Fiscal Responsibility Summit Closing

Feb 23, 2009

White House

President Obama made closing remarks to members of Congress, senior administration officials, business leaders, policy makers and economists at a fiscal summit to examine fiscal responsibility and long-term economic planning. Following brief remarks he responded to questions from both lawmakers and other participants.
President Obama made closing remarks to members of Congress, senior administration officials, business leaders, policy makers and economists at a fiscal summit to examine fiscal responsibility and long-term economic planning. Following brief remarks he responded to questions from both lawmakers and other participants.

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TIME SPEAKER TEXT
00:00:38 Obama, BarackPresident

(Applause.) Thank you, everybody. Thank you.

Please have a seat.

Well, this says something,...

00:06:43 McCain, John S. IIIU.S. Senator

Well, thank you, Mr. President, and thank you for

doing this. I think it's very important, and...

00:08:10 Obama, BarackPresident

Well, John, I mean, this -- this is going to be

one of our highest priorities. By the way, I've...

00:09:24 Hoyer, Steny H.U.S. Representative

Mr. President, I

think that the Social Security discussion was a very, very productive

section....

00:09:42 Obama, BarackPresident

Lindsey Graham too. (Cross talk.) I don't

know about Lindsey Thomas (sp), but I know Lindsey...

00:09:47 Hoyer, Steny H.U.S. Representative

Lindsey Graham. (Cross talk, laughter.)

South Carolina. It's not Louisiana, all right? I got

it....

00:10:32 Obama, BarackPresident

So -- thank you.

00:10:34 Hoyer, Steny H.U.S. Representative

But -- (off mike) --

00:10:34 Obama, BarackPresident

Please.

00:10:34 Hoyer, Steny H.U.S. Representative

I think your comment that follow-through is going to

be essential.

00:10:41 Obama, BarackPresident

(Great ?).

00:10:41 Hoyer, Steny H.U.S. Representative

If we've come together and had a good discussion --

(off mike) -- a lot of bright people who...

00:10:57 Obama, BarackPresident

Good.

Speaking of bright people with large constituencies, Bill Novelli

-- where's Bill?...

00:11:27 Novelli, William D.Chief Executive Officer

The

whole entitlement thing is as you've characterized it. We have a real

sustainability...

00:12:22 Obama, BarackPresident

Well, I appreciate that. This -- this is the

only area where we had done a little pre-judging...

00:14:21 Conrad, KentU.S. Senator

Well, first of all, thank

you for doing this. I thought it was a terrific start in the White

House....

00:15:53 Obama, BarackPresident

All right. Thank you.

John?

00:15:56 Spratt, JohnU.S. Representative

I got a bum leg, Mr. President. Sorry

-- excuse me, sir.

And thank you (for holding ?)...

00:17:21 Obama, BarackPresident

Okay. Thank you, John.

Since I see her sitting right next to you, Susan, you were in the

procurement.

00:17:28 Collins, Susan M.U.S. Senator

Yes.

00:17:28 Obama, BarackPresident

Therefore do you have any thoughts on --

00:17:31 Collins, Susan M.U.S. Senator

Yes.

If you look across the federal government, there are problems in

IT contracts no...

00:18:24 Obama, BarackPresident

Charlie, you're right here in front. Ken

talked about revenue. You were participating in the...

00:18:32 Rangel, Charles B.U.S. Representative

First, let me thank you

for bringing us together. (Off mike) -- making certain that

recognized...

00:19:49 Obama, BarackPresident

This is just a quick thought on taxes, Charlie.

My instinct is, is that you're absolutely right...

00:20:21 Rangel, Charles B.U.S. Representative

No question about it.

00:20:21 Obama, BarackPresident

And that that's an area where there should be

the potential for some bipartisan agreement, you...

00:21:03 Rangel, Charles B.U.S. Representative

Well, if you're looking for a fight, and a partisan

fight, any loophole you close is a tax increase....

00:21:20 Obama, BarackPresident

Well, you were here in '86. It's been done

before. We might be able to get it done this time.

00:21:24 Rangel, Charles B.U.S. Representative

Well, under your leadership, I'm looking forward to

it.

00:21:30 Obama, BarackPresident

Eric, you got some thoughts?

00:21:32 Cantor, EricU.S. Representative

Mr. President, I, too, want to thank

you very much for having us. It's -- it is a great opportunity,...

00:22:04 Obama, BarackPresident

Good.

00:22:04 Cantor, EricU.S. Representative

Thank you.

00:22:05 Obama, BarackPresident

Thanks.

Max? You were in the health care panel, but obviously you've got

jurisdiction...

00:22:14 Baucus, MaxU.S. Senator

I know how the Finance Committee works,

so -- (laughter) -- well, Mr. President, first, all...

00:23:29 Obama, BarackPresident

Thank you, Max.

Jim, you got any thoughts on this?

00:23:34 Clyburn, JamesU.S. Representative

Well, I just wanted to thank you very

much, Mr. President, for doing this.

I was thinking,...

00:24:24 Obama, BarackPresident

Mike, were you in -- were you in the health

care?

00:24:26 Enzi, Michael B.U.S. Senator

Yes.

00:24:26 Obama, BarackPresident

That would be -- (inaudible) -- answer, share some

thoughts.

00:24:30 Enzi, Michael B.U.S. Senator

Thank you, Mr. President. And I, too, appreciate the

effort to bring these people together....

00:25:12 Obama, BarackPresident

Socialized medicine? (Laughter, applause.)

00:25:15 Enzi, Michael B.U.S. Senator

They're --

00:25:15 Obama, BarackPresident

That one of them?

00:25:17 Enzi, Michael B.U.S. Senator

They're words from both sides of the aisle.

(Laughter.) (Off mike) -- not get into the debate...

00:25:45 Obama, BarackPresident

Right. Good.

00:25:45 Enzi, Michael B.U.S. Senator

So I appreciate you putting that -- (off mike).

00:25:50 Obama, BarackPresident

Who did we -- did we have some representatives

from the chamber of business participating?

00:25:57 Castellani, JohnPresident

Mr. President,

I'm John Castellani. (Inaudible) -- we saw each other the other day.

00:26:01 Obama, BarackPresident

Right. Yeah.

00:26:01 Castellani, JohnPresident

I was in the health-care discussion, and the one

thing that we all agreed on was that it is...

00:26:45 Obama, BarackPresident

Well, business leadership, I think, is going to

be critical. Andy Stern is sitting right next...

00:26:53 Stern, AndrewPresident

Yeah. I mean, I just want to say that I am sitting next to John

because he and I and...

00:27:17 Obama, BarackPresident

Nice scarf, by the way.

00:27:18 Stern, AndrewPresident

Thanks. (Laughter.)

00:27:25 Obama, BarackPresident

David Walker?

Where -- where -- where is -- where is David at?

00:27:28 Walker, David M.Comptroller General

Mr. President, it's an honor to be here. Thank you for your

leadership. You touched in...

00:27:34 Obama, BarackPresident

Right.

00:27:34 Walker, David M.Comptroller General

As the former comptroller general of the United

States, I can tell you we're $11 trillion in...

00:28:11 Obama, BarackPresident

Okay. Well, I appreciate that. And -- and

again, when we distribute the notes coming out of...

00:28:28 Issa, DarrellU.S. Representative

Mr. President, kind of a surprise from the

procurement group that was together. We had almost...

00:30:04 Obama, BarackPresident

Which I think would be terrific. I mean,

that's the kind of stuff that's not sexy, but it ends...

00:30:15 Pata, Jackie JohnsonOfficial

Thank you. Thank you, Mr. President. I just want to bring up that in

the health care,...

00:30:56 Obama, BarackPresident

That's important.

Yes, go ahead.

00:31:02 Barton, JoeU.S. Representative

Mr. President, thank you for having us

here at the White House. I'm going to take a little bit...

00:32:07 Obama, BarackPresident

Well, with regard to that, I think you're

making an important point. And you know, my response,...

00:32:22 Barton, JoeU.S. Representative

We'd love you to interject yourself. (Laughter.)

00:32:22 Obama, BarackPresident

But -- but I do want to make this point, and I

think it's important. On the one hand, the majority...

00:34:02 Hartmann, HeidiPresident

Thank

you, Mr. President. Heidi Hartmann, Institute for Women's Policy

Research. I just...

00:34:33 Obama, BarackPresident

Tom.

00:34:36 Carper, Thomas R.U.S. Senator

To echo what some others have said,

thanks very, very much for bringing us together.

A...

00:35:24 Obama, BarackPresident

Well, I will certainly do that, Tom, because

I'm just a glutton for punishment. And -- (laughter,...

00:39:49 Unidentified Speaker

RELATED PROGRAMS

PEOPLE GRID LIST

  • Barton, Joe
  • Baucus, Max
  • Cantor, Eric
  • Carper, Thomas R.
  • Castellani, John
  • Clyburn, James
  • Collins, Susan M.
  • Conrad, Kent
  • Enzi, Michael B.
  • Hartmann, Heidi
  • Hoyer, Steny H.
  • Issa, Darrell
  • McCain, John S. III
  • Novelli, William D.
  • Obama, Barack
  • Pata, Jackie Johnson
  • Rangel, Charles B.
  • Spratt, John
  • Stern, Andrew
  • Walker, David M.

PURCHASE