He also said the US government must stem the spread of foreclosures and do everything it can to help responsible homeowners stay in their homes.
Over the long term, the president said measures would be needed to tame the country’s burgeoning federal deficit. But he expressed confidence that Americans will be able to overcome the hardships.
“America, we will prove equal to this task,” he said. “It will take time and it will take effort, but working together, we will turn this crisis into opportunity and emerge from our painful present into a brighter future.”
Also See: US finance giants freeze foreclosures
Also See: Wall Street awaits lifeline
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