President Obama used his weekly address as a progress report of sorts for the week, touting what his administration is doing across the board to remedy the economic situation, reviewing action by the Departments of Treasury and Housing & Urban Development to allow lenders to renegotiate their mortgage payments, and referencing his health care summit, budget proposals, and his presidential memorandum on no-bid contracts.
"On Thursday, the Treasury Department and the Federal Reserve launched the Consumer and Business Lending Initiative," the president said, "a plan that will generate up to a trillion dollars of new lending so that families can finance a car or college education — and small businesses can raise the capital that will create jobs."
Click here to watch the president’s address.
Obama warned trouble remains on the horizon.
"We will continue to face difficult days in the months ahead," the president said. "But I also believe that we will get through this — that if we act swiftly and boldly and responsibly, the United States of America will emerge stronger and more prosperous than it was before."
– Jake Tapper and Sunlen Miller