In a speech at Georgetown University, Obama promoted his administration's economic recovery efforts. He called it "extraordinary action" to deal with an "extraordinary set of economic challenges."
The President said the actions are starting to generate signs of economic progress. He argued that the actions thus far have been "necessary pieces of the recovery puzzle." That includes the massive economic stimulus package, housing relief plans and actions designed to aid struggling U.S. automakers.
The President warned that 2009 will continue to be a difficult year for America's economy, including more financial market fluctuations, job losses and home foreclosures. Obama pressed the need for a more stable economic foundation, arguing against the "bubble" booms and busts of the past several years.
"We cannot rebuild this economy on the same pile of sand," he said.
Obama noted that the economic crisis is rooted in the meltdown in the housing sector, which quickly spread throughout the entire economy. He said the crisis was fueled when too many banks and other financial institutions simply stopped lending money.
The President defended the nearly $790 billion economic stimulus package.
"Economists on both the left and right agree that the last thing a government should do in the middle of a recession is to cut back on spending," he said.
Obama also defended efforts to "fix the banks" and argued that nobody is more upset than he is about irresponsibility and greed in the financial sector.