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The housing plan President Obama unveiled today could directly help up to 9 million people -- but indirectly, it will help all of us."In the end, all of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to continue to deepen," President Obama said today in Phoenix, AZ. "But if we act boldly and swiftly to arrest this downward spiral, every American will benefit."He laid out the four key elements of the Homeowner Affordability and Stability Plan:
- refinancing help for four to five million homeowners who receive their mortgages through Fannie Mae or Freddie Mac
- new incentives for lenders to modify the terms of sub-prime loans at risk of default and foreclosure
- steps to keep mortgage rates low for millions of middle class families looking to secure new mortgages
- additional reforms designed to help families stay in their homes
"The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly," the President said, "by refinancing loans for millions of families in traditional mortgages who are underwater or close to it; by modifying loans for families stuck in sub-prime mortgages they can’t afford as a result of skyrocketing interest rates or personal misfortune; and by taking broader steps to keep mortgage rates low so that families can secure loans with affordable monthly payments."We've put together a few documents that will help you understand the plan, how it will work, and how it will affect you: -
The President’s strategy for economic recovery is a stool with several legs, as he’s said, and one of them is solving the foreclosure crisis."We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes," he said yesterday as he signed the American Recovery and Reinvestment Act into law.Though communities across the country have been affected by the crisis, Arizona has been hit particularly hard -- in 2008, only two states had more foreclosures.And President Obama is there today, in Phoenix, to unveil his "Homeowner Affordability and Stability Plan," which will help bring relief to homeowners and bring some order to the housing market.The President will talk more about his plan a little later today. In the meantime, we’re sure you have a lot of questions, like, Am I eligible for assistance? Might I be able to modify my loan? When do I apply? We've put together an example sheet that will show you what options might be available to you, depending on the circumstances of your mortgage, as well as answers to some common questions (below).Questions and Answers for Borrowers about the
Homeowner Affordability and Stability PlanBorrowers Who Are Current on Their Mortgage Are Asking:- What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?
Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.- I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.- How do I know if I am eligible?
Complete eligibility details will be announced on March 4th when the program starts. The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.- I have both a first and a second mortgage. Do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the Homeowner Affordability and Stability Plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.- Will refinancing lower my payments?
The objective of the Homeowner Affordability and Stability Plan is to provide creditworthy borrowers who have shown a commitment to paying their mortgage with affordable payments that are sustainable for the life of the loan. Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see their current payment go down if they refinance to a fixed rate. These borrowers, however, could save a great deal over the life of the loan. When you submit a loan application, your lender will give you a "Good Faith Estimate" that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.- What are the interest rate and other terms of this refinance offer?
The objective of the Homeowner Affordability and Stability Plan is to provide borrowers with a safe loan program with a fixed, affordable payment. All loans refinanced under the plan will have a 30 or 15 year term with a fixed interest rate. The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans will have no prepayment penalties or balloon notes.- Will refinancing reduce the amount that I owe on my loan?
No. The objective of the Homeowner Affordability and Stability Plan is to help borrowers refinance into safer, more affordable fixed rate loans. Refinancing will not reduce the amount you owe to the first mortgage holder or any other debt you owe. However, by reducing the interest rate, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.- How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?
To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible to be refinanced, you should contact your mortgage lender after March 4, 2009.- When can I apply?
Mortgage lenders will begin accepting applications after the details of the program are announced on March 4, 2009.- What should I do in the meantime?
You should gather the information that you will need to provide to your lender after March 4, when the refinance program becomes available. This includes:- information about the gross monthly income of all borrowers, including your most recent pay stubs if you receive them or documentation of income you receive from other sources
- your most recent income tax return
- information about any second mortgage on the house
- payments on each of your credit cards if you are carrying balances from month to month, and
- payments on other loans such as student loans and car loans.
Borrowers Who Are at Risk of Foreclosure Are Asking:- What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?
The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.- Do I need to be behind on my mortgage payments to be eligible for a modification?
No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.- How do I know if I qualify for a payment reduction under the Homeowner Affordability and Stability Plan?
In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.- I do not live in the house that secures the mortgage I’d like to modify. Is this mortgage eligible for the Homeowner Affordability and Stability Plan?
No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible. If you used to live in the home but you moved out, the mortgage is not eligible. Only the mortgage on your primary residence is eligible. The mortgage lender will check to see if the dwelling is your primary residence.- I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?
Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.- I have two mortgages. Will the Homeowner Affordability and Stability Plan reduce the payments on both?
Only the first mortgage is eligible for a modification.- I owe more than my house is worth. Will the Homeowner Affordability and Stability Plan reduce what I owe?
The primary objective of the Homeowner Affordability and Stability Plan is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford. Lenders are likely to lower payments mainly by reducing loan interest rates. However, the program offers incentives for principal reductions and at your lender’s discretion modifications may include upfront reductions of loan principal.- I heard the government was providing a financial incentive to borrowers. Is that true?
Yes. To encourage borrowers who work hard to retain homeownership, the Homeowner Affordability and Stability Plan provides incentive payments as a borrower makes timely payments on the modified loan. The incentive will accrue on a monthly basis and will be applied directly to reduce your mortgage debt. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of that period.- How much will a modification cost me?
There is no cost to borrowers for a modification under the Homeowner Affordability and Stability Plan. If you wish to get assistance from a HUD-approved housing counseling agency or are referred to a counselor as a condition of the modification, you will not be charged a fee. Borrowers should beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they require a fee in advance.- Is my lender required to modify my loan?
No. Mortgage lenders participate in the program on a voluntary basis and loans are evaluated for modification on a case-by-case basis. But the government is offering substantial incentives and it is expected that most major lenders will participate.- I'm already working with my lender / housing counselor on a loan workout. Can I still be considered for the Homeowner Affordability and Stability Plan?
Ask your lender or counselor to be considered under the Homeowner Affordability and Stability Plan.- How do I apply for a modification under the Homeowner Affordability and Stability Plan?
You may not need to do anything at this time. Most mortgage lenders will evaluate loans in their portfolio to identify borrowers who may meet the eligibility criteria. After March 4 they will send letters to potentially eligible homeowners, a process that may take several weeks. If you think you qualify for a modification and do not receive a letter within several weeks, contact your mortgage servicer or a HUD-approved housing counselor. Please be aware that servicers and counseling agencies are expected to receive an extraordinary number of calls about this program.- What should I do in the meantime?
You should gather the information that you will need to provide to your lender on or after March 4, when the modification program becomes available. This includes- information about the monthly gross income of your household including recent pay stubs if you receive them or documentation of income you receive from other sources
- your most recent income tax return
- information about any second mortgage on the house
- payments on each of your credit cards if you are carrying balances from month to month, and
- payments on other loans such as student loans and car loans.
- My loan is scheduled for foreclosure soon. What should I do?
Contact your mortgage servicer or credit counselor. Many mortgage lenders have expressed their intention to postpone foreclosure sales on all mortgages that may qualify for the modification in order to allow sufficient time to evaluate the borrower's eligibility. We support this effort. -
The economic recovery package is essential for our nation's economy, for its infrastructure, and for our energy, health, and education needs -- and now it's the law.After months of planning and weeks of negotiation, President Obama signed the American Recovery and Reinvestment Act today in Denver, CO."What I am signing is a balanced plan with a mix of tax cuts and investments. It is a plan that’s been put together without earmarks or the usual pork barrel spending. And it is a plan that will be implemented with an unprecedented level of transparency and accountability," President Obama said before signing the bill into law. "And we expect you, the American people, to hold us accountable for the results. That is why we have created Recovery.gov – so every American can go online and see how their money is being spent."That site, Recovery.gov, is now live. You can go there to see projections -- based on language in the legislation -- of where your money will go, broken down state-by-state. And over the coming weeks and months, as the funds start to go out, you'll be able to see far more detailed information.It's just the beginning of a long process, of course -- on Air Force One today, Press Secretary Robert Gibbs called it "a strong start towards economic viability.""Our American story is not -- and has never been -- about things coming easy," the President said in his remarks at the Denver Museum of Nature and Science. "It’s about rising to the moment when the moment is hard, converting crisis into opportunity, and seeing to it that we emerge from whatever trials we face stronger than we were before."Before the signing, President Obama toured the museum's solar panel installation.
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"I have become fond of saying that America is as much a transpacific power as it is a transatlantic one," Secretary of State Hillary Clinton wrote yesterday in her first blog post on Dipnote, the State Department blog, as she kicked off her first major overseas trip.Secretary Clinton is in Tokyo today, the first stop on her weeklong tour of Asia, which also includes stops in Indonesia, the Republic of Korea, and China.A few days before departing for her trip, Secretary Clinton visited the New York headquarters of the Asia Society, a non-profit organization that works to improve relations and understanding between the U.S. and Asian countries. She laid out the many common challenges we face and, in our interconnected world, the need to confront them cooperatively – including climate change, common military threats, and the global economic crisis:"Our relationships with each of the countries I’m visiting, and with all of our partners and allies throughout Asia and the Pacific, are indispensable to our security and prosperity. When we consider the gravest global threats confronting us – financial instability and economic dislocation, terrorism and weapons of mass destruction, food security and health emergencies, climate change and energy vulnerability, stateless criminal cartels and human exploitation – it is clear that these threats do not stop at borders or oceans. Pandemics threaten school children in Jakarta and Jacksonville. Global financial crises shrink bank accounts in Sapporo and San Francisco. The dangers posed by nuclear proliferation create worries in Guangzhou as well as Washington. And climate change affects the livelihoods of farmers in China’s Hunan province and in America’s Midwest. These dangers affect us all, and therefore we all must play a role in addressing them."So I leave for Asia ready to deliver a message about America’s desire for more rigorous and persistent commitment and engagement, ready to work with leaders in Asia to resolve the economic crisis that threatens the Pacific as much as any other region, ready to strengthen our historic partnerships and alliances while developing deeper bonds with all nations, ready to help prevent the proliferation of nuclear weapons in Asia, ready to expand our combined efforts on 21st century challenges like climate change and clean energy, pandemics, and income inequality."
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The President is off to Denver this morning, where he'll sign the American Recovery and Reinvestment Act into law.He'll sign the bill at the Denver Museum of Nature & Science alongside Vice President Biden, Gov. Bill Ritter, and Interior Secretary Ken Salazar (who until recently was Colorado Senator Ken Salazar), then take a tour of the museum's installation of solar panels.The Denver Post and Rocky Mountain News both identified local clean energy companies who say they expect to benefit from the economic recovery package.The Post:Pete Austin of Cañon City is poised to implement the stimulus bill's expanded subsidies for wind energy and business-equipment purchases. He said he will train and hire installers for solar panels and wind turbines and will finally lock up the loan he has been putting off for new trucks."I'd like to thank them from the bottom of my heart," said Austin, taking a break from installing a home-based solar array in Pueblo West. "I'm tickled to death that we're moving forward with legislation and policy that directs this country into energy that's diversified. We're very happy they have kept the promise."The News:Matthew Caryofilles, the owner of SALT Electric in Denver…Once the stimulus bill is signed, he predicts several projects that have been "percolating" will finally get under way. Work could begin on some of them by the end of March, he said."We can actually grow again," he said.More on the signing later.
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As President Obama says, the economic recovery package is just one of three "legs of the stool" -- a milestone, but an early one, the very beginning of the long process of fixing the economic crisis we inherited.Tomorrow we'll mark the end of that beginning, as President Obama travels to Denver, CO to sign the American Recovery and Reinvestment Act that the House and Senate approved last Friday.Over the past few weeks, the President spent some time with Americans across the country who are hurting because of this crisis. And the team has been working around the clock, meeting with House members, Senators, and governors -- Democratic and Republican alike -- to build and pass the recovery package.Along the way, White House photographer Pete Souza, whose job it is to visually document everything the President does, has captured some pretty incredible behind-the-scenes images. It’s a glimpse of the President and of the White House that you don’t usually get to see.Flip through the photo gallery below -- then take a look at the finished product and offer your thoughts.{SLIDESHOW|86}
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"Those of us who grew up playing basketball, whether on a playground in the city or a farm in the heartland, are grateful to the game for the lessons it teaches us about life," President Obama says in a special message for the NBA All-Star Game."Tonight, we celebrate individual excellence but we remember that throughout the game's history, its greatest players -- its champions -- are those who don't just perfect their own game, but make those around them better," he says.He also makes a call to emulate that lesson by visiting USAService.org and giving back to our communities.Watch the full message below.Viewing this video requires Adobe Flash Player 8 or higher. Download the free player.
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Today President Obama is celebrating the passage of the American Recovery and Reinvestment Act as a "major milestone on our road to recovery," while still emphasizing that we have many miles yet to go."This historic step won't be the end of what we do to turn our economy around, but the beginning," he says in his weekly address. To get us there, he invokes President Kennedy, who said, "Do not pray for easy lives. Pray to be stronger men. Do not pray for tasks equal to your powers. Pray for powers equal to your tasks."President Obama acknowledges that some people are skeptical about the plan given how Washington has performed in the past, which is why he's encouraging people to check back at Recovery.gov -- the site where, once the plan is in action, you'll be able to track the funds."Utlimately, this is your money, and you deserve to know where it's going and how it's spent," he says.Watch the address below.Viewing this video requires Adobe Flash Player 8 or higher. Download the free player.
WEEKLY ADDRESS OF THE PRESIDENT
TO THE NATIONFebruary 14, 2009
This week, I spent some time with Americans across the country who are hurting because of our economic crisis. People closing the businesses they scrimped and saved to start. Families losing the homes that were their stake in the American Dream. Folks who have given up trying to get ahead, and given in to the stark reality of just trying to get by.They’ve been looking to those they sent to Washington for some hope at a time when they need it most.This morning, I’m pleased to say that after a lively debate full of healthy difference of opinion, we have delivered real and tangible progress for the American people.Congress has passed my economic recovery plan – an ambitious plan at a time we badly need it. It will save or create more than 3.5 million jobs over the next two years, ignite spending by business and consumers alike, and lay a new foundation for our lasting economic growth and prosperity.This is a major milestone on our road to recovery, and I want to thank the Members of Congress who came together in common purpose to make it happen. Because they did, I will sign this legislation into law shortly, and we’ll begin making the immediate investments necessary to put people back to work doing the work America needs done.The work of modernizing our health care system, saving billions of dollars and countless lives; and upgrading classrooms, libraries, and labs in our children’s schools across America.The work of building wind turbines and solar panels and the smart grid necessary to transport the clean energy they create; and laying broadband internet lines to connect rural homes, schools, and businesses to the information superhighway.The work of repairing our crumbling roads and bridges, and our dangerously deficient dams and levees.And we’ll help folks who’ve lost their jobs through no fault of their own by providing the unemployment benefits they need and protecting the health care they count on.Now, some fear we won’t be able to effectively implement a plan of this size and scope, and I understand their skepticism. Washington hasn’t set a very good example in recent years. And with so much on the line, it’s time to begin doing things differently.That’s why our goal must be to spend these precious dollars with unprecedented accountability, responsibility, and transparency. I’ve tasked my cabinet and staff to set up the kind of management, oversight, and disclosure that will help ensure that, and I will challenge state and local governments to do the same.Once the plan is put into action, a new website – Recovery DOT gov – will allow any American to watch where the money goes and weigh in with comments and questions – and I encourage every American to do so. Ultimately, this is your money, and you deserve to know where it’s going and how it’s spent.This historic step won’t be the end of what we do to turn our economy around, but the beginning. The problems that led us into this crisis are deep and widespread. Our response must be equal to the task.For our plan to succeed, we must stabilize, repair, and reform our banking system, and get credit flowing again to families and businesses.We must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again.We must stem the spread of foreclosures and do everything we can to help responsible homeowners stay in their homes.And in the weeks ahead, I will submit a proposal for the federal budget that will begin to restore the discipline these challenging times demand. Our debt has doubled over the past eight years, and we’ve inherited a trillion-dollar deficit – which we must add to in the short term in order to jumpstart our sick economy. But our long-term economic growth demands that we tame our burgeoning federal deficit; that we invest in the things we need, and dispense with the things we don’t. This is a challenging agenda, but one we can and will achieve.This morning, I’m reminded of words President Kennedy spoke in another time of uncertainty. "Do not pray for easy lives. Pray to be stronger men. Do not pray for tasks equal to your powers. Pray for powers equal to your tasks."America, we will prove equal to this task. It will take time, and it will take effort, but working together, we will turn this crisis into opportunity and emerge from our painful present into a brighter future. After a week spent with the fundamentally decent men and women of this nation, I have never been more certain of that. Thank you. -
Yesterday Vice President Biden honored what he called the "movement" for the rights of the disabled.To do so, he visited a premiere institution of that movement, the Special Olympics, being held this year in Boise, Idaho. And as meaningful as the medals he awarded to the figure skaters there were, even more significant was his assurance that the cause would always have an advocate in this White House, announcing Kareem Dale as Special Assistant to the President for Disability Policy.
Photo credit: Vice President Joseph Biden announces that Kareem Dale, 3rd from left, has been appointed Special Assistant to the President for Disability Policy during the Winter Special Olympics site at Boise State University Thursday, Feb. 12, 2009 in Boise, Idaho. White House photo by Sharon FarmerDale, who has been with President Obama for years and is partially blind, said he was "just humbled and honored for the faith the president and vice president have shown in me."The Vice President praised Dale and emphasized the importance of the position: "He is going to have absolutely direct access to the president. What we’re trying to do is make sure that not only do we deal with getting support for what you’re seeing happening at these Winter Games, but also to make sure that persons with disabilities are in position to also be in the work force, so they don’t have to choose, like many have to do now, between staying in a job that’s a dead-end job that they don’t like, or else leaving a job that they like because it’s the only way to get health care."He continued, "Look, this is a movement. What started off as an avenue and an outlet and a recognition for athletes has turned into a worldwide movement. This is about to change the attitude, change the attitude of governments, change the attitude of individuals."It’s a big deal. I started off in the civil rights movement. This is a civil rights movement. This is a movement to make sure that we guarantee that all peoples in the world have the opportunity to succeed to the degree they are capable." -
Yesterday, the American Recovery and Reinvestment Act of 2009 passed through conference and is now on its way back to the House and Senate for full votes.
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We were all shocked to wake up to the news this morning that late last night, a commuter plane crashed into a house outside of Buffalo, NY, killing all 49 people on board and 1 man in the home.This morning the President released the following statement."Michelle and I are deeply saddened to hear of the tragic accident outside of Buffalo last night," President Obama said. "Our hearts go out to the families and friends who lost loved ones. I want to thank the brave first responders who arrived immediately to try and save lives and who are continuing to ensure the safety of everyone in the area. We pray for all those who have been touched by this terrible tragedy to find peace and comfort in the hard days ahead."
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On Wednesday, February 11, 2009, high-ranking members of the Obama administration met with dozens of Latino and Latina leaders to talk about priorities for the new Administration and how we can work together. We asked Stephanie Valencia, with the Office of Public Liaison, to write a guest blog post and tell us a little bit about what happened in the meeting.Yesterday was a great day for the Latino community, as 60 Latino and Latina leaders from across the country converged in Washington for a briefing with key White House Staff.As a friend who attended the briefing told me right afterwards, "Change really has come to the White House. In the last eight years, we never had something like this!"Latinos played a key role in the election this past November, turning out in record numbers, and it was great to see so many energized leaders eager to work side-by-side with the Administration.We heard updates from Tina Tchen, Director of Public Liaison and Cecilia Munoz, Director of Intergovernmental Affairs about the important work their offices are doing to engage people throughout the country and build support for President Obama’s policies. Cecilia joined us after 20 years at National Council of La Raza, where she worked side by side with many of the people at the briefing. She is now the highest ranking Latina in the White House.In addition to Cecilia, there are a number of Latino officials high up in the Administration, and many of them came to the meeting, including Director of Administration for the Vice President’s office, Moises "Moe" Vela; former Secretary of the Army and now Director of the White House Military Office, Louis Caldera; David Medina, Deputy Chief of Staff to First Lady Michelle Obama; and Nancy Sutley, Director of the White House Council on Environmental Quality and senior environmental policy advisor to President Obama.Heather Higginbottom, Deputy Director of the Domestic Policy Council, asked which issues people were most concerned about. Of course, the economic crisis was foremost on everyone’s mind – some expressed concern that Latinos would feel a disproportionate share of pain from the downturn, and we discussed the benefits of the recovery package for Latinos. But it wasn’t the only concern. There was discussion about how to keep Latino youth in school, through high school and on to college, as well as about the broken immigration system and the immigration raids that tear families apart. Heather celebrated the recent victory on the SCHIP reauthorization – after many years of advocacy, legal immigrant children will now be covered – and highlighted the ways we can work in partnership on these key issues and more.Director of Presidential Personnel Don Gips emphasized President Obama’s commitment to a diverse Administration, including searching for qualified Latino candidates. White House Political Director Patrick Gaspard helped close out the afternoon on a high note with Senior Advisor Valerie Jarrett thanking everyone for their support and asked for their continued engagement and input.It was a FULL briefing, and we covered a lot of ground. But it really was just the BEGINNING of an ongoing conversation with the Latino community during this Administration. President Obama made the commitment that we would have a seat at the table in this White House, and after so many years, we finally do.
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About two weeks ago, we launched AStrongMiddleClass.gov, the home of Vice President Joe Biden's Middle Class Task Force.But what is the middle class, anyway?A lot of people had that question -- it appeared frequently among the nearly 35,000 questions and comments that have come in since the site launched.Jared Bernstein, the Executive Director of the task force and the Vice President's Chief Economist and Economic Policy Advisor, responds to some of these questions and comments over at the Strong Middle Class Blog."It used to be that the middle class was able to achieve the American dream of owning a decent home in a safe neighborhood with a good public school, having access to affordable health care, saving for college and retirement, and enjoying the occasional meal out, movie, and vacation," Bernstein writes. "The problem is that many middle class families are no longer able to achieve this dream. The task force will focus on making the American dream accessible again to the middle class."
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Senator Judd Gregg (R-NH) has withdrawn from consideration as the nominee for Secretary of Commerce.Press Secretary Robert Gibbs released the following statement:"Senator Gregg reached out to the President and offered his name for Secretary of Commerce. He was very clear throughout the interviewing process that despite past disagreements about policies, he would support, embrace, and move forward with the President’s agenda. Once it became clear after his nomination that Senator Gregg was not going to be supporting some of President Obama’s key economic priorities, it became necessary for Senator Gregg and the Obama administration to part ways. We regret that he has had a change of heart".
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UPDATE: Thursday night, at a dinner celebrating the Lincoln bicentennial in Springfield, Ill., President Obama delivered remarks standing before a portrait of the 16th President (below).
The Great Emancipator would have been 200 years old today, and President Obama is marking the occasion in several ways. This morning he spoke at the Lincoln bicentennial celebration on the steps of the Lincoln Memorial, and tonight he’ll address the 102nd Abraham Lincoln Association Annual Banquet Dinne
r.Last night he appeared at the Re-Opening of Ford’s Theatre, the site of the April 14, 1865, assassination of President Lincoln. Big names like Katie Couric, James Earl Jones, and Jeffrey Wright, appeared, and there performances by the President’s Own Marine Band, violinist Joshua Bell, and Audra McDonald, among others.The 44th President commended the 16th’s many accomplishments, but made particular note of his commitment to the future, even amid the upheaval of the Civil War."When President Lincoln was finally told of all the metal being used at the Capitol, his response was short and clear: That is as it should be," President Obama said in his remarks. "The American people needed to be reminded, he believed, that even in a time of war, the work would go on; that even when the nation itself was in doubt, the future was being secured; and that on that distant day when the guns fell silent, a national capitol would stand, with a statue of freedom at its peak, as a symbol of unity in the land still mending its divisions."
White House photos 2/12/09 by Pete Souza -
We're happy to announce that the jobs application feature is now live on WhiteHouse.gov. The Jobs Application feature enables people everywhere to apply to be considered for a political appointment in President Obama's Administration. You can get to it by clicking on the "Apply for a Job" link at the very bottom of each of the pages on WhiteHouse.gov.That link will take you to a page which tells you a little bit more about the application process, with a button at the bottom marked, "Begin Application Form." That’s where you fill out your information, upload a resume, and tell us what kinds of positions you’re interested in. But a quick heads up – you have to complete the application in one session, and it’s going to take you about 15 minutes to do it. So before you start, you might want to print the Paper Application, gather up the information you’ll need, then sign back in.We’re looking to fill several thousand politically appointed positions in the Executive Branch. We’re already interviewing for many of the upper level positions, but will be reviewing applications and making decisions on appointments over the next few months. Remember, the WhiteHouse.gov jobs application is just for politically appointed positions in the Executive Branch of the government. These are positions that serve at the pleasure of the President and so are by definition temporary, not permanent. We have received more than 350,000 applications to date for several thousand positions; the selection process is very competitive and rigorous. For more information on these types of appointments, click on the Executive Branch link on the "Our Government" page of WhiteHouse.gov, or check out the Plum Book. (We also encourage you to look at the many thousands of permanent career positions with the government. Go to USAJobs.gov for more information and to fill out an application.)If you already submitted an application to Change.gov, you don’t need to submit a new one. All applications from Change.gov have been brought into the White House applicant database and are currently being used to search for candidates.A number of people have asked whether they can update an application. If you want to modify an application you submitted to Change.gov or WhiteHouse.gov, you will need to submit a brand new application to WhiteHouse.gov. The security requirements of the White House technology environment will not permit applicants to retrieve and modify already-submitted applications.If you have skills and a desire for public service, check out the WhiteHouse.gov jobs page (political positions) or USAJobs.gov (career positions) and tell us about yourself.
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The estimated 6 million consumers who rely on analog TV signals now have a four month reprieve.President Obama today signed the legislation delaying the mandatory conversion from analog to digital signals from February 17 to June 12."During these challenging economic times, the needs of American consumers are a top priority of my administration," the President said in an official statement.
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So we're on our way. Democrats and Republicans, House members and Senators, they all got together in conference and brought the House and Senate versions of the bill from 90% alike to 100%."I want to thank the Democrats and Republicans in Congress who came together around a hard-fought compromise that will save or create more than 3.5 million jobs and get our economy back on track," the President said in an official statement.In the course of negotiations, the President made clear that he was disappointed in some of the changes from his original proposal, but he has also made clear that saving and creating jobs is the most urgent priority and that Congress can return to other issues down the line. And some of those jobs might come even before the money starts flowing -- simply from the idea that help is on the way.The President announced today, for example, that the CEO of an iconic American manufacturer, Caterpillar, would rehire some of the 20,000 workers who were recently laid off if the recovery package were passed.But CAT’s not alone. The Denver Business Journal reported a few days ago that, "Telecommunications companies fore-see putting thousands of construction workers to work this year expanding the nation’s broadband infrastructure, fueled by the federal economic stimulus package." The Business Review Western Michigan describes how 85% of contractors could either hire new workers or avoid layoffs if the plan is passed. Even Google CEO Eric Schmidt said the company would "absolutely" hire new employees if the stimulus passes.The same is true for local governments, which are likely to keep or add thousands of employees -- including police. "If you can use new police to stabilize a neighborhood, consolidate crime-reduction gains, then you can have a considerable impact on the local economy," Chuck Wexler, the executive director of the Police Executive Research Forum, told the New York Times.
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First Lady Michelle Obama visited Howard University today, where she assured a crowd of college students that hey, it's ok if you're not sure exactly what you want to do with your life."The question that I hate most that we ask of young people is, 'What are you going to be when you grow up?' And the truth is, I still don't know, and I'm 45 years old," she said. "All I know is that it's important for you to be true to yourselves, not to worry too much about what other people are going to think or make of your choices, because everyone will question what you do and tell you you should've done it the other way."Read the full remarks here.
White House photos 2/11/09 by Joyce N. Boghosian -
The Senate-House conference committee has reconciled the chambers' different versions of the American Recovery and Reinvestment Act.
Watch all the musical acts
