In other words，we have lived through an era where too often，short-term gains were prized over long-term prosperity；where we failed to look beyond the next payment，the next quarter，or the next election. A surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future. Regulations were gutted for the sake of a quick profit at the expense of a healthy market. People bought homes they knew they couldn’t afford from banks and lenders who pushed those bad loans anyway. And all the while，critical debates and difficult decisions were put off for some other time on some other day.
Well that day of reckoning has arrived，and the time to take charge of our future is here. Now is the time to act boldly and wisely - to not only revive this economy，but to build a new foundation for lasting prosperity. Now is the time to jumpstart job creation，re-start lending，and invest in areas like energy，health care，and education that will grow our economy，even as we make hard choices to bring our deficit down. That is what my economic agenda is designed to do，and that’s what I’d like to talk to you about tonight.
It’s an agenda that begins with jobs.
As soon as I took office，I asked this Congress to send me a recovery plan by President’s Day that would put people back to work and put money in their pockets. Not because I believe in bigger government - I don’t. Not because I’m not mindful of the massive debt we’ve inherited - I am. I called for action because the failure to do so would have cost more jobs and caused more hardships. In fact，a failure to act would have worsened our long-term deficit by assuring weak economic growth for years. That’s why I pushed for quick action. And tonight，I am grateful that this Congress delivered，and pleased to say that the American Recovery and Reinvestment Act is now law.
Over the next two years，this plan will save or create 3.5 million jobs. More than 90% of these jobs will be in the private sector - jobs rebuilding our roads and bridges；constructing wind turbines and solar panels；laying broadband and expanding mass transit.
Because of this plan，there are teachers who can now keep their jobs and educate our kids. Health care professionals can continue caring for our sick. There are 57 police officers who are still on the streets of Minneapolis tonight because this plan prevented the layoffs their department was about to make.
Because of this plan，95% of the working households in America will receive a tax cut - a tax cut that you will see in your paychecks beginning on April 1st.
Because of this plan，families who are struggling to pay tuition costs will receive a 2，500 tax credit for all four years of college. And Americans who have lost their jobs in this recession will be able to receive extended unemployment benefits and continued health care coverage to help them weather this storm.
I know there are some in this chamber and watching at home who are skeptical of whether this plan will work. I understand that skepticism. Here in Washington，we’ve all seen how quickly good intentions can turn into broken promises and wasteful spending. And with a plan of this scale comes enormous responsibility to get it right.
That is why I have asked Vice President Biden to lead a tough，unprecedented oversight effort - because nobody messes with Joe. I have told each member of my Cabinet as well as mayors and governors across the country that they will be held accountable by me and the American people for every dollar they spend. I have appointed a proven and aggressive Inspector General to ferret out any and all cases of waste and fraud. And we have created a new website called recovery.gov so that every American can find out how and where their money is being spent.
So the recovery plan we passed is the first step in getting our economy back on track. But it is just the first step. Because even if we manage this plan flawlessly，there will be no real recovery unless we clean up the credit crisis that has severely weakened our financial system.
I want to speak plainly and candidly about this issue tonight，because every American should know that it directly affects you and your family’s well-being. You should also know that the money you’ve deposited in banks across the country is safe；your insurance is secure；and you can rely on the continued operation of our financial system. That is not the source of concern.
The concern is that if we do not re-start lending in this country，our recovery will be choked off before it even begins.
You see，the flow of credit is the lifeblood of our economy. The ability to get a loan is how you finance the purchase of everything from a home to a car to a college education；how stores stock their shelves，farms buy equipment，and businesses make payroll.
But credit has stopped flowing the way it should. Too many bad loans from the housing crisis have made their way onto the books of too many banks. With so much debt and so little confidence，these banks are now fearful of lending out any more money to households，to businesses，or to each other. When there is no lending，families can’t afford to buy homes or cars. So businesses are forced to make layoffs. Our economy suffers even more，and credit dries up even further.
That is why this administration is moving swiftly and aggressively to break this destructive cycle，restore confidence，and re-start lending.
