February 14, 2012 | 2:38
In December we asked Americans to tell us what losing $40 per paycheck would mean to them and their families if Congress did not extend the payroll tax cut. On Feb. 14, some of the people who shared their stories came to the White House to hear President Obama speak and took a moment to encourage other Americans to speak out on this important issue.
February 14, 2012 | 9:26 | Public Domain
President Obama urges Congress to extend the payroll tax cut and unemployment benefits without drama or delay because middle-class families can’t afford a tax hike.
South Court Auditorium
10:55 A.M. EST
THE PRESIDENT: Thank you, everybody. (Applause.) Thank you. Everybody, please have a seat. Well, good morning. And let me start with a quick public service announcement for all the gentlemen out there: Today is Valentine’s Day. (Laughter.) Do not forget. I speak from experience here. (Laughter.) It is important that you remember this. And go big -- that's my advice. (Laughter.)
Lately, I’ve been saying that this is a make-or-break moment for the middle class in America, and for folks who want to be in the middle class. We face a choice. We can settle for a country where a few people do really, really well and everybody else struggles just to get by. Or we can restore an economy where everybody gets a fair shot, and everybody is doing their fair share, and everybody is playing by the same set of rules. And that second option is, I strongly believe, the kind of America that we want for our kids and our grandkids. That’s who we are. That’s the America that we believe in. That's what we have to roll up our sleeves and get back to doing, is creating an America where everybody is doing their fair share, everybody gets a fair shot, everybody is engaging in fair play.
We’re still fighting our way back from the worst economic crisis in our lifetimes, and we’ve still got a lot of work to do and a long way to go. It's going to take time to recover all the jobs that were lost when the recession was at its depth. But the fight is beginning to turn our way.
Over the past two years, our businesses have added over 3.7 million new jobs. Our manufacturers are hiring more new workers to make more new things here in America than at any time since the 1990s. So our economy is growing stronger. And the last thing we need, the last thing we can afford to do, is to go back to the same policies that got us in this mess in the first place. The last thing we need is for Washington to stand in the way of America’s comeback.
First and foremost, that means Washington shouldn’t hike taxes on working Americans right now. That's the wrong thing to do. But that’s exactly what’s going to happen at the end of this month -- in a couple of weeks -- if Congress doesn’t do something about it. The payroll tax cut we put in place last year will expire. The typical American family will shell out nearly a thousand dollars more in taxes this year. You’ll lose about $40 out of every paycheck if Congress does not act.
And that can’t happen. Not now. And it doesn’t have to. Congress needs to extend that tax cut -- along with vital insurance lifelines for folks who've lost their jobs during this recession -- and they need to do it now, without drama and without delay. No ideological sideshows to gum up the works. No self-inflicted wounds. Just pass this middle-class tax cut. Pass the extension of unemployment insurance. Do it before it’s too late. And I will sign it right away. (Applause.)
Now, the good news is over the last couple of days, we've seen some hopeful signs in Congress that they realize that they've got to get this done and you're starting to hear voices talk about how can we go ahead and make this happen in a timely way on behalf of the American people. That is good news. But as you guys know, you can’t take anything for granted here in Washington until my signature is actually on it.
So we've got to keep on making sure that the American people's voices keep breaking through until this is absolutely, finally, completely done. Until you see me sign this thing, you've got to keep on speaking up. Until you see that photograph of me signing it at my desk -- (laughter) -- make sure it's verified, certified. If it's not on the White House website, it hasn't happened. And I'm going to need to make sure that your voices are heard.
Last December, when we had this same fight, your voices made all the difference. We asked folks to tell what it was like -- what it would be like if they lost $40 out of every one of their paychecks -- because we wanted to make sure that people understood this is not just an abstract argument, this is concrete. This makes a difference in the lives of folks all across the country in very important ways.
Tens of thousands of working Americans flooded us with their stories, and some of them are here with me today. And their feedback has been pretty unanimous. Allowing this tax cut to expire would make people’s lives harder right now. It would make their choices more difficult. It would be $40 less for groceries to feed your kids; it would be $40 less for the medications you depend on; $40 less to cover bills and the rent; $40 less to take care of an elder parent, or to donate to a church or a charity. And when gas prices are on the rise again -- because as the economy strengthens, global demand for oil increases -- and if we start seeing significant increases in gas prices, losing that $40 could not come at a worse time.
One local entrepreneur named Thierry -- where’s Thierry? He’s right here. He told us that $40 would cover the gas that gets him to his day job, or, alternatively, the Internet service his small business depends on. So he’d have to start making a choice -- do I fill up my gas tank to get to my work, or do I give up my entrepreneurial dream. “Forty dollars,” he wrote, “means a heck of a lot.” Means a heck of a lot.
And that's what this debate is all about. This is what’s at stake for millions of Americans. This is why it matters to people -- it matters a heck of a lot. And I’m asking the American people to keep their stories coming. Tell us what $40 means to you. If you tweet it, use the hashtag “40dollars.” (Laughter.) Call, tweet, write your congressmen, write your senators. Tell them, do not let up until this thing gets done. Don't let taxes go up on 160 million working Americans. Don't let millions of Americans who are out there looking for work right now, and the economy is starting to improve but they don't have a job yet -- don't leave them without a lifeline in terms of cutting off their unemployment insurance.
When a plane is finally lifting off the ground, you don’t ease up on the throttle. You keep the throttle on full. You keep going. And our plane is up there, but we’re not at cruising altitude yet. (Laughter.)
After all, extending this tax cut and the unemployment insurance is the least of what we should be doing for working Americans. It’s just a start. We need to rebuild an economy where middle-class folks can focus on more than just getting by and folks who want to get in the middle class have those ladders to get into the middle class. We’ve got to rebuild an economy where the middle class thrives and more Americans have a chance to earn their way into it -- an economy built to last.
Yesterday, I released a blueprint for how we get there. It’s a blueprint for an economy built on new American manufacturing, and new American energy sources, and new skills and education for American workers, and a new focus on the values that are the bedrock of this country -- values like fairness and responsibility for all and from all. We’re going to be better off if we start building that economy right now.
And we can do it, because we’ve done it before. We have a common challenge; it’s time for us to meet it with a common purpose, and to show a sense of seriousness that's equal to the task.
So on behalf of all the hardworking Americans who are standing behind me, I want to thank you for helping to tell your story, and tell the story of why this is so important. And I just want everybody, all across the country, to keep the pressure so that we get this done. It is going to make our economy stronger, and it's going to put us in a position where we can start really rebuilding on behalf of not just this generation but future generations.
Thank you very much, everybody. God bless you. God bless America. (Applause.)
END
11:03 A.M. EST
The White House
Office of the Press Secretary
NOMINATIONS SENT TO THE SENATE:
James M. Demers, of New Hampshire, to be a Member of the Board of Directors of the Overseas Private Investment Corporation for a term expiring December 17, 2014, vice Kevin Glenn Nealer, term expired.
Naomi A. Walker, of the District of Columbia, to be a Member of the Board of Directors of the Overseas Private Investment Corporation for a term expiring December 17, 2012, vice Christopher J. Hanley, term expired.
The White House
Office of the Press Secretary
On Tuesday, February 14, 2012, the President signed into law:
H.R. 588, which redesignates the Noxubee National Wildlife Refuge in Mississippi as the Sam D. Hamilton Noxubee National Wildlife Refuge; and
H.R. 658, the “FAA Modernization and Reform Act of 2012,” which authorizes budget resources for the Federal Aviation Administration through FY 2015 and encourages acceleration of the Next Generation Air Transportation System and air traffic control modernization.
February 14, 2012 | 13:37 | Public Domain
President Obama and Vice President Xi Jinping of China make remarks before a bilateral meeting in Washington, DC.
Oval Office
11:29 A.M. EST
PRESIDENT OBAMA: I want to welcome Vice President Xi to the Oval Office and welcome him to the United States. This is obviously a great opportunity for us to build on the U.S.-China relationship, but also an opportunity to return the extraordinary hospitality that Vice President Xi showed Vice President Biden during his recent visit to China.
As I indicated during my recent visit to APEC and the East Asia Summit, the United States is a Pacific nation. And we are very interested and very focused on continuing to strengthen our relationships, to enhance our trade and our commerce, and make sure that we are a strong and effective partner with the Asia Pacific region. And obviously, in order to do that, it is absolutely vital that we have a strong relationship with China.
Over the last three years I’ve had a great opportunity to develop a strong working relationship with President Hu. And we have continually tried to move forward on the basis of recognizing that a cooperative relationship based on mutual interest and mutual respect is not only in the interests of the United States and China, but is also in the interest of the region and in the interest of the United States -- in the interest of the world.
On the basis of that understanding, we have established very extensive strategic and economic dialogues between our two countries. We have been able to pursue a significant consultation on opportunities for both countries to improve their economic relationship and their strategic relationship, and also manage areas of tension in a way that is constructive.
That includes working together in the G20 to manage the world economic crisis that had such an impact not only on both our countries, but on the entire world. And because of U.S.-China cooperation, I think that we were able to help stabilize the situation at a very difficult time. It also includes the work that we’ve been able to do together in dealing with regional hotspot issues, like the Korean Peninsula, and issues like Iran that obviously have an impact on everybody.
Throughout this process I have always emphasized that we welcome China’s peaceful rise, that we believe that a strong and prosperous China is one that can help to bring stability at prosperity to the region and to the world. And we expect to be able to continue on the cooperative track that we’ve tried to establish over the last three years.
We have tried to emphasize that because of China’s extraordinary development over the last two decades, that with expanding power and prosperity also comes increased responsibilities. And so we want to work with China to make sure that everybody is working by the same rules of the road when it comes to the world economic system, and that includes ensuring that there is a balanced trade flow between not only the United States and China, but around world.
It also means that on critical issues like human rights, we will continue to emphasize what we believe is the importance of recognizing the aspirations and rights of all people. And we expect that China will continue to take a growing role in world affairs. And we believe that it is critically important that the United States and China develop a strong working relationship to help to bring stability, order, and security that ultimately provides a better life for both the people of the United States and the people of China.
So, Mr. Vice President, I hope you have a wonderful visit while you're here. I'm sure the American people welcome you. I'm glad that you're going to get an opportunity to get out of Washington. I know you'll be visiting Iowa, where you visited many years ago when you were governor. And I understand you're also going to be going to Los Angeles and maybe even taking in a Lakers game. So I hope you enjoy that very much.
But I want to extend my deepest welcome to you, and look forward to a future of improved dialogue and increased cooperation in the years to come.
VICE PRESIDENT XI: (As interpreted.) Honorable President Obama, it's my great pleasure to meet you again. First of all, I'd like to convey the sincere greetings from President Hu Jintao, the National People's Congress Chairman Wu Banguo, and Premier Wen Jaibao.
I am paying an official visit to the United States at the kind invitation of Vice President Biden. And we have received the warm and extraordinary hospitality from our hosts. So here, I want to thank you for your personal attention and what you did to help prepare and make sure a successful visit for myself.
The main purpose of my visit is to implement the important agreement you had reached with President Hu Jintao and to do some work to move forward the China-U.S. relationship along in the right direction, set by you and President Hu -- that is for our two countries to work together to build a cooperative partnership based on mutual respect and mutual interests. And I hope to engage with a broad cross-section of American society during my current visit, so as to deepen mutual understanding, expand consensus, strengthen cooperation, and deepen the friendship between the Chinese and American people.
Yesterday evening, soon after my arrival in Washington, D.C., I met with a very distinguished group of veteran U.S. political leaders. I sought their advice on the future development of our relationship, and their wise and practical suggestions have provided me with much food for thought.
Just now I've had a set of large and small talks with Vice President Biden. He and I had an extensive, candid, and in-depth exchange of views on the bilateral relationship and international and regional issues of shared interest. Building on our discussions last August in Beijing and Chengdu, the Vice President and I reached some new consensus.
I look forward to my in-depth discussion with you, President Obama, in our meeting today.
PRESIDENT OBAMA: Thank you, everybody.
END
11:41 A.M. EST
President Barack Obama delivers remarks during an event pushing Congress to extend the payroll tax cut and unemployment insurance through the end of the year, in the Eisenhower Executive Office Building South Court Auditorium, Feb. 14, 2012. The President was joined by Americans who have shared what $40 a paycheck means to them, and who would be affected if Congress doesn't act. (Official White House Photo by Pete Souza)
President Obama this morning called on Congress to extend the payroll tax cut and unemployment insurance upon which millions of American rely -- renewing a public campaign that began in December when tens of thousands of Americans took to email, Twitter, and Facebook to say what they would have to give up without the extra money from the tax cuts.
Currently, 160 million Americans benefit for the tax relief that's set to expire at the end of the month. The typical family saves about $40 with every paycheck.
Surrounded by individuals who had written to the White House to say what they would give up without $40, the President said:
Last December, when we had this same fight, your voices made all the difference. We asked folks to tell what it was like -- what it would be like if they lost $40 out of every one of their paychecks -- because we wanted to make sure that people understood this is not just an abstract argument, this is concrete. This makes a difference in the lives of folks all across the country in very important ways.
The President told the story of an entrepreneur named Thierry -- who was in the audience. Thierry wrote the White House to say that if he had to give up $40 with each paycheck, he'd be forced to make the choice between gas money that helps him get to his day job and paying for the Internet service that he needs for his small business. "Forty dollars," Thierry said, "means a heck of a lot."
There were hopeful signs yesterday that the message from people like Thierry might be resonating with lawmakers. But the President pledged to take nothing for granted -- to continue the fight until a bill was on his desk:
[We've] got to keep on making sure that the American people's voices keep breaking through until this is absolutely, finally, completely done. Until you see me sign this thing, you've got to keep on speaking up. Until you see that photograph of me signing it at my desk, make sure it's verified, certified. If it's not on the White House website, it hasn't happened. And I'm going to need to make sure that your voices are heard.
Rest assured that when the President signs the legislation to extend the payroll tax cut, we will indeed write up the details and post a picture on WhiteHouse.gov.
Until then, keep on speaking out: http://obamawhitehouse.archives.gov/40dollars
Read more stories:
The White House
Office of the Press Secretary
Oval Office
11:29 A.M. EST
PRESIDENT OBAMA: I want to welcome Vice President Xi to the Oval Office and welcome him to the United States. This is obviously a great opportunity for us to build on the U.S.-China relationship, but also an opportunity to return the extraordinary hospitality that Vice President Xi showed Vice President Biden during his recent visit to China.
As I indicated during my recent visit to APEC and the East Asia Summit, the United States is a Pacific nation. And we are very interested and very focused on continuing to strengthen our relationships, to enhance our trade and our commerce, and make sure that we are a strong and effective partner with the Asia Pacific region. And obviously, in order to do that, it is absolutely vital that we have a strong relationship with China.
Over the last three years I’ve had a great opportunity to develop a strong working relationship with President Hu. And we have continually tried to move forward on the basis of recognizing that a cooperative relationship based on mutual interest and mutual respect is not only in the interests of the United States and China, but is also in the interest of the region and in the interest of the United States -- in the interest of the world.
On the basis of that understanding, we have established very extensive strategic and economic dialogues between our two countries. We have been able to pursue a significant consultation on opportunities for both countries to improve their economic relationship and their strategic relationship, and also manage areas of tension in a way that is constructive.
That includes working together in the G20 to manage the world economic crisis that had such an impact not only on both our countries, but on the entire world. And because of U.S.-China cooperation, I think that we were able to help stabilize the situation at a very difficult time. It also includes the work that we’ve been able to do together in dealing with regional hotspot issues, like the Korean Peninsula, and issues like Iran that obviously have an impact on everybody.
Throughout this process I have always emphasized that we welcome China’s peaceful rise, that we believe that a strong and prosperous China is one that can help to bring stability at prosperity to the region and to the world. And we expect to be able to continue on the cooperative track that we’ve tried to establish over the last three years.
We have tried to emphasize that because of China’s extraordinary development over the last two decades, that with expanding power and prosperity also comes increased responsibilities. And so we want to work with China to make sure that everybody is working by the same rules of the road when it comes to the world economic system, and that includes ensuring that there is a balanced trade flow between not only the United States and China, but around world.
It also means that on critical issues like human rights, we will continue to emphasize what we believe is the importance of recognizing the aspirations and rights of all people. And we expect that China will continue to take a growing role in world affairs. And we believe that it is critically important that the United States and China develop a strong working relationship to help to bring stability, order, and security that ultimately provides a better life for both the people of the United States and the people of China.
So, Mr. Vice President, I hope you have a wonderful visit while you're here. I'm sure the American people welcome you. I'm glad that you're going to get an opportunity to get out of Washington. I know you'll be visiting Iowa, where you visited many years ago when you were governor. And I understand you're also going to be going to Los Angeles and maybe even taking in a Lakers game. So I hope you enjoy that very much.
But I want to extend my deepest welcome to you, and look forward to a future of improved dialogue and increased cooperation in the years to come.
VICE PRESIDENT XI: (As interpreted.) Honorable President Obama, it's my great pleasure to meet you again. First of all, I'd like to convey the sincere greetings from President Hu Jintao, the National People's Congress Chairman Wu Banguo, and Premier Wen Jaibao.
I am paying an official visit to the United States at the kind invitation of Vice President Biden. And we have received the warm and extraordinary hospitality from our hosts. So here, I want to thank you for your personal attention and what you did to help prepare and make sure a successful visit for myself.
The main purpose of my visit is to implement the important agreement you had reached with President Hu Jintao and to do some work to move forward the China-U.S. relationship along in the right direction, set by you and President Hu -- that is for our two countries to work together to build a cooperative partnership based on mutual respect and mutual interests. And I hope to engage with a broad cross-section of American society during my current visit, so as to deepen mutual understanding, expand consensus, strengthen cooperation, and deepen the friendship between the Chinese and American people.
Yesterday evening, soon after my arrival in Washington, D.C., I met with a very distinguished group of veteran U.S. political leaders. I sought their advice on the future development of our relationship, and their wise and practical suggestions have provided me with much food for thought.
Just now I've had a set of large and small talks with Vice President Biden. He and I had an extensive, candid, and in-depth exchange of views on the bilateral relationship and international and regional issues of shared interest. Building on our discussions last August in Beijing and Chengdu, the Vice President and I reached some new consensus.
I look forward to my in-depth discussion with you, President Obama, in our meeting today.
PRESIDENT OBAMA: Thank you, everybody.
END
11:41 A.M. EST
The White House
Office of the Press Secretary
Building on the consensus reached by President Hu Jintao and President Barack Obama during President Hu’s January 2011 state visit to the United States, the United States and China affirm that our two countries are promoting the healthy and steady development of the U.S.-China cooperative partnership based on mutual respect and mutual benefit. Under the framework of the Economic Track of the U.S.-China Strategic and Economic Dialogue (S&ED), the United States and China recognize the following outcomes.
Promoting Strong, Sustainable, and Balanced Growth
1. To address challenges to the global economic outlook, the United States and China pledge to enhance macroeconomic cooperation to work to ensure that the global recovery is durable and promotes steady job growth, and to establish strong, sustainable, and balanced future global growth. The United States and China commit to take comprehensive policy measures to achieve more balanced trade and expanded investment in each other’s economies. China wishes to increase imports from the United States, including in commercial high technology products.
2. The United States and China are committed to continuing to exchange views on developments in European financial markets and discuss approaches that can support Europe’s own efforts to respond to its sovereign debt crisis.
3. The U.S. economy is rebalancing toward sustainable growth, with higher domestic saving, a commitment to long-term fiscal sustainability, and productivity-enhancing investments. In line with the President’s FY2013 Budget, the United States commits to achieving more than $4 trillion in deficit reduction over the next ten years, including the $1 trillion in discretionary spending reductions enacted last year, and to gradually reducing debt as a share of the economy from the middle of this decade.
4. China is committed to improving the livelihood of its people and actively expanding domestic demand, with increasing consumption as a strategic priority. During the course of 2012, China is to intensify structural tax reduction policies, including pressing ahead with the “VAT for business tax” pilot reform and making adjustments in import tariffs at the appropriate time in order to increase consumption, accelerate development of the services sector, actively expand imports, promote balanced trade, and satisfy the demands of people’s lives.
5. China and the United States reaffirm our G-20 commitment to move more rapidly toward more market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying economic fundamentals, avoid persistent exchange rate misalignments, and refrain from competitive devaluation of currencies. We are determined to act on our commitments to exchange rate reform articulated in our Action plan for Growth and Jobs to address short term vulnerabilities and restoring financial stability and strengthen the medium-term foundations for growth. Our actions will help address the challenges created by developments in global liquidity and capital flows volatility, thus facilitating further progress on exchange rate reforms and reducing excessive accumulation of reserves.
Promoting Cross-Border Trade and Investment
6. The two sides affirm that WTO rules should be strictly observed when initiating trade remedy investigations and imposing trade remedy measures, to prevent their abuse.
7. The United States and China commit to sharing relevant information on our respective regional free trade agreements, including the Trans-Pacific Partnership (TPP) and the China, Japan, Republic of Korea FTA.
8. China reiterates its commitment to the policy of reform and opening up and welcomes and encourages, as always, foreign investment. China reiterates that technology transfer and technological cooperation shall be decided by businesses independently and will not be used by the Chinese government as a pre-condition for market access.
9. The United States continues to support hi-tech trade with China in commercial items for civil end users and civil end uses. When all of the information, consistent with U.S. relevant regulations, has been provided for the application of Commercial Aircraft Corporation for Validated End-User authorization, the U.S. Government commits to process the application in a timely manner.
10. The U.S. Government commits to process, in a timely manner, specific requests for items China wishes to procure that may be subject to export controls.
11. The United States and China decided to engage in a dialogue on investment policies, promotion, and practices in the United States and China, including in the area of infrastructure, at the Fifth Annual U.S.-China Investment Forum, which is to be held in the United States prior to the next S&ED and include State/Provincial and Municipal level officials and business community representatives.
12. For the United States, in the FY13 Budget, the Administration proposes to expand significantly the SelectUSA program to promote FDI in the United States, including with resources dedicated to attracting Chinese investors and facilitating their investment. As part of this expanded FY13 effort, China-based U.S. and Foreign Commercial Service (USFCS) staff are to take on increased responsibility for the promotion of investment by Chinese enterprises in the United States. Already for FY12, China is one of SelectUSA’s ten focus markets for heightened USFCS staff engagement with investors.
13. The United States and China recognize the potential for their firms to play a positive role in infrastructure financing in each country, and commit to explore opportunities for deepening cooperation in this field. To further this, SelectUSA is to facilitate introductions to, at the State and local level, economic development organizations and other authorities responsible for or engaged in infrastructure financing.
14. The United States is committed to continued subnational cooperation with China at the State/Provincial and Municipal levels to expand the ties between our peoples and to increase trade and investment opportunities in both countries.
15. The United States is increasing visa processing capacity in China by 40 percent in 2012, in order to ensure that 80 percent of non-immigrant visa applicants are interviewed within three weeks of receipt of application. The United States is to establish and maintain a publicly available website with key information to assist industry and travelers in understanding visa processes and entry times. The United States is launching a pilot program to speed up the non-immigrant visa process for certain applicants, including the ability to waive interviews for some very low-risk applicants. Over the course of 2012, this policy could open up as many as 100,000 interview appointments for Chinese travelers applying for visas for the first time. China and the United States resolved to discuss visa arrangements on an equal and reciprocal basis, consistent with each country’s laws, to facilitate people-to-people interaction between our two countries.
Promoting Financial Sector Development
16. China has decided to open up the Mandatory Third-Party Liability Insurance for motor vehicles to foreign-invested insurance companies. Relevant policy will be promulgated and implemented upon the completion of the amendment procedures of relevant regulations.
17. The United States welcomes foreign investment in all sectors, including the banking sector, and welcomes the participation by Chinese banks with approved branches in the United States. The United States remains committed to apply the same prudential and regulatory standards to applications made by Chinese banks to establish branches or subsidiaries or to acquire stakes in existing U.S. banking institutions as they apply to other foreign banks in like circumstances.
Strengthening International Cooperation
18. The United States and China decided to hold two bilateral seminars to promote transparency and mutual understanding of each other’s export credit agency programs: the first meeting, in early February, brought together senior technical experts representing the U.S. Treasury Department and the U.S. Export-Import Bank on the U.S. side and the Ministry of Finance, China Ex-Im Bank, and Sinosure on the Chinese side; the second meeting is to take place prior to the next S&ED and is to include senior policy officials as well as technical experts. In addition, the United States and China are to establish an international working group of major providers of export financing to make concrete progress towards a set of international guidelines on the provision of official export financing that, taking into account varying national interests and situations, are consistent with international best practices, with the goal of concluding an agreement by 2014.
19. China and the United States commit to closer information sharing and cooperation to help ensure the smooth functioning of global commodity markets and to avoid excessive price volatility. The United States commits to inform the Chinese side of changes to the CFTC’s supervision and data availability on financial transactions in the oil market. The United States and China commit to strengthen communication on the situation in petroleum markets, including supply, demand, the management of strategic petroleum reserves, and cooperation with the International Energy Agency (IEA).
20. The United States and China recognize each other’s energy security and economic interests.
The White House
Office of the Press Secretary
South Court Auditorium
10:55 A.M. EST
THE PRESIDENT: Thank you, everybody. (Applause.) Thank you. Everybody, please have a seat. Well, good morning. And let me start with a quick public service announcement for all the gentlemen out there: Today is Valentine’s Day. (Laughter.) Do not forget. I speak from experience here. (Laughter.) It is important that you remember this. And go big -- that's my advice. (Laughter.)
Lately, I’ve been saying that this is a make-or-break moment for the middle class in America, and for folks who want to be in the middle class. We face a choice. We can settle for a country where a few people do really, really well and everybody else struggles just to get by. Or we can restore an economy where everybody gets a fair shot, and everybody is doing their fair share, and everybody is playing by the same set of rules. And that second option is, I strongly believe, the kind of America that we want for our kids and our grandkids. That’s who we are. That’s the America that we believe in. That's what we have to roll up our sleeves and get back to doing, is creating an America where everybody is doing their fair share, everybody gets a fair shot, everybody is engaging in fair play.
We’re still fighting our way back from the worst economic crisis in our lifetimes, and we’ve still got a lot of work to do and a long way to go. It's going to take time to recover all the jobs that were lost when the recession was at its depth. But the fight is beginning to turn our way.
Over the past two years, our businesses have added over 3.7 million new jobs. Our manufacturers are hiring more new workers to make more new things here in America than at any time since the 1990s. So our economy is growing stronger. And the last thing we need, the last thing we can afford to do, is to go back to the same policies that got us in this mess in the first place. The last thing we need is for Washington to stand in the way of America’s comeback.
First and foremost, that means Washington shouldn’t hike taxes on working Americans right now. That's the wrong thing to do. But that’s exactly what’s going to happen at the end of this month -- in a couple of weeks -- if Congress doesn’t do something about it. The payroll tax cut we put in place last year will expire. The typical American family will shell out nearly a thousand dollars more in taxes this year. You’ll lose about $40 out of every paycheck if Congress does not act.
And that can’t happen. Not now. And it doesn’t have to. Congress needs to extend that tax cut -- along with vital insurance lifelines for folks who've lost their jobs during this recession -- and they need to do it now, without drama and without delay. No ideological sideshows to gum up the works. No self-inflicted wounds. Just pass this middle-class tax cut. Pass the extension of unemployment insurance. Do it before it’s too late. And I will sign it right away. (Applause.)
Now, the good news is over the last couple of days, we've seen some hopeful signs in Congress that they realize that they've got to get this done and you're starting to hear voices talk about how can we go ahead and make this happen in a timely way on behalf of the American people. That is good news. But as you guys know, you can’t take anything for granted here in Washington until my signature is actually on it.
So we've got to keep on making sure that the American people's voices keep breaking through until this is absolutely, finally, completely done. Until you see me sign this thing, you've got to keep on speaking up. Until you see that photograph of me signing it at my desk -- (laughter) -- make sure it's verified, certified. If it's not on the White House website, it hasn't happened. And I'm going to need to make sure that your voices are heard.
Last December, when we had this same fight, your voices made all the difference. We asked folks to tell what it was like -- what it would be like if they lost $40 out of every one of their paychecks -- because we wanted to make sure that people understood this is not just an abstract argument, this is concrete. This makes a difference in the lives of folks all across the country in very important ways.
Tens of thousands of working Americans flooded us with their stories, and some of them are here with me today. And their feedback has been pretty unanimous. Allowing this tax cut to expire would make people’s lives harder right now. It would make their choices more difficult. It would be $40 less for groceries to feed your kids; it would be $40 less for the medications you depend on; $40 less to cover bills and the rent; $40 less to take care of an elder parent, or to donate to a church or a charity. And when gas prices are on the rise again -- because as the economy strengthens, global demand for oil increases -- and if we start seeing significant increases in gas prices, losing that $40 could not come at a worse time.
One local entrepreneur named Thierry -- where’s Thierry? He’s right here. He told us that $40 would cover the gas that gets him to his day job, or, alternatively, the Internet service his small business depends on. So he’d have to start making a choice -- do I fill up my gas tank to get to my work, or do I give up my entrepreneurial dream. “Forty dollars,” he wrote, “means a heck of a lot.” Means a heck of a lot.
And that's what this debate is all about. This is what’s at stake for millions of Americans. This is why it matters to people -- it matters a heck of a lot. And I’m asking the American people to keep their stories coming. Tell us what $40 means to you. If you tweet it, use the hashtag “40dollars.” (Laughter.) Call, tweet, write your congressmen, write your senators. Tell them, do not let up until this thing gets done. Don't let taxes go up on 160 million working Americans. Don't let millions of Americans who are out there looking for work right now, and the economy is starting to improve but they don't have a job yet -- don't leave them without a lifeline in terms of cutting off their unemployment insurance.
When a plane is finally lifting off the ground, you don’t ease up on the throttle. You keep the throttle on full. You keep going. And our plane is up there, but we’re not at cruising altitude yet. (Laughter.)
After all, extending this tax cut and the unemployment insurance is the least of what we should be doing for working Americans. It’s just a start. We need to rebuild an economy where middle-class folks can focus on more than just getting by and folks who want to get in the middle class have those ladders to get into the middle class. We’ve got to rebuild an economy where the middle class thrives and more Americans have a chance to earn their way into it -- an economy built to last.
Yesterday, I released a blueprint for how we get there. It’s a blueprint for an economy built on new American manufacturing, and new American energy sources, and new skills and education for American workers, and a new focus on the values that are the bedrock of this country -- values like fairness and responsibility for all and from all. We’re going to be better off if we start building that economy right now.
And we can do it, because we’ve done it before. We have a common challenge; it’s time for us to meet it with a common purpose, and to show a sense of seriousness that's equal to the task.
So on behalf of all the hardworking Americans who are standing behind me, I want to thank you for helping to tell your story, and tell the story of why this is so important. And I just want everybody, all across the country, to keep the pressure so that we get this done. It is going to make our economy stronger, and it's going to put us in a position where we can start really rebuilding on behalf of not just this generation but future generations.
Thank you very much, everybody. God bless you. God bless America. (Applause.)
END
11:03 A.M. EST
Today, President Obama has invited a group of Americans who made their voices heard the last time Congress threatened to raise their taxes to the White House.
At the end of this month, if Congress doesn’t act, taxes are set to go up on 160 million hardworking Americans, and the President believes that lawmakers must prevent this middle class tax hike without drama or delay.
For a family making about $50,000 a year, the payroll tax cut amounts to about $1,000 a year, or about $40 in every paycheck. In December, we asked America to tell us what losing $40 per paycheck would mean for their family, and the answers came from across the country — from students trying to stretch the budget a little bit further. From moms who need to buy their children lunch every day in the school cafeteria. And from commuters who are filling up the tank and looking at rising gas prices. Using twitter, email and Facebook, they told us clearly that $40 can make all the difference in the world.
Ultimately, thanks to these stories, Congress did the right thing and passed a two-month extension of the tax cut and unemployment insurance – but only after a drawn-out debate that put the strength of our economy and the security of middle class families at risk. Now that extension is about to expire.
The President is also inviting all Americans who oppose raising their taxes to share their own stories with the White House – you can submit them on WhiteHouse.gov, using the Twitter hashtag #40dollars or post them on our Google+ page or Facebook wall. You can watch the President’s remarks with these hardworking American families at 10:40 am ET on WhiteHouse.gov/live.
