grateful to everybody who worked so hard to make this day possible. Thank you very much, everybody. (Applause)

(The bill is signed)

(Applause)

________________

The President began speaking at 11:34am EDT and finished at 11:48am EDT in the Ronald Reagan Building.

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July 20th, 2010

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PRESIDENT OBAMA: Good afternoon, everybody. Please have a seat. It is my great pleasure to welcome Prime Minister Cameron on his first visit to the White House as Prime Minister.

We have just concluded some excellent discussions — including whether the beers from our hometowns that we exchanged are best served warm or cold. My understanding is, is that the Prime Minister enjoyed our 312 beer and we may send him some more. I thought the beer we got was excellent — but I did drink it cold. (Laughter.)

Mr. Prime Minister, we can never say it enough. The United States and the United Kingdom enjoy a truly special relationship. We celebrate a common heritage. We cherish common values. And we speak a common language —- most of the time. We honor the sacrifices of our brave men and women in uniform who have served together, bled together, and even lay at rest together.

Above all, our alliance thrives because it advances our common interests. Whether it’s preventing the spread of nuclear weapons or securing vulnerable nuclear materials, thwarting terrorist attacks, or confronting climate change, or promoting global economic growth and development, when the United States and the United Kingdom stand together, our people —- and people around the world — are more secure and they are more prosperous.

In short, the United States has no closer ally and no stronger partner than Great Britain. And I appreciate the opportunity to renew our relationship with my partner, Prime Minister Cameron.

In his campaign, David was known for his extensive town halls discussions with voters —- “Cameron Direct.” And that’s the same spirit that we had here today. I appreciate David’s steady leadership and his pragmatic approach. And just as he’s off to an energetic start at home, I think we’ve had a brilliant start as partners who see eye-to-eye on virtually every challenge before us.

Great Britain is one of our largest trading partners, and we’re committed to long-term sustainable growth that keeps the global economy growing and puts our people to work. I told David that my administration is working hard with the Senate to move forward as soon as possible with our defense trade treaty with the U.K., which will be good for our workers and our troops in both our countries.

We reaffirmed our commitment to fiscal responsibility and reform. David’s government is making some courageous decisions, and I’ve set a goal of cutting our deficit in half by 2013. Tomorrow, I’ll sign into law the toughest financial reforms since the aftermath of the Great Depression. And I commend David for his leadership in Europe to rebuild confidence in the financial sector. Together, we’re determined to make sure the financial catastrophe that we are emerging from never happens again.

We discussed the Middle East, where both our governments are working to encourage Israelis and Palestinians to move to direct talks as soon as possible.

We discussed the continuing threat posed by Iran’s nuclear program. On this we are united: The Iranian government must fulfill its international obligations. The new sanctions imposed by the U.N. Security Council, the United States, and other countries are putting unprecedented pressure on the Iranian government. And I thanked David for Great Britain’s efforts to ensure strong European Union sanctions in the coming days.

Along with our P5-plus-1 partners, we remain committed to a diplomatic solution. But the Iranian government must understand that the path of defiance will only bring more pressure and more isolation.

Finally, much of our discussion focused on Afghanistan. After the United States, Great Britain is the largest contributor of combat forces in Afghanistan, and British troops and civilians have served and sacrificed in some of the most dangerous parts of the country.

This is not an easy fight. But it is a necessary one. Terrorists trained in Afghanistan and the tribal regions along the Pakistani border have killed innocent civilians in both of our countries. And an even wider insurgency in Afghanistan would mean an even larger safe haven for al Qaeda and its terrorist affiliates to plan their next attack. And we are not going to let that happen.

We have the right strategy. We’re going to break the Taliban’s momentum. We’re going to build Afghan capacity so Afghans can take responsibility for their future. And we’re going to deepen regional cooperation, including with Pakistan.

Today’s historic Kabul Conference is another major step forward. The Afghan government presented —- and its international partners unanimously endorsed —- concrete plans to implement President Karzai’s commitments to improve security, economic growth, governance, and the delivery of basic services. The Afghan government presented its peace and reconciliation plan —- which the United States firmly supports. Agreement was reached on a plan in which responsibility for security in Afghan provinces will transition to Afghan security forces. In addition, Afghanistan and Pakistan reached a historic agreement to increase economic opportunity for people on both sides of the border.

So these are all important achievements, and they go a long way toward helping create the conditions needed for Afghans to assume greater responsibility for their country. Indeed, over the coming year, Afghans will begin to take the lead in security, and in July of next year will begin to transfer — we will begin the transfer some of our forces out of Afghanistan. And the Kabul Conference shows that the Afghan — that Afghanistan has the support of the international community, including the United States, which will remain a long-term partner for the security and progress of the Afghan people.

As we go forward, we want to honor our fallen warriors with the respect and gratitude that they deserve —- whether it’s here at Dover, or in the small British town of Wootton Bassett, where people line the streets in a solemn tribute that represents the best of the British character. With pride in their service and determination to carry on their work for a safer world, I am confident that we can be worthy of their sacrifice. And I am confident that with my partner and friend, David Cameron, the special relationship between our countries will only grow stronger in the years to come.

Mr. Prime Minister.

PRIMER MINISTER CAMERON: Well, first of all, can I thank you, Mr. President, for welcoming me so warmly to the White House today. Thank you for the meeting, for the lunch that we had, and also for the tour of part of your home. I have to say, I was most impressed by how tidy your children’s bedrooms were. (Laughter.) And I think if the President of the United States can get his children to tidy their bedrooms, then the British Prime Minister, it’s about time –

PRESIDENT OBAMA: You can do it.

PRIME MINISTER CAMERON: — he did exactly the same thing. (Laughter.)

PRESIDENT OBAMA: You have to give them some notice, that’s the only thing. (Laughter.)

PRIME MINISTER CAMERON: Right. Well, they’ve got notice –

PRESIDENT OBAMA: Tell them the Prime Minister is coming. (Laughter.)

PRIME MINISTER CAMERON: They should be in bed by now, but if they’re not they have notice. (Laughter.)

I think we did have a very valuable opportunity today to discuss in real depth a strong and a shared agenda on Afghanistan, on global economic recovery, and on the Middle East. And this relationship isn’t just, as you put it, an extraordinary special relationship. To me, it is also an absolutely essential relationship if we are going to deliver the security and the prosperity that our people need. And I thought again today in our discussions just how closely aligned our interests are on all of the issues that we discussed.

First, on Afghanistan, there is no clearer, no more tangible illustration of Britain and America standing shoulder to shoulder in our national interest than this mission that we are engaged in together. We have British troops working to an American commander in Helmand, and we have American troops working to a British commander in Kandahar.

Today, President Obama and I took stock of progress in this vital year. We reaffirmed our commitment to the overall strategy. A key part of that is training the Afghan national army and police so they can provide security for their country and our troops can come home.

We also agreed on the need to reinvigorate the political strategy for Afghanistan. Insurgencies tend not to be defeated by military means alone. There must also be political settlement. And to those people currently fighting, if they give up violence, if they cut themselves off from al Qaeda, if they accept the basic tenets of the Afghan constitution, they can have a future in a peaceful Afghanistan.

There is real progress. Last weekend, the first Afghan-led military operation took place successfully in Helmand, Afghans defending themselves. And today, as Barack has just said, for the first time in decades, the government of Afghanistan has hosted an international conference on its own soil. Over 40 foreign ministers and 80 delegations assembled in Kabul to monitor progress and drive forward the international strategy. That is a real achievement, and we should congratulate President Karzai on it.

President Obama and I also discussed the economy. We’re both taking action that our countries need. Our destination is a strong and stable growth, a sustained economic recovery, and a reformed financial system that will never again be open to the abuses of the past. We are confident that the right steps were taken at the Toronto G20 summit to help achieve that.

The Middle East was the third area that we focused on today. We both want a secure, peaceful and stable Middle East. And that means two things: First, as Barack has just said, Iran must give up its pursuit of a nuclear weapon. We urge the Iranian regime to resume negotiations with the international community without delay. It’s not too late for it to do so. America and Britain, with our partners, stand ready to negotiate, and to do so in good faith. But in the absence of a willing partner, we will implement with vigor the sanctions package agreed by the United Nations Security Council, and in Europe we will be taking further steps as well.

Second, we desperately need a two-state solution between Israel and the Palestinians that provides security, justice and hope. As we were discussing over lunch, it is time for direct talks, not least because it is time for each, Israel and Palestine, to test the seriousness of the other.

On BP, which we discussed at some length, I completely understand the anger that exists right across America. The oil spill in the Gulf of Mexico is a catastrophe — for the environment, for the fishing industry, for tourism. I’ve been absolutely clear about that. And like President Obama, I’ve also been clear that it is BP’s role to cap the leak, to clean up the mess, and to pay appropriate compensation. I’m in regular touch with senior management at BP, and the President is, too, to make sure that happens. And the progress that’s been made to cap the leak is a step in the right direction.

Equally, of course, BP is an important company to both the British and the American economies. Thousands of jobs on both sides of the Atlantic depend on it. So it’s in the interest of both our countries, as we agreed, that it remains a strong and stable company for the future. And that’s something we discussed today.

And let us not confuse the oil spill with the Libyan bomber. I’ve been absolutely clear about this right from the start, and in our meeting we had what we call a “violent agreement,” which is that releasing the Lockerbie bomber, a mass murderer of 270 people, the largest act of terrorism ever committed in the United Kingdom, was completely wrong.

He showed his victims no compassion. They were not allowed to die in their beds at home, surrounded by their families. So in my view, neither should that callous killer have been given that luxury. That wasn’t a decision taken by BP; it was a decision taken by the Scottish government. We have to accept that under the laws of my country, where power on certain issues is devolved to Scotland, this was a decision for the Scottish Executive, a decision that they took.

I know that Senator Kerry’s committee is looking into these issues. My government will engage constructively with those hearings. And, indeed, my foreign secretary has already set out the government’s position.

So let me thank you again, Barack, for hosting me today. While at the World Cup, our teams could only manage a score draw. I believe our relationship can be a win-win. And, yes, I did enjoy drinking the 312 beer — cold — during the World Cup. (Laughter.) I enjoyed it so much that when I watched Germany beat Argentina, I actually cheered for Germany. That’s something that’s a big admission for a British person to make, so the beer is obviously very effective. (Laughter.)

But what you — what you said, Barack, though, about British and America soldiers fighting together, sometimes dying together, serving together, is absolutely right. And we should never forget that — whether it’s on the beaches of Normandy, whether it’s in Korea, whether in Iraq, or whether now in Afghanistan.

Our relationship is on that has an incredibly rich history. It is based on ties of culture and history and, yes, emotion, too. But for all those things, I think it has also an incredibly strong future that is based on results — results of a positive partnership of working together, agreeing where we agree; when we have disagreements, working through them and coming to a fair conclusion. It’s a partnership that I profoundly want to make work as well as it possibly can in the years that I’m Prime Minister of Britain and with you as President of the United States.

So thank you again for welcoming me here today.

PRESIDENT OBAMA: Thank you, David.

With that, we’re going to take a few questions. And I’m going to start with Mimi Hall of USA Today.

Q Thank you, Mr. President and Mr. Prime Minister. I wanted to ask you a little bit more about BP. You mentioned, Mr. Prime Minister, your decision to cooperate, et cetera, but you said we shouldn’t confuse the two. Have you flatly ruled out opening a government investigation into the events around the release of the bomber?

And, President Obama, how do you feel about a congressional investigation into this? Would you like to see that happen, or do you think that confuses the two events?

PRESIDENT OBAMA: Well, why don’t I start off and I’ll throw it over to David. I think all of us here in the United States were surprised, disappointed, and angry about the release of the Lockerbie bomber. And my administration expressed very clearly our objections prior to the decision being made and subsequent to the decision being made. So we welcome any additional information that will give us insights and a better understanding of why the decision was made.

But I think that the key thing to understand here is that we’ve got a British Prime Minister who shares our anger over the decision, who also objects to how it played out. And so I’m fully supportive of Prime Minister Cameron’s efforts to gain a better understanding of it, to clarify it. But the bottom line is, is that we all disagreed with it. It was a bad decision. And going forward, that has to inform how we approach our relationship with respect to counterterrorism generally.

Now, one of the things that I want to emphasize that I think may get lost in this current debate is the extraordinarily strong ties between our two countries when it comes to fighting terrorism. We probably have the best coordination and cooperation of any two countries in the world. And those relationships are vital and they keep people safe on both sides of the Atlantic.

And I want to make sure that even as we may express concern about what happened with respect to the release of this particular individual, that we stay focused on the cooperation that currently exists and build on that cooperation, to make sure that there is no diminution of our joint efforts to make sure that the kinds of attacks that happened over Lockerbie do not happen again.

PRIME MINISTER CAMERON: Well, I agree with actually what’s been said about the importance of the security cooperation — something we discussed today. On Megrahi, look, I’m not standing here today and saying it was a bad decision to release Megrahi because I’m here. I said this a year ago, at the time, that it was a bad decision. It shouldn’t have been made. The British government, as well, should have been clear that it was a bad decision, rather than going along with it. I took that very clear view. This was the biggest mass murderer in British history and there was no business in letting him out of prison.

In terms of an inquiry, there has been an inquiry by the Scottish Parliament into the way the decision was made. The British government — the last British government — released a whole heap of information about this decision. But I’ve asked the Cabinet Secretary today to go back through all of the paperwork and see if more needs to be published about the background to this decision.

But in terms of an inquiry, I’m not currently minded that we need to have a U.K.-based inquiry on this — partly for this reason: I don’t need an inquiry to tell me what was a bad decision. It was a bad decision. And if you like, the big fact that’s changed over the year that makes it an even worse decision is the fact that, of course, Megrahi is still free, at liberty, in Libya, rather than serving the prison sentence in Scotland, as he should be doing.

So that’s what we’re going to do, is go back over this information, see if more needs to be published, and of course, in terms of the congressional hearing, make sure that proper cooperation is extended to it.

James Landale.

Q Just to stay on that subject, if we may. Mr. Prime Minister, first of all, would you be prepared to talk to your predecessors, Tony Blair and Gordon Brown, to get there agreements to release any documents if they are relevant to the paper search that the Cabinet Secretary will undergo?

And, Mr. President, can I ask you — the Prime Minister says he opposes an inquiry. Hillary Clinton has demanded an inquiry. Where do you stand?

PRIME MINISTER CAMERON: Well, first of all, on the documents, the proper process here is that the Cabinet Secretary should look back over this decision and the circumstances surrounding it, should identify those documents that should be published. It should be right that ministers in the previous government should be consulted about the publication of those documents. And, of course, we will consult with them over that.

But in my view, there is absolutely no harm to be done in giving the fullest possible explanation of the circumstances surrounding this decision. I think the key thing, though, to remember is that in the end it was a decision by the Scottish Executive.

On the issue of an inquiry, as I said, I’m not currently minded to hold an inquiry because I think publishing this information, combined with the inquiry that has already been, will give people the certainty that they need about the circumstances surrounding this decision. But the key thing is to get the information out there so people can see. But I don’t think there’s any great mystery here. There was a decision taken by the Scottish Executive — in my view, a wholly wrong and misguided decision, a bad decision, but the decision nonetheless. That’s what happened. And I don’t think we need an extra inquiry to tell us that that’s what happened. But the information, as I said, will be gone over and published, as appropriate. And of course, I’ll be consulting with previous ministers and prime ministers, as you should do in the normal way.

PRESIDENT OBAMA: I think the simple answer is we should have all the facts; they should be laid out there. And I have confidence that Prime Minister Cameron’s government will be cooperative in making sure that the facts are there. That will not negate the fact that, as the Prime Minister indicated, it was a very poor decision and one that not only ran contrary to, I think, how we should be treating terrorists, but also didn’t reflect the incredible pain that the families who were affected still suffer to this day. And my administration is in regular contact with these families, and this was a heartbreaking decision for them that reopened a whole host of new wounds.

So my expectation is, is that the facts will be out there and, as David indicated, with all the facts out, I think we’re going to be back to where we are right now, which it was a decision that should not have been made and one that we should learn from going forward.

Laura Meckler.

Q Thank you. Mr. President, in your opening statement you referred to the fact that the British government has been taking some very tough steps towards — to get their budget in order, and you said you had committed to cut the deficit in half. Could you talk about whether you think that those decisions are going to be — the decisions that they’re making there are going to be needed to be made here on a similar level beyond pledges?

And, Mr. Prime Minister, specifically could you address the matter of what role BP had in lobbying for the release of this man, and whether an inquiry or the review that you’re planning is going to look at that specific question? Thank you.

PRESIDENT OBAMA: When I came into office in January of 2009, I was very clear at the time, even before we knew the severity of the recession that we would experience, that we have a structural deficit that is unsustainable, and that for our long-term growth and prosperity we are going to have to get a handle on that. I talked about that during my campaign. I talked about it in the days after I was elected. I talked about it after I had been sworn in.

We had an emergency situation on our hands, and so the entire world, working through the G20, coordinated in making sure that we filled this huge drop-off in demand. We got the economy growing again. And we had to take a number of steps, some of which were unpopular and that, yes, added to the short-term deficit.

What I also said at the time was we are then going to make sure, number one, that we pay down whatever additional deficit had been added as a consequence of the Recovery Act and other steps that we had to take last year. But then we’re still going to have to go back and deal with these long-term structural deficits.

And, in fact, in the first G20 visit that I made, in April to England, I was very clear to the rest of the world that what they cannot rely on is an economic model in which the United States borrows — consumers in the United States borrow, we take out home equity loans, we run up credit cards to purchase goods from all around the world. We cannot alone be the economic engine for the rest of the world’s growth. So that rebalancing ended up being a central part of our long-term strategy working with the G20.

Now, what we’ve done is we’ve initiated a freeze on our domestic discretionary budget. We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn’t just an empty promise. We’ve already started taking steps to deal with it, and we’re going to be very aggressive in how we deal with it.

Now, our two countries are in slightly different situations. Their financial situation is slightly different; their levels of debt relative to GDP are somewhat higher. And as David and I discussed when we saw each other in Toronto, the goal here is the same, and we’re all moving in the same direction. But there’s going to be differentiation based on the different circumstances of different countries in terms of how they approach it tactically and at what pace.

But I can assure you this, that my administration is squarely committed not just to dealing with the short-term deficit and debt — which in some ways is the least troubling aspect of this problem — what we’re going to have to tackle are some big structural reforms that are going to be tough. And they’re going to be that much tougher because we’re coming out of a recession as we do it. But I think that as we continue to see economic growth, as we continue to see the economy heal from last year, that the American people are going to want to approach this problem in a serious, realistic way. We owe it for the next generation.

And my hope is, is that we’re going to end up getting a bipartisan solution to this thing that is realistic. And one concern that I have obviously is the politics of deficits and debt. When I announced that I was in favor of this fiscal commission, at the time I had a number of Republicans who were cosponsors of the legislation who suddenly reversed themselves because — I suppose — I supported it.

And, fortunately, what I’ve seen so far, all the reports from the fiscal commission is that people are serious about this. Both Republicans and Democrats on the commission are taking their task seriously. I think it’s going to be a good report, but is still going to require some tough choices, and we’re committing to pursuing those tough choices after we get that report.

PRIME MINISTER CAMERON: Thank you. You asked about the role of BP. I mean, the role of BP and any lobbying they might have done is an issue for BP and an issue that they should explain themselves. I mean, the decision to release Megrahi, though, was a decision made by the Scottish government, and I haven’t seen anything to suggest that the Scottish government were in any way swayed by BP. They were swayed by their considerations about the need to release him on compassionate grounds — grounds that I think were completely wrong. I don’t think it’s right to show compassion to a mass murderer like that. I think it was wrong.

But it’s a matter for BP to answer what activities they undertook. But the Scottish government made its decision and has explained its decision on many occasions and I’m sure will explain it again.

I’m very keen that we are clear here that BP should, rightly, be blamed for what has happened in the Gulf, and have real responsibilities to cap the well, to clean up the spill, to pay compensation — all of which they are getting on with, including putting aside the 20 billion pounds in the escrow account — $20 billion — sorry. I think they’ve made good progress on that and further progress needs to be made.

I think it’s important to separate that from the decision to release al-Megrahi, which, as I say, was a decision made by the Scottish government and, as so far has been shown in investigations by the Scottish parliament, was a decision which I wholly disagree with but, nonetheless, was taken in an appropriate way.

I think we have a question from Tom Bradby.

Q Mr. President, Tom Bradby, ITV News. Quite a lot of people in the U.K. feel that your determination as a country to continue to push for the extradition of computer hacker and Asperger’s sufferer, Gary McKinnon is disproportionate and somewhat harsh. Do you think it is time now to consider some leniency in this case?

And, Prime Minister, you’ve expressed very strong views on this matter, suggesting that Mr. McKinnon shouldn’t be extradited. Your Deputy Prime Minister has expressed even stronger views. Did you discuss that with the President today? And if not, would now be a good moment to share your views with us once again?

PRIME MINISTER CAMERON: Shall I go?

PRESIDENT OBAMA: Please, go ahead.

PRIME MINISTER CAMERON: It is something that we discussed in our meeting. I mean, clearly there’s a discussion going on between the British and the Americans about this, and I don’t want to prejudice those discussions. We completely understand that Gary McKinnon stands accused of a very important and significant crime in terms of hacking into vital databases. And nobody denies that that is an important crime that has to be considered. But I have had conversations with the U.S. ambassador, as well as raising it today with the President, about this issue, and I hope a way through can be found.

PRESIDENT OBAMA: Well, one of the things that David and I discussed was the increasing challenge that we’re going to face as a consequence of the Internet and the need for us to cooperate extensively on issues of cybersecurity.

We had a brief discussion about the fact that although there may still be efforts to send in spies and try to obtain state secrets through traditional Cold War methods, the truth of the matter is these days, where we’re going to see enormous vulnerability when it comes to information is going to be through these kind of breaches in our information systems. So we take this very seriously. And I know that the British government does, as well.

Beyond that, one of the traditions we have is the President doesn’t get involved in decisions around prosecutions, extradition matters. So what I expect is that my team will follow the law, but they will also coordinate closely with what we’ve just stated is an ally that is unparalleled in terms of our cooperative relationship. And I trust that this will get resolved in a way that underscores the seriousness of the issue, but also underscores the fact that we work together and we can find an appropriate solution.

All right? Thank you very much, everybody.

PRIME MINISTER CAMERON: Thank you very much.

The press conference began at 1:58pm EDT and finished at 2:31 PM EDT in the East Room in Washington, DC.

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July 20th, 2010

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THE PRESIDENT: Thank you, everybody. Everybody, please have a seat. Let’s put on a show. (Laughter.) Welcome to the White House. I am just thrilled, and I know Michelle is thrilled, to host the sixth in a series of evenings celebrating the music that helped to shape America.

Now, so far we have heard from some of the biggest names in jazz, in country, in Latin, classical, and the music of the civil rights movement. And tonight we are honored to be joined by some of the biggest and brightest stars on Broadway.

And I notice — I should just point out that I see a lot of members of the New York delegation here. (Laughter.) They take great pride in Broadway. I want to start by thanking George C. Wolfe and Margo Lion for making this event possible. So please give them a big round of applause. (Applause.) And I want to thank all of tonight’s performers for sharing their gifts with us. They are just so generous with their time, and this will be a wonderful evening.

I also want to recognize my outstanding Secretary of Labor, Hilda Solis, who is in the house. Here she is right here. (Applause.) As well as the other members of the administration — thank you guys for the hard work you do each and every day.

Thank you to the National Endowment for the Arts, and the President’s Council on the Arts and the Humanities for their continued support.

And I finally want to recognize Jerry Mitchell and everybody who participated in the dance workshop earlier this afternoon and helped inspire the next generation of performers — as well as my wife — to do a few dances. (Laughter.) She was showing off backstage.

Now, as we’re about to see this evening, there’s nothing quite like the power and the passion of Broadway music. At its heart, it’s the power of a story -– of love and of heartbreak; of joy and sorrow; singing witches, dancing ogres. Musicals carry us to a different time and place, but in the end, they also teach us a little bit of something about ourselves. It’s one of the few genres of music that can inspire the same passion in an eight-year-old that it can an 80-year-old –- and make them both want to get up and dance. It transcends musical tastes, from opera and classical to rock and hip-hop. And whether we want to admit it or not, we all have the lyrics to a few Broadway songs stuck in our heads. (Laughter.)

In many ways, the story of Broadway is also intertwined with the story if America. Some of the greatest singers and songwriters Broadway has ever known came to this country on a boat with nothing more than an idea in their head and a song in their heart. And they succeeded the same way that so many immigrants have succeeded -– through talent and hard work and sheer determination.

Over the years, musicals have also been at the forefront of our social consciousness, challenging stereotypes, shaping our opinions about race and religion, death and disease, power and politics.

But perhaps the most American part of this truly American art form is its optimism. Broadway music calls us to see the best in ourselves and in the world around us -– to believe that no matter how hopeless things may seem, the nice guy can still get the girl, the hero can still triumph over evil, and a brighter day can be waiting just around the bend.

As the great Mel Brooks once said, musicals “blow the dust off your soul.” So to everyone watching, both here and at home, here’s a taste of Broadway to help us do just that.

Thank you very much, everybody. (Applause.)

The President began speaking at 7:15 PM and ended at 7:19 PM EDT from the East Room, Washington, DC.

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July 19th, 2010

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Remarks by the President in Honor of the WNBA Champion Phoenix Mercury

THE PRESIDENT: All right, everybody, have a seat now, have a seat. Well, it is just wonderful to welcome all of you here to the White House. And congratulations to the Phoenix Mercury on winning your second WNBA title in the last three years. (Applause.)

Now, I noticed my Department of Homeland Security Secretary — (laughter) — is kind of horning in on our event here. (Laughter.) She has been a huge fan of Mercury ever since her days as governor of Arizona. She’s — I didn’t know you’d been a guest coach. That is cool. Did you guys win that game? Nice, nice, nice. So I’m impressed.

I want to congratulate head coach Corey Gaines. He won a ring as assistant coach — now he’s got a ring as head coach. So congratulations. (Applause.)

I know how much hard work goes into a championship — (reacts to a noise) — you guys all right back there? (Laughter.) I know how much hard work goes into a championship season. But I hear that one of the real keys to the Mercury’s title is sitting in the audience. For those of you who don’t know, assistant coach Julie Hairgrove and her kids are the lucky charms of this team. Where are they? Sleeping? Not that excited to see the President. (Laughter.)

My understanding, when the Mercury won their first title in 2007, Julie was pregnant with her second child. Where’s Julie by the way? Nice. When they won their second title, Julie was pregnant with her third child, Grace, who’s now three months old. And I understand the team is trying to talk Julie and her husband into their fourth. (Laughter.) One more? (Laughter.)

But beyond your lucky charms, the sacrifice, the dedication, and the heart that all of you have put into this sport is obvious. Team captain Diana Taurasi was named regular season and WNBA Finals MVP this year. That’s pretty good. (Applause.) Last week, she won the ESPY Award for Best WNBA Player of 2010. Congratulations. (Applause.)

Tangela Smith became only the fourth player in WNBA history to score 4,500 career points and rack up 2,000 rebounds. Congratulations, Tangela. (Applause.) Nice! Nice!

But this is a true team. When Diana was named Finals MVP, she turned around and gave the trophy to her teammates. She said, “It’s not one player that makes an MVP. It never has been…and it never will be.”

And this team set a new WNBA scoring record with 92.8 points per game. They made their way onto a box of Wheaties, I understand. (Laughter.) But they have managed to keep themselves pretty grounded. I hear that rookies Taylor Lilley and Sequoia Holmes are still doing luggage duty — is that true? (Laughter.) You guys didn’t even — (laughter) — rooks, huh? That’s rough. That’s rough. (Laughter.)

This team also goes above and beyond in serving the Phoenix community -– from putting on basketball camps for children of veterans to collecting clothes for the homeless. And today, they’re bringing that commitment here to the White House. After we’re done here, they’ll be holding a clinic as part of Michelle’s “Let’s Move!” initiative to help our young people live healthy and active lives.

So I want to thank all of you guys for your extraordinary service as well as your championship spirit. And I want to thank you for setting a wonderful example — because I live with three tall, good-looking women — (laughter) — who are quite competitive and push me around under the boards all the time. (Laughter.) But I want Malia and Sasha to know that there is absolutely no contradiction between women who are beautiful and healthy and contributing, and good athletes and competitive. And when they see you guys every day, that helps them in a way that — I think if you heard from Michelle, sometimes she feels like when she was coming up she didn’t always have that. And I think that is just so important to everybody.

So as a basketball fan, I congratulate you on your second championship. As a father, I thank you for being great role models. And good luck with the rest of the season. All right. (Applause.)

The President began speaking at 1:43pm EDT and finished at 1:50pm EDT.

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July 19th, 2010

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President Obama Speaks on Unemployment Insurance

THE PRESIDENT: Good morning, everybody. Right now, across this country, many Americans are sitting at the kitchen table, they’re scanning the classifieds, they’re updating their resumes or sending out another job application, hoping that this time they’ll hear back from a potential employer. And they’re filled with a sense of uncertainty about where their next paycheck will come from. And I know the only thing that will entirely free them of those worries –- the only thing that will fully lift that sense of uncertainty –- is the security of a new job.

To that end, we all have to continue our efforts to do everything in our power to spur growth and hiring. And I hope the Senate acts this week on a package of tax cuts and expanded lending for small businesses, where most of America’s jobs are created.

So we’ve got a lot of work to do to make sure that we are digging ourselves out of this tough economic hole that we’ve been in. But even as we work to jumpstart job growth in the private sector, even as we work to get businesses hiring again, we also have another responsibility: to offer emergency assistance to people who desperately need it — to Americans who’ve been laid off in this recession. We’ve got a responsibility to help them make ends meet and support their families even as they’re looking for another job.

That’s why it’s so essential to pass the unemployment insurance extension that comes up for a vote tomorrow. We need to pass it for men like Jim Chukalas, who’s with me here today. Jim worked as a parts manager at a Honda dealership until about two years ago. He’s posted resumes everywhere. He’s gone door-to-door looking for jobs. But he hasn’t gotten a single interview. He’s trying to be strong for his two young kids, but now that he’s exhausted his unemployment benefits, that’s getting harder to do.

We need to pass it for women like Leslie Macko, who lost her job at a fitness center last year and has been looking for work ever since. Because she’s eligible for only a few more weeks of unemployment, she’s doing what she never thought she’d have to do — not at this point, anyway. She’s turning to her father for financial support.

And we need to pass it for Americans like Denise Gibson, who was laid off from a real estate agency earlier this year. Denise has been interviewing for jobs -– but so far nothing has turned up. Meanwhile, she’s fallen further and further behind on her rent. And with her unemployment benefits set to expire, she’s worried about what the future holds.

We need to pass it for all the Americans who haven’t been able to find work in an economy where there are five applicants for every opening; who need emergency relief to help them pay the rent and cover their utilities and put food on the table while they’re looking for another job.

And for a long time, there’s been a tradition –- under both Democratic and Republican Presidents –- to offer relief to the unemployed. That was certainly the case under my predecessor, when Republican senators voted several times to extend emergency unemployment benefits. But right now, these benefits –- benefits that are often the person’s sole source of income while they’re looking for work -– are in jeopardy.

And I have to say, after years of championing policies that turned a record surplus into a massive deficit, the same people who didn’t have any problem spending hundreds of billions of dollars on tax breaks for the wealthiest Americans are now saying we shouldn’t offer relief to middle-class Americans like Jim or Leslie or Denise, who really need help.

Over the past few weeks, a majority of senators have tried -– not once, not twice, but three times –- to extend emergency relief on a temporary basis. Each time, a partisan minority in the Senate has used parliamentary maneuvers to block a vote, denying millions of people who are out of work much-needed relief. These leaders in the Senate who are advancing a misguided notion that emergency relief somehow discourages people from looking for a job should talk to these folks.

That attitude I think reflects a lack of faith in the American people, because the Americans I hear from in letters and meet in town hall meetings –- Americans like Leslie and Jim and Denise — they’re not looking for a handout. They desperately want to work. Just right now they can’t find a job. These are honest, decent, hardworking folks who’ve fallen on hard times through no fault of their own, and who have nowhere else to turn except unemployment benefits and who need emergency relief to help them weather this economic storm.

Now, tomorrow we will have another chance to offer them that relief, to do right by not just Jim and Leslie and Denise, but all the Americans who need a helping hand right now — and I hope we seize it. It’s time to stop holding workers laid off in this recession hostage to Washington politics. It’s time to do what’s right — not for the next election but for the middle class. We’ve got to stop blocking emergency relief for Americans who are out of work. We’ve got to extend unemployment insurance. We need to pass those tax cuts for small businesses and the lending for small businesses.

Times are hard right now. We are moving in the right direction. I know it’s getting close to an election, but there are times where you put elections aside. This is one of those times. And that’s what I hope members of Congress on both sides of the aisle will do tomorrow.

Thanks very much.

The President began speaking at 10:55 AM EST and finished at 11:00 AM EST, in the Rose Garden, Washington, DC.

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July 17th, 2010

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This week, many of our largest corporations reported robust earnings – a positive sign of growth.
But too many of our small business owners and those who aspire to start their own small businesses continue to struggle, in part because they can’t get the credit they need to start up, grow, and hire. And too many Americans whose livelihoods have fallen prey to the worst recession in our lifetimes – a recession that cost our economy eight million jobs – still wonder how they’ll make ends meet.

That’s why we need to take new, commonsense steps to help small businesses, grow our economy, and create jobs – and we need to take them now.

For months, that’s what we’ve been trying to do. But too often, the Republican leadership in the United States Senate chooses to filibuster our recovery and obstruct our progress. And that has very real consequences.

Consider what that obstruction means for our small businesses – the growth engines that create two of every three new jobs in this country. A lot of small businesses still have trouble getting the loans and capital they need to keep their doors open and hire new workers. So we proposed steps to get them that help: Eliminating capital gains taxes on investments. Establishing a fund for small lenders to help small businesses. Enhancing successful SBA programs that help them access the capital they need.

But again and again, a partisan minority in the Senate said “no,” and used procedural tactics to block a simple, up-or-down vote.

Think about what these stalling tactics mean for the millions of Americans who’ve lost their jobs since the recession began. Over the past several weeks, more than two million of them have seen their unemployment insurance expire. For many, it was the only way to make ends meet while searching for work – the only way to cover rent, utilities, even food.

Three times, the Senate has tried to temporarily extend that emergency assistance. And three times, a minority of Senators – basically the same crowd who said “no” to small businesses – said “no” to folks looking for work, and blocked a straight up-or-down vote.

Some Republican leaders actually treat this unemployment insurance as if it’s a form of welfare. They say it discourages folks from looking for work. Well, I’ve met a lot of folks looking for work these past few years, and I can tell you, I haven’t met any Americans who would rather have an unemployment check than a meaningful job that lets you provide for your family. And we all have friends, neighbors, or family members who already knows how hard it is to land a job when five workers are competing for every opening.

Now in the past, Presidents and Congresses of both parties have treated unemployment insurance for what it is – an emergency expenditure. That’s because an economic disaster can devastate families and communities just as surely as a flood or tornado.

Suddenly, Republican leaders want to change that. They say we shouldn’t provide unemployment insurance because it costs money. So after years of championing policies that turned a record surplus into a massive deficit, including a tax cut for the wealthiest Americans, they’ve finally decided to make their stand on the backs of the unemployed. They’ve got no problem spending money on tax breaks for folks at the top who don’t need them and didn’t even ask for them; but they object to helping folks laid off in this recession who really do need help. And every day this goes on, another 50,000 Americans lose that badly needed lifeline.

Well, I think these Senators are wrong. We can’t afford to go back to the same misguided policies that led us into this mess. We need to move forward with the policies that are leading us out of this mess.

The fact is, most economists agree that extending unemployment insurance is one of the single most cost-effective ways to help jumpstart the economy. It puts money into the pockets of folks who not only need it most, but who also are most likely to spend it quickly. That boosts local economies. And that means jobs.

Increasing loans to small business. Renewing unemployment insurance. These steps aren’t just the right thing to do for those hardest hit by the recession – they’re the right thing to do for all of us. And I’m calling on Congress once more to take these steps on behalf of America’s workers, and families, and small business owners – the people we were sent here to serve.

Because when storms strike Main Street, we don’t play politics with emergency aid. We don’t desert our fellow Americans when they fall on hard times. We come together. We do what we can to help. We rebuild stronger, and we move forward. That’s what we’re doing today. And I’m absolutely convinced that’s how we’re going to come through this storm to better days ahead.

Thanks.

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Complete Obama Speech Archive

Transcripts and texts of all of President Barack Obama's speeches, remarks, and television interviews, including his inaugural address, victory speech, campaign speeches and speeches in the U.S. Senate.

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20th Anniversary of the Americans with Disabilities Act

Regarding the DISCLOSE Act

Weekly Address: 07.24.10

Remarks by the President at Signing of the Improper Payments Elimination and Recovery Act

Remarks by the President at Signing of Dodd-Frank Wall Street Reform and Consumer Protection Act

20th Anniversary of the Americans with Disabilities Act

Regarding the DISCLOSE Act

Weekly Address: 07.24.10

Remarks by the President at Signing of the Improper Payments Elimination and Recovery Act

Remarks by the President at Signing of Dodd-Frank Wall Street Reform and Consumer Protection Act

THE PRESIDENT: Well, good morning, everyone.

Transcript from President Obama and Prime Minister Cameron’s Joint Press Conference

PRESIDENT OBAMA: Good afternoon, everybody. Please have a seat. It is my great pleasure to welcome Prime Minister Cameron on his first visit to the White House as Prime Minister.

Remarks by the President at White House Music Series Event Saluting Broadway

Remarks by the President in Honor of the WNBA Champion Phoenix Mercury

Remarks by the President on Unemployment Insurance

Weekly Address 07.17.10

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Transcripts and texts of all of President Barack Obama's speeches, remarks, and television interviews, including his inaugural address, victory speech, campaign speeches and speeches in the U.S. Senate.

Recent Speeches

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20th Anniversary of the Americans with Disabilities Act

Regarding the DISCLOSE Act

Weekly Address: 07.24.10

Remarks by the President at Signing of the Improper Payments Elimination and Recovery Act

Remarks by the President at Signing of Dodd-Frank Wall Street Reform and Consumer Protection Act

THE PRESIDENT: Well, good morning, everyone.

PRESIDENT OBAMA: Good afternoon, everybody. Please have a seat. It is my great pleasure to welcome Prime Minister Cameron on his first visit to the White House as Prime Minister.

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