President Obama delievers remarks on pay-as-you-go requirements.
Tuesday, June 9, 2009; 1:50 PM
SPEAKER: PRESIDENT BARACK OBAMA
[*] OBAMA: Thank you all for joining us here in the White House.
Before I begin, I want to comment briefly on the announcement by the Treasury Department with regard to the Financial Stability Plan. As you know, through this plan and its predecessor, taxpayer dollars were used to stabilize the financial system at a time of extraordinary stress. And these funds were also meant to be an investment. And they were meant to be temporary. And that's why this morning's announcement is important.
Several financial institutions are set to pay back $68 billion to taxpayers. And while we know that we will not escape the worst financial crisis in decades without some losses to taxpayers, it's worth noting that in the first round of repayments from these companies, the government has actually turned a profit.
This is not a sign that our troubles are over; far from it.
The financial crisis this administration inherited is still creating painful challenges for businesses and families alike. And I think everybody sees it in their own individual districts.