As the President prepared for a meeting this morning with some of America's top CEOs on ways to get the economy moving again, the Senate was preparing to pass the tax cut and unemployment insurance compromise, which they did by a wide bipartisan margin. The President explained why he hoped the House would do the same:
I am absolutely convinced that this tax cut plan, while not perfect, will help grow our economy and create jobs in the private sector. It will help lift up middle-class families, who will no longer need to worry about a New Year’s Day tax hike. It will offer emergency relief to help tide folks over until they find another job. And it includes tax cuts to make college more affordable; help parents provide for their children; and help businesses, large and small, expand and hire.
The President also explained what he was hoping to focus on in the meeting:
This morning, I hope to elicit ideas from these business leaders that will help us not only climb out of recession, but seize the promise of this moment -– ideas about tax reform; ideas about a balanced approach to regulation that will promote, rather than undermine, growth; ideas that will help encourage businesses to invest in America and American jobs at a time when they’re holding nearly $2 trillion on their books. I want to discuss our shared mission of building a strong economy for the long run.
We know some of what we need to do to out-compete other countries in the 21st century. We need to offer our children the best education in the world. We need to spur innovation and new industries like clean energy that will create the jobs of tomorrow. We need to upgrade America’s crumbling infrastructure, its roads and bridges, update high-speed rail and high-speed Internet to connect every community. And we need to redouble our commitment to fiscal discipline and address our long-term deficit challenges.
We know the path that will lead to economic success. The only question is whether we will take it, whether we have the political will to do the work. I’m committed to taking that path. I know America’s business leaders are as well. And I look forward to talking to them this morning and working with them in the months and years to come to make sure that we’re adopting the best ideas for growing our economy and making the 21st century another great American Century.