Statement from President Obama on the Patient Protection and Affordable Care Act

From the Office of the President

“Today we passed another critical milestone in the health reform effort with the release of the Patient Protection and Affordable Care Act. I was particularly pleased to see that the Congressional Budget Office has estimated that the bill will reduce the deficit by $127 billion over the next ten years and as much as $650 billion in the decade following, saving hundreds of billions while extending coverage to 31 million more Americans.

From day one, our goal has been to enact legislation that offers stability and security to those who have insurance and affordable coverage to those who don’t, and that lowers costs for families, businesses and governments across the country. Majority Leader Reid, Chairmen Baucus and Dodd, and countless Senators have worked tirelessly to craft legislation that meets those principles.

Just yesterday, a bipartisan group of more than 20 leading health economists released a letter urging passage of meaningful reform and praising four key provisions that are in the Senate legislation: a fee on insurance companies offering high-premium plans, the establishment of an independent Medicare commission, reforms to the health care delivery system, and overall deficit neutrality. The economists said that these provisions ‘will reduce long-term deficits, improve the quality of care, and put the nation on a firm fiscal footing.’ Those are precisely the goals we should be seeking to attain.

The challenges facing our health care system aren’t new – but if we fail to act they’ll surely get even worse, meaning higher premiums, skyrocketing costs, and deeper instability for those with coverage. Today, thanks to the Senate’s hard work, we’re closer than ever to enacting solutions to these problems. I look forward to working with the Senate and House to get a finished bill to my desk as soon as possible.”

President Obama calls Wall Street bonuses “shameful”

President Obama had some harsh words to Wall Street Bankers who are accepting TARP (Troubled Asset Relief Program) money while receiving big bonuses and buying private jets.  He sat down in front of reporters yesterday to discuss his frustration with the situation.

For the full text of the President’s remarks visit .

“One point I want to make,” said the President sitting with Secretary of Treasury Tim Geithner by his side, ” is that all of us are going to have responsibilities to get this economy moving again.”

He went on to say that he had read an article where Wall Street bankers had given themselves $20 billion worth of bonuses.  He called their actions “the height of irresponsibility” and “shameful.”

Wow, a President who reads the paper.  Obama even gives some insight on the Super Bowl after he rails on Wall Street.  This video is well worth watching.