Obama Delivers Remarks On Economy

For if we hope to end this crisis, we must end the culture of "anything goes" that helped create it, and this change must begin in Washington.

It's time to trade old habits for a new spirit of responsibility. It's time to finally change the ways of Washington so that we can set a new and better course for America.

OBAMA: There is no doubt that the cost of this plan will be considerable. It will certainly add to the budget deficit in the short term.

But equally certain are the consequences of doing too little or nothing at all, for that will lead to an even greater deficit of jobs, incomes, and confidence in our economy.

It is true that we cannot depend on government alone to create jobs or long-term growth. But at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe. Only government can break the cycle that are crippling our economy, where a lack of spending leads to lost jobs, which leads to even less spending, where an inability to lend and borrow stops growth and leads to even less credit.

That's why we need to act boldly and act now to reverse these cycles. That's why we need to put money in the pockets of the American people, create new jobs, and invest in our future. That's why we need to restart the flow of credit and restore the rules of the road that will ensure a crisis like this never happens again.