1 00:00:00,240 --> 00:00:01,440 The President, thank you for your patience. 2 00:00:01,440 --> 00:00:05,800 We had a very good but long meeting with the chairpersons 3 00:00:05,800 --> 00:00:07,940 of the House of Representatives in the Oval, 4 00:00:07,940 --> 00:00:10,080 and it went a little longer, but it went very well. 5 00:00:10,080 --> 00:00:12,240 Thank you all for being here. 6 00:00:12,240 --> 00:00:14,380 I'm accompanied by the Vice President 7 00:00:14,380 --> 00:00:16,380 and the Secretary of Treasury Janet Yellen, 8 00:00:17,280 --> 00:00:19,880 and I want to talk today about our plan. 9 00:00:21,080 --> 00:00:25,460 And the January job numbers came out today. 10 00:00:26,260 --> 00:00:28,620 And while we're grateful for everyone who found work 11 00:00:28,620 --> 00:00:30,060 and is earning a paycheck, 12 00:00:30,920 --> 00:00:33,760 it's very clear our economy is still in trouble. 13 00:00:34,720 --> 00:00:38,860 We added just 6,000 private sector jobs 14 00:00:38,860 --> 00:00:40,840 in the country last month. 15 00:00:40,840 --> 00:00:44,260 Overall, we added 49,000 jobs. 16 00:00:45,140 --> 00:00:49,140 And this at a time when we have more than 10 million people 17 00:00:49,140 --> 00:00:52,380 out of work, 4 million people have been out of work 18 00:00:52,380 --> 00:00:54,180 for six months or longer, 19 00:00:54,980 --> 00:00:59,140 And 2.5 million women have been driven from the workforce. 20 00:00:59,780 --> 00:01:02,900 Fifteen million Americans are behind in the rental payments. 21 00:01:03,700 --> 00:01:08,060 Twenty-four million adults and 12 million children 22 00:01:08,060 --> 00:01:10,620 literally don't have enough food to eat. 23 00:01:11,540 --> 00:01:13,480 These aren't Democrats or Republicans. 24 00:01:13,480 --> 00:01:15,940 They're Americans. And they're suffering. 25 00:01:16,840 --> 00:01:19,200 They're suffering not because of anything they did. 26 00:01:19,200 --> 00:01:21,480 Through no fault of their own, they're suffering. 27 00:01:22,340 --> 00:01:25,360 Once-in-a-century virus has decimated our economy, 28 00:01:26,200 --> 00:01:30,200 and it's still wreaking havoc on our economy today. 29 00:01:31,080 --> 00:01:33,300 And so much of it is still about the virus. 30 00:01:33,940 --> 00:01:36,440 We're still in the teeth of this pandemic. 31 00:01:36,440 --> 00:01:39,800 In fact, January was the single deadliest month 32 00:01:39,800 --> 00:01:41,520 of the whole pandemic. 33 00:01:41,520 --> 00:01:44,960 We lost nearly 100,000 lives. 34 00:01:46,180 --> 00:01:49,080 I know some in Congress think we've already done enough 35 00:01:49,080 --> 00:01:51,240 to deal with the crisis in the country. 36 00:01:51,480 --> 00:01:54,020 Others think that things are getting better 37 00:01:54,020 --> 00:01:56,220 and we can afford to sit back 38 00:01:56,220 --> 00:01:59,120 and either do little or do nothing at all. 39 00:01:59,900 --> 00:02:01,380 That's not what I see. 40 00:02:02,060 --> 00:02:04,300 I see enormous pain in this country. 41 00:02:05,360 --> 00:02:06,720 A lot of folks out of work. 42 00:02:07,620 --> 00:02:10,320 A lot of folks going hungry, staring at the ceiling tonight, 43 00:02:10,400 --> 00:02:11,880 wondering, what am I going to do tomorrow? 44 00:02:12,720 --> 00:02:15,300 A lot of folks trying to figure out how to keep their jobs 45 00:02:15,300 --> 00:02:17,300 and take care of their children. 46 00:02:18,360 --> 00:02:20,900 A lot of folks reaching the breaking point. 47 00:02:22,180 --> 00:02:25,360 Suicides are up. Mental health needs are increasing. 48 00:02:26,180 --> 00:02:28,520 Violence against women and children is increasing. 49 00:02:29,340 --> 00:02:31,380 A lot of folks are losing hope. 50 00:02:32,200 --> 00:02:34,460 And I believe the American people are looking right now 51 00:02:34,460 --> 00:02:37,360 to their government for help to do our job, 52 00:02:37,360 --> 00:02:38,840 to not let them down. 53 00:02:39,460 --> 00:02:42,640 So I'm going to act, and I'm going to act fast. 54 00:02:43,740 --> 00:02:45,160 I'd like to be — 55 00:02:45,160 --> 00:02:47,960 I'd like to be doing it with the support of Republicans. 56 00:02:47,960 --> 00:02:49,040 I've met with Republicans. 57 00:02:49,040 --> 00:02:50,400 There's some really fine people 58 00:02:50,400 --> 00:02:52,240 want to get something done, 59 00:02:52,240 --> 00:02:53,940 but they're just not willing to go as far 60 00:02:53,940 --> 00:02:55,780 as I think we have to go. 61 00:02:55,780 --> 00:03:09,076 I told both Republicans and Democrats that my preference to work together But if I have to choose between getting help right now to Americans who are hurting so badly and getting bogged down in a monthly negotiation 62 00:03:09,716 --> 00:03:13,876 or compromising on a bill that's up to the crisis, 63 00:03:14,456 --> 00:03:16,196 that's an easy choice. 64 00:03:16,196 --> 00:03:18,796 I'm going to help the American people who are hurting now. 65 00:03:19,836 --> 00:03:22,796 That's why I'm so grateful to the House and the Senate 66 00:03:22,796 --> 00:03:25,716 for moving so fast on the American Rescue Plan. 67 00:03:26,316 --> 00:03:29,016 Here's what's in that plan. 68 00:03:29,016 --> 00:03:36,356 First, it puts $160 billion into our national COVID-19 strategy, 69 00:03:36,356 --> 00:03:41,256 which includes more money for manufacturing, distribution, 70 00:03:41,256 --> 00:03:44,176 and setting up of vaccine sites, 71 00:03:44,176 --> 00:03:48,796 everything that's needed to get the vaccines into people's arms. 72 00:03:48,796 --> 00:03:51,316 There's simply nothing more important 73 00:03:51,316 --> 00:03:53,216 than us getting the resources we need 74 00:03:53,216 --> 00:03:56,276 to vaccinate the people in this country. 75 00:03:56,276 --> 00:03:58,336 as soon, as quickly as possible. 76 00:03:59,336 --> 00:04:03,216 So job number one of the American Rescue Plan is vaccines. 77 00:04:04,096 --> 00:04:08,076 Vaccines. The second, the American Rescue Plan 78 00:04:08,956 --> 00:04:11,796 is going to keep the commitment of $2,000. 79 00:04:12,396 --> 00:04:14,376 Six hundred has already gone out. 80 00:04:14,376 --> 00:04:17,036 Fourteen hundred dollar checks to people who need it. 81 00:04:17,916 --> 00:04:20,156 This is money directly in people's pockets. 82 00:04:20,996 --> 00:04:24,116 They need it. We need to target that money. 83 00:04:24,736 --> 00:04:28,296 So folks making $300,000 don't get any windfall. 84 00:04:29,156 --> 00:04:33,796 But if you're a two- — if you're a family that's a two- — 85 00:04:33,796 --> 00:04:36,096 wage earner, each of the parents — 86 00:04:36,096 --> 00:04:38,796 one making 30 grand, one making 40 or 50 — 87 00:04:39,596 --> 00:04:42,456 maybe that's a little more than, well, yeah, 88 00:04:42,456 --> 00:04:45,176 they need the money and they're going to get it. 89 00:04:46,056 --> 00:04:47,696 And here's what I won't do. 90 00:04:48,456 --> 00:04:50,796 I'm not cutting the size of the checks. 91 00:04:50,796 --> 00:04:53,576 They're going to be $1,400, period. 92 00:04:53,576 --> 00:04:56,336 That's what the American people were promised. 93 00:04:56,336 --> 00:04:58,776 Very quickly, here's the rest of my plan. 94 00:04:59,556 --> 00:05:01,516 It has money for food and nutrition 95 00:05:02,356 --> 00:05:04,156 so that folks don't go hungry. 96 00:05:04,156 --> 00:05:07,016 I think our Republican friends are going to support that. 97 00:05:07,016 --> 00:05:09,016 It extends unemployment insurance, 98 00:05:09,696 --> 00:05:13,096 which is going to run out on March 13th of this year 99 00:05:13,996 --> 00:05:16,156 to the end of September of this year, 100 00:05:16,696 --> 00:05:20,296 because they're still going to be have high unemployment. 101 00:05:20,296 --> 00:05:22,296 It helps small businesses, 102 00:05:22,296 --> 00:05:25,056 thousands of whom have had to go out of business. 103 00:05:25,056 --> 00:05:27,696 It has money to help folks pay their health insurance. 104 00:05:28,916 --> 00:05:33,496 It has rental assistance to keep people in their homes 105 00:05:33,496 --> 00:05:35,796 rather than be thrown out in the street. 106 00:05:35,796 --> 00:05:38,416 It's got money to help us open our schools safely. 107 00:05:39,116 --> 00:05:41,816 There's money for childcare, for paid leave. 108 00:05:41,816 --> 00:05:44,576 It gets needed resources to state and local governments 109 00:05:44,576 --> 00:05:47,596 to prevent layoffs of essential personnel, 110 00:05:47,596 --> 00:05:51,836 firefighters, nurses, folks who are schoolteachers, 111 00:05:51,836 --> 00:05:55,556 sanitation workers. It raises the minimum wage. 112 00:05:56,576 --> 00:06:08,872 It big and it bold And it a real answer to the crisis we in That one more thing And I want to say it very clearly on this be very clear on this point It better economics 113 00:06:09,512 --> 00:06:12,472 It not only addresses the immediate crisis we're in, 114 00:06:12,472 --> 00:06:14,912 it's better for the long-term economic health 115 00:06:14,912 --> 00:06:16,792 of our nation and our competitiveness. 116 00:06:17,712 --> 00:06:22,232 My plan creates more jobs, creates more economic growth, 117 00:06:22,232 --> 00:06:23,912 and does more to make us competitive 118 00:06:23,912 --> 00:06:27,072 with the rest of the world than any other plan. 119 00:06:28,172 --> 00:06:30,132 Don't take my word for it. 120 00:06:30,132 --> 00:06:32,552 Just look at what leading economists across the nation 121 00:06:32,552 --> 00:06:36,792 have said and in the world and across the ocean have said. 122 00:06:37,772 --> 00:06:40,372 Wall Street investment firm Moody says, 123 00:06:40,372 --> 00:06:42,292 if we pass the American Rescue Plan, 124 00:06:42,292 --> 00:06:44,892 it will lead to 4 million more jobs 125 00:06:44,892 --> 00:06:46,572 than otherwise would be created. 126 00:06:47,492 --> 00:06:49,312 The nonpartisan Brookings Institution 127 00:06:49,312 --> 00:06:51,812 has looked at the rescue American Rescue Plan 128 00:06:51,812 --> 00:06:57,432 and said the GDP there will reach pre pandemic projections 129 00:06:57,432 --> 00:07:02,332 by 2021, meaning we'll have to be recovered by on end of 2021. 130 00:07:03,432 --> 00:07:06,472 Much sooner, by the way, than if we do nothing. 131 00:07:07,732 --> 00:07:10,572 Look, just this week, the Congressional Budget Office 132 00:07:10,572 --> 00:07:13,032 projected that if we don't take action, 133 00:07:13,032 --> 00:07:15,552 it would take until the year 2025 134 00:07:15,552 --> 00:07:17,032 to return to full employment. 135 00:07:18,532 --> 00:07:21,352 There's also a growing chorus of top economists 136 00:07:22,112 --> 00:07:25,892 right, center, left that say we should be less focused 137 00:07:25,892 --> 00:07:28,232 on the deficit and more focused on the investments 138 00:07:28,232 --> 00:07:31,332 we make and can make now in jobs, 139 00:07:31,872 --> 00:07:33,432 keeping families out of poverty, 140 00:07:33,892 --> 00:07:36,512 and preventing long-term economic damage to our nation. 141 00:07:37,292 --> 00:07:40,872 The simple truth is, if we make these investments now, 142 00:07:41,512 --> 00:07:43,552 with interest rates at historic lows, 143 00:07:44,072 --> 00:07:47,492 we'll generate more growth, higher incomes, 144 00:07:47,492 --> 00:07:50,652 a stronger economy, and our nation's finances 145 00:07:50,652 --> 00:07:52,652 will be in a stronger position as well. 146 00:07:52,652 --> 00:07:55,752 And the payoff won't just be in jobs, 147 00:07:56,712 --> 00:07:58,952 but in our global competitiveness as well, 148 00:08:00,112 --> 00:08:03,752 because we'll be regaining our economic strength faster. 149 00:08:05,112 --> 00:08:09,692 So, the way I see it, the biggest risk is not going too big 150 00:08:11,252 --> 00:08:15,212 if we go too small. We've been here before. 151 00:08:16,212 --> 00:08:17,992 When this nation hit the Great Recession 152 00:08:17,992 --> 00:08:20,652 that Barack and I inherited in 2009, 153 00:08:21,612 --> 00:08:24,312 I was asked to lead the effort on the Economic Recovery Act 154 00:08:24,312 --> 00:08:25,832 to get it passed. 155 00:08:25,832 --> 00:08:29,472 It was a big recovery package, roughly $800 billion. 156 00:08:30,832 --> 00:08:32,732 I did everything I could to get it passed, 157 00:08:32,732 --> 00:08:34,412 including getting three Republicans 158 00:08:34,412 --> 00:08:36,372 to change their votes and vote for it. 159 00:08:37,092 --> 00:08:40,012 But it wasn't enough. It wasn't quite big enough. 160 00:08:40,792 --> 00:08:41,952 It stemmed the crisis, 161 00:08:41,952 --> 00:08:44,752 but the recovery could have been faster and even bigger. 162 00:08:45,552 --> 00:08:47,132 Today, we need an answer 163 00:08:47,132 --> 00:08:49,132 that meets the challenge of this crisis, 164 00:08:50,052 --> 00:08:51,552 not one that falls short. 165 00:08:52,312 --> 00:08:54,752 And that's the issue facing the country right now. 166 00:08:55,452 --> 00:08:57,212 What Republicans have proposed 167 00:08:57,212 --> 00:09:09,688 is either to do nothing or not enough All of a sudden many of them have rediscovered fiscal restraint and the concern for the deficits But don kid yourself 168 00:09:09,688 --> 00:09:12,168 This approach will come with a cost. 169 00:09:12,168 --> 00:09:17,708 More pain for more people for longer than it has to be. 170 00:09:17,708 --> 00:09:21,068 Secretary Yellen talks about the scarring effect 171 00:09:21,068 --> 00:09:24,808 that comes with prolonged economic pain. 172 00:09:24,808 --> 00:09:27,668 We see that scarring effect in economic data. 173 00:09:27,668 --> 00:09:30,628 But more important, we can see it in the lives of people 174 00:09:30,628 --> 00:09:34,708 living with long-term unemployment, living in hunger, 175 00:09:34,708 --> 00:09:37,548 at wit's end over how to keep their jobs 176 00:09:37,548 --> 00:09:39,788 and take care of their kids. 177 00:09:39,788 --> 00:09:41,848 And then she talks about the need 178 00:09:41,848 --> 00:09:44,508 to alleviate long-term suffering in the economy. 179 00:09:45,308 --> 00:09:47,028 We can do that. 180 00:09:47,028 --> 00:09:49,548 We don't have to wait until 2025 181 00:09:50,188 --> 00:09:52,148 to get back to full employment, 182 00:09:52,148 --> 00:09:54,568 which will be the case if we don't do this. 183 00:09:54,568 --> 00:09:59,308 Again, independent analysis from places like Moody's 184 00:09:59,308 --> 00:10:01,668 on Wall Street, Brookings Institution, 185 00:10:01,668 --> 00:10:04,548 the American Rescue Plan could achieve that 186 00:10:04,548 --> 00:10:06,248 by the beginning of full employment 187 00:10:06,248 --> 00:10:08,008 by the beginning of next year. 188 00:10:09,208 --> 00:10:13,628 So, to me, this is what this moment comes down to. 189 00:10:14,588 --> 00:10:16,548 Are we going to pass a big enough package 190 00:10:16,548 --> 00:10:20,068 to vaccinate people, to get people back to work, 191 00:10:20,068 --> 00:10:23,188 to alleviate the suffering in this country this year? 192 00:10:24,568 --> 00:10:26,508 That's what I want to do. 193 00:10:26,508 --> 00:10:28,688 Or are we going to say to millions of Americans 194 00:10:28,688 --> 00:10:30,648 who are out of work, 195 00:10:30,648 --> 00:10:34,068 many of whom have been out of work for six months or longer, 196 00:10:34,068 --> 00:10:37,708 who've been scarred by this economic and public health crisis, 197 00:10:37,708 --> 00:10:40,668 don't worry, hang on, things are going to get better. 198 00:10:41,408 --> 00:10:42,868 We're going to go smaller, 199 00:10:42,868 --> 00:10:44,668 so it's just going to take us a lot longer, 200 00:10:47,128 --> 00:10:51,008 like until 2025. That's the Republican answer right now. 201 00:10:51,008 --> 00:10:54,248 I can't in good conscience do that. 202 00:10:55,328 --> 00:10:57,408 Too many people in the nation have already suffered 203 00:10:57,408 --> 00:11:00,248 for too long through this pandemic and economic crisis. 204 00:11:01,048 --> 00:11:03,568 And telling them we don't have the money 205 00:11:03,568 --> 00:11:05,388 to alleviate their suffering, 206 00:11:05,388 --> 00:11:07,588 to get to full employment sooner, 207 00:11:07,588 --> 00:11:10,968 to vaccinate America after $8 trillion 208 00:11:10,968 --> 00:11:13,728 in deficit spending over the past four years, 209 00:11:14,488 --> 00:11:16,588 much of it having gone to the wealthiest people 210 00:11:16,588 --> 00:11:20,868 in the country, is neither true nor necessary. 211 00:11:21,008 --> 00:11:25,888 We do have the resources to get to full employment sooner. 212 00:11:25,888 --> 00:11:28,048 We do have the tools to reduce a lot of suffering 213 00:11:28,048 --> 00:11:29,748 in this country. 214 00:11:29,748 --> 00:11:32,448 We just have to choose to use them. 215 00:11:32,448 --> 00:11:34,248 So it's time to act. 216 00:11:34,248 --> 00:11:36,648 We can reduce suffering in this country. 217 00:11:36,648 --> 00:11:38,928 We can put people back to work. 218 00:11:38,928 --> 00:11:42,088 We can control, gain control of this virus. 219 00:11:42,088 --> 00:11:44,768 That's what the American Rescue Plan does. 220 00:11:44,768 --> 00:11:47,368 And that's what I'm determined to do. 221 00:11:47,368 --> 00:11:50,028 And that's what I hope we're going to be able to do 222 00:11:50,028 --> 00:11:51,808 in the near term. 223 00:11:51,808 --> 00:11:55,628 So may God bless you all. May God protect our troops. 224 00:11:55,628 --> 00:11:58,388 And I truly believe real help is on the way. 225 00:11:59,088 --> 00:12:00,928 Thank you all so very much. Thank you.