This week, millions gathered in Washington, DC to celebrate the inauguration of our nation's 44th President, Barack Obama. However, this inauguration was about far more than one man. It was about the millions who shaped a movement for change, and the millions more who came to Washington to take part in history and embrace a new spirit of public service.
Today, House and Senate Leaders met with President Obama at the White House to discuss the American Recovery and Reinvestment Act. While there is a consensus on the importance of working in a bipartisan manner to address the immediate problems facing the nation, it is also important to look down the road to long-term fiscal responsibility, including deficit reduction and entitlement reform. I look forward to working with the Obama Administration on these issues at the upcoming fiscal responsibility summit.
Yesterday, the House passed tough accountability measures to reform the Troubled Asset Relief Program (TARP) and ensure that those funds are spent effectively to help stabilize our economy. Because the Bush Administration’s Treasury Department has mismanaged the financial rescue funds approved in the last Congress, it is important that we restore Congress’ original intent for funds to be directed to the credit and mortgage problems that started the financial crisis, as well as strengthen accountability and transparency.
Next week, we will consider the American Recovery and Reinvestment Act, which will create jobs and secure long-term economic growth by investing in the future. With this legislation, Congress continues to make the tough choices and smart investments required to ensure a solid recovery and address the immediate challenges facing our nation.