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Obama praises House for quick action on 'Cash for Clunkers'
07/31/09 09:42 AM ET
President Barack Obama said on Friday that he was pleased with the swift efforts of Republicans and Democrats in the House to find additional funding for the bankrupt "Cash for Clunkers" program.
"I am encouraged that Republicans and Democrats in the House are working to pass legislation today," Obama said referring to a stand alone House bill designed to provide money for the service.
The House actually approved the bill right before Obama took to the podium in the White House Diplomatic Room today.
The program, which is designed to provide vouchers to encourage consumers to trade in low mileage cars for fuel efficient ones, exhausted the $1 billion allocated to it in its first six days of existence.
The president took this as a sign that "it has succeed well beyond our expectations."
Obama also commented on second quarter Gross Domestic Product figures that were released this morning that showed the measure contracting at a slower than expected 1% annual rate.
"The GDP also revealed that in the last few months the economy has done measurably better than we had thought, than we'd expected," said the president. "That part of the progress is directly attributable to the recovery act," Obama said crediting the stimulus package for slowed decline.
But Obama stressed that the economic slump would not truly end until jobs growth began, saying "I won't rest until every American who wants a job can find one."
"I am encouraged that Republicans and Democrats in the House are working to pass legislation today," Obama said referring to a stand alone House bill designed to provide money for the service.
The House actually approved the bill right before Obama took to the podium in the White House Diplomatic Room today.
The program, which is designed to provide vouchers to encourage consumers to trade in low mileage cars for fuel efficient ones, exhausted the $1 billion allocated to it in its first six days of existence.
The president took this as a sign that "it has succeed well beyond our expectations."
Obama also commented on second quarter Gross Domestic Product figures that were released this morning that showed the measure contracting at a slower than expected 1% annual rate.
"The GDP also revealed that in the last few months the economy has done measurably better than we had thought, than we'd expected," said the president. "That part of the progress is directly attributable to the recovery act," Obama said crediting the stimulus package for slowed decline.
But Obama stressed that the economic slump would not truly end until jobs growth began, saying "I won't rest until every American who wants a job can find one."
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