The First 100 Days: Working for an American Recovery

Summary

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President [Barack Obama] inherited a massive economic and budget mess from the Bush Administration. The last eight years have seen the slowest job creation in 75 years, with 4.4 million jobs lost in the last 14 months, and the longest recession since the Great Depression. Paychecks have remained flat in the face of rising prices. Millions of families are losing their homes because of irresponsible and predatory lending. The national debt has nearly doubled, with record $5.6 trillion surplus built under President Clinton turned into a record $5.8 trillion deficit under President Bush.

President Obama has launched a comprehensive housing plan to help stem home foreclosures that have reduced home values for all. Progress is underway with a financial stability plan to get credit flowing to businesses and families with tough accountability and transparency. Congress will also take up new common-sense rules for our financial system, to keep the irresponsible actions of a few from jeopardizing American families and small businesses. In the coming weeks, we will also take up a Credit Cardholders' Bill of Rights and new legislation to fight predatory and abusive lending practices.

Building on the new direction for the economy in our Recovery Act, the House and Senate have passed a five-year budget blueprint, reflecting the priorities of President Obama. The budget is a road map for all the work we do. It lays the foundation for lasting prosperity and economic growth for America's workers and families. To begin to restore tax fairness, the budget cuts taxes for middle-income families by at least $1.5 trillion. To create jobs, the budget will make targeted investments and reforms in affordable health care, clean energy, and education.

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The First 100 Days: Working for an American Recovery

The end of President Obama's first 100 days is time to take stock of the enormous progress we have made on jumpstarting the American economy and laying the foundation for prosperity for years to come.

Change has come to Washington with unprecedented speed since the election of Barack Obama a...

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