[Weekly Compilation of Presidential Documents Volume 44, Number 48 (Monday, December 8, 2008)]
[Pages 1484-1485]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks on the National Economy

December 5, 2008

    Today's job data reflects the fact that our economy is in a 
recession. This is in large part because of severe problems in our 
housing, credit, and financial markets, which have resulted in 
significant job losses. I'm concerned about our workers who've lost jobs 
during this downturn, and I'm--as we work to address the problems of 
this economy, we've extended unemployment insurance benefits to those 
who have lost their jobs during this downturn.
    We are focusing on the root causes of the economic downturn in order 
to return our economy to health. The most urgent issue facing the 
economy is the problem in the credit markets. Businesses and consumers 
need access to credit at affordable rates to spend and invest. And so 
we're working to stabilize the markets and make credit more affordable 
and available. We're working with the Federal Reserve and FDIC, and 
credit is beginning to move. A market that was frozen is thawing. 
There's still more work to do, but there are some encouraging signs.
    A root cause of the slowdown is housing. And so we continue to take 
actions that will avoid preventable foreclosures and speed a return to a 
healthy housing market. Interest rates help the housing market recover, 
and interest rates, mortgage rates are going down. And plus there's a 
number of programs in place to help Americans stay in their homes, to 
limit the preventable foreclosures.
    I am concerned about the viability of the automobile companies. I'm 
concerned about those who work for the automobile companies and their 
families. And likewise, I am concerned about taxpayer money being 
provided to those companies that may not survive. Put out a detailed 
plan recently that uses money that Congress appropriated last fall for 
the auto industry, money that can be used so long as the companies make 
hard choices on all aspects of their business to prove that they can not 
only survive but thrive.
    It is important that Congress act next week on this plan. And it's 
important to make sure that taxpayers' money be paid back if any is 
given to the companies.

[[Page 1485]]

    It's going to take time for all the actions we have taken to have 
their full impact. But I am confident that the steps we're taking will 
help fix the problems in our economy and return it to strength. My 
administration is committed to ensuring that our economy succeeds. And I 
know the incoming administration shares the same commitment.
    Thank you very much.

Note: The President spoke at 11:29 a.m. on the South Lawn at the White 
House. The Office of the Press Secretary also released a Spanish 
language transcript of these remarks.