Obama on America's Economic Recovery

President's weekly address focuses on what congress can do to keep current progress going.
2:53 | 06/01/13

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Transcript for Obama on America's Economic Recovery
Hi everybody. Or -- passport after years we've been fighting our way back from an economic crisis and punishing recession the cost millions of Americans their jobs. Their homes in the sense of security they've worked so hard to build. But thanks to the grit and determination -- the American people are businesses have now created nearly seven million new jobs over the past 38 months. An auto industry that was flat line is once again heartbeat of American manufacturing. Would Americans buying more cars than we have in five years. Within the next few months were projected to begin producing more of our own crude oil at home. Then we buy from other countries. The first time that's happened in sixteen years. Deficits there were growing for years are -- shrinking of the fastest rate in decades. The rise helped her cross is slowing too. And housing market that was in tatters is showing new signs of real strength. Sales are rising for closures are declining construction is expanding and home prices are rising at the fastest rate in nearly seven years or helping a lot of families. -- a lot easier. Now we need to do more. This week my administration announced the -- standing a program to help more responsible families modify their mortgages so they can stay in their homes. But to keep our housing market and our economy growing congress needs to step up and do its part. Members of congress will be coming back next week for important month of work. We've got to keep this progress going until middle class families start regaining that sense of security. And we can't let partisan politics get in the way. Congress should pass a law giving every responsible homeowners the chance to save about 3000 dollars a year on their mortgage. By refinancing -- historically low interest rates. Congress should put more Americans to work rebuilding our crumbling roads and bridges like the -- the collapse last week in Washington State we'd all be safer. And the unemployment rate would fall faster. And congress should fix our broken immigration system by passing common sense reform. The continues to strengthen our borders hold employers accountable and provides a pathway to earned citizenship. And also modernize our legal immigration system so that were reuniting families and attracting the highly skilled -- -- and engineers -- will help our economy grow. So there -- a lot of reasons to feel optimistic about where we're headed this country especially after all we've fought through together. We've just got to keep going. Because we've got more good jobs to create we've got more kids to educate. We've got more doors of opportunity to open for anyone who's willing to work hard enough to walk through those -- And if we work together I'm as confident as I've ever been to won't get where we need to be. Banks every week it.

This transcript has been automatically generated and may not be 100% accurate.

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