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 Toning Down The Expectations - Air Force One Press Gaggle by Robert Gibbs 3/31/09 — Tuesday, March 31, 2009 —  Q Can I ask about -- can I sort of put the Russia and China meetings together? Both of those nations have been pretty aggressive in the way they've talked about the U.S., particularly on the currency issue, and are kind of looking to boost their own image and stature in the world by talking that way. How big a part do you think those kinds of issues will play in the meetings tomorrow?MR. GIBBS: Well, I -- look, I can't speak for what those countries will bring up. I think it's been -- we've been quite clear that the reserve currency of the world is now and will continue to be the U.S. dollar, the strength and the breadth of our economy is unmatched. I do think the President looks forward to each of these meetings as a way, again, of speaking of issues that are of mutual concern. Obviously there are -- there's a lot to deal with on the world stage and this is an opportunity for him to get a chance to talk to these two leaders on a very personal level tomorrow. Q Both of these nations are trying to sort of use this moment to more assertively challenge the U.S. So how does the President go into those meetings, sort of knowing that they occur in that context? MR. GIBBS: Well, I don't think it -- look, I think the President will have the issues that he wants to discuss and bring them up with each of those two countries. I don't think that changes what the President does at all. Q Robert, there seems to have been a -- everything seems to be toning down the expectations, trying to tamp down expectations for everything on this trip. What are the fair measuring sticks? April 7th, flying back, measuring sticks out of G20, out of NATO, out of the EU -- is it -- what are they? MR. GIBBS: Well, look, let's take the G20, for example. I think it's likely that we will come out of the G20 with very broad agreement on measures that have to be taken to address the global recession. We've already gotten -- despite what a lot has been written about -- at the financial ministerial level just a couple of weeks ago the commitment to continue to evaluate what has to be done to spur the global economy along. Q What does that mean? "Commitment to evaluate" -- I mean, that sounds like -- do you worry you get so much to a broad consensus -- MR. GIBBS: Let me be more specific, because this also hasn't been reported -- so I'll give you a chance to enumerate my evaluation. As we said last Saturday on the phone call in preparation for this, if you total up what the G20 nations have pledged to address the economic downturn, it represents 1.8 percent of GDP for the G20 nations. That is a significant commitment to addressing the downturn in GDP around the world. The pledge is to evaluate whether or not more steps will be needed in the future to address the breadth and severity of the crisis. I think secondly there will be broad consensus about far stronger financial regulations to ensure that what we're dealing with now never happens again, that we have different rules of the road for the 21st century. And I think that the United States and the Obama administration last week demonstrated its commitment to leadership in this endeavor by rolling out as strong a set of financial regulations as any country has proposed -- as well as a commitment to get them through Congress this year. So that we will not simply propose new rules of the road, but have them instituted by the end of the year, which will make progress in the sense of we won't just be speaking about this stuff, we'll be acting on it. We'll address hedge funds and derivatives as part of regulation. There are tougher capital requirements. There are tools to ensure greater security and safety in our financial system. And finally, as both the President and the Secretary of Treasury have spoken about, they give any administration unique tools and necessary tools to deal with systemic risks like resolution authority, which is something we lack in dealing with something the size of AIG. Q NATO? MR. GIBBS: You know, NATO, I think we will have an opportunity to discuss and review what the President has proposed. As I said, the Secretary of State heard some -- was pleased with what she heard in public and in private. So I think we want -- I think we're making progress and we'll see progress that demonstrates that the concern, as I said a minute ago, about Afghanistan and Pakistan are not simply the concern of one country or one -- Q -- measureable, though? Is it troop commitments? MR. GIBBS: Well, I don't want to get ahead of where we are. I think if we can demonstrate that there's broad international concern and that people are working together to address it, I think that'll be a success. Q What specifically pleased the Secretary of State the most, that she heard? MR. GIBBS: Well, again, I think it was an understanding that -- well, first of all, bringing together neighbors in the region to address in a larger way the problems that we face in Afghanistan and Pakistan. As you know, the President committed at the beginning of his administration to reviewing our policy -- not simply as one that relates to Afghanistan or one that relates to Pakistan, but one that relates to the region as the whole. That was important. Demonstrating -- understanding and demonstrating that commitment I think is important. And she was pleased with what she heard, as I said, in public and in private. Look, I think it's a helpful development if they're willing to continue their involvement to have Iran, a neighbor of Afghanistan, who can and should be concerned about drug trafficking into their country. If they are willing to accept the responsibility of playing a constructive role in that region, I think that's an important development. We'll see as we move forward how that goes. Q What parts of the G20 agenda are still in flux or still being negotiated? Or is it pretty much set right now, in terms of what the outcome will be? MR. GIBBS: I can go ask those guys in terms of what, in terms of the communiqué. I think the call that he had with Prime Minister Brown demonstrated that they made progress on a number of issues. One last thing I forgot to mention at G20 is obviously -- and this is largely agreed upon -- is a far greater commitment to international institutions in order to help emerging economies as we see this massive slowdown in global trade. Q -- contribution? MR. GIBBS: Yes. Q And do you think -- is that on the China agenda? When he meets with Hu, is that about getting them to kick in on this? MR. GIBBS: I will double check on that. But I know, again, that that is -- you know, greater exports from our country into emerging economies means jobs back home, so that's important. Q You talked about his consultations going into the G20, you know, all the conversations he's had with leaders in person and on the phone. Could you quantify that? I mean, pull together how many conversations and meetings he's had? MR. GIBBS: I can go back and try to -- you mean with leaders, not -- Q Yes. MR. GIBBS: Okay. Again, I know that -- like I said, in the past 10 days he's had -- Q We know, but when the President announced -- it seems like he's had a couple different conversations with some leaders, that once -- MR. GIBBS: Let me go back and try to pull together all of it. Again, I know -- you know I think about most of them. As I said, conversations in the past 10 days or so -- teleconferences with Sarkozy and Merkel; conversations with Brown, and visits by Rudd and Lula to the Oval Office. I should mention he talked with Prime Minister Harper in within the last, I think, 48 hours. Q Was it about cars? MR. GIBBS: I think partly to talk about that, but also to talk about G20. Air Force One | Economy | G20 | International Relations | Obama Administration | Press Gaggle | Robert Gibbs | White House Press Corps Labels: Air Force One, Economy, G20, International Relations, Obama Administration, Press Gaggle, Robert Gibbs, White House Press Corps >> Full Story
Posted by White House Press Corps @ 10:33:00 PM  General And Somewhat Nonspecific - White House Press Briefing by Robert Gibbs 3/30/09 — Monday, March 30, 2009 —  Q Thank you. I'd just like to follow up on some of the -- that has been out there here. You've been asked a couple times whether the actions regarding these auto companies should be viewed as something that the banks should pay attention to because a similar approach may come their way. And you said, no, we should look at these as individual cases. So are you essentially --MR. GIBBS: I guess what I'm trying to do is, I'm just trying to -- again, the example I just used with Chuck, I mean, the pathway for two auto companies is, based on the President's decision today, different. So I think to take any series of other entities and put them on that same scale, those paths may also be different. That's all I'm -- Q There's certain principles that underlie all of these decisions, though, obviously, and there is a certain willingness or unwillingness of the administration to dictate certain terms as a condition of receiving federal money. And so are you saying, by saying these are individual cases, are you trying to communicate that these banks really -- don't worry about this, this isn't coming your way? MR. GIBBS: No, I -- Q I think it's a fair question. MR. GIBBS: It is. It's a little general -- general and somewhat nonspecific. And again, what I'm -- I guess what I'm asking is, instead of looking at every entity as the same entity, I think that's -- I don't think that's hypothetically productive. Q Well, do you want me to ask the question that way by inserting all the names of all the banks that have received aid and ask if it would apply to that? I mean, would that be more helpful? MR. GIBBS: Well, again, understanding that some of the circumstances are different. Q But why Rick Wagoner and not Ken Lewis? MR. GIBBS: Again, some of these things are -- I don't have anything specific on Bank of America. But again, I just don't want to be generalistic across the board. Q So, in other words, you really don't want people reading anything more into this? MR. GIBBS: I hope people read into it exactly what I said rather than reading into it what they want to read into it. Q It's our job to help people -- to explain to people what it is that you're saying, and so I'm trying to make sure I understand it. MR. GIBBS: Okay. (Laughter.) Q It sounds like what you're saying is, no, you don't want us to interpret this as a sign of things to come for others -- MR. GIBBS: My hesitancy -- Q -- and if that's the case, why don't you just say -- MR. GIBBS: My hesitancy -- no, no, my hesitancy is just to look at every entity the same way, because, again, the circumstances by which any entity is at any certain point may well be different, even though it's the same type of entity, right? Again, I want to go back to GM and Chrysler. On the face, both are auto companies, right? Both have found themselves at a point where they're seeking additional government assistance, adding in to the additional loans that they got to put them on a path toward viability. But again, the examples by which we're using -- or that the President has made a determination about which direction they're going to go is different even though they're both auto industry. Q Of course, and I'm not suggesting the exact same remedy would apply to any one of these things, but, again, if you look at the general case, you have, say, generically, contracts that at AIG were unbreakable because they're legal contracts but for the UAW, those are contracts that you fully expect them to modify if they're going to get federal assistance. MR. GIBBS: Well, I think this -- I think many people have made -- I think many people have made sacrifices, but, again, without looking through the individual instances of other entities, it's hard to make that generalization. Automobile Industry | Banking | Economy | President Obama | Press Briefing | Robert Gibbs | Treasury Department | White House Press Corps Labels: Automobile Industry, Banking, Economy, President Obama, Press Briefing, Robert Gibbs, Treasury Department, White House Press Corps >> Full Story
Posted by White House Press Corps @ 9:32:00 PM Why No Timeline? - White House Press Briefing by Robert Gibbs 03/27/09 — Friday, March 27, 2009 —  Q The President really had the focus, in terms of the threat, on Pakistan. And we see the buildup, the troop buildup, for Afghanistan. But what is the U.S. planning to do to go after this threat? If the terrorists are hiding out and currently planning to strike us, what is being done to cut that off?MR. GIBBS: In Pakistan? Q In Pakistan. MR. GIBBS: Well, I'm not going to get into operational details -- Q Is there something being done? MR. GIBBS: Is there something being done -- Q To go after the threat in Pakistan? Because there's $5 billion a year in humanitarian, but nothing -- we haven't heard anything at all about some active engagement to go after that threat if we know the threat is there. MR. GIBBS: I think it would be wise for us not to lay out in front of the world the plan -- that plan of attack. Q Well, I'm not looking for the plans. Is there something that is ongoing to go after that threat? Because he stated the threat is there; they're planning to attack us. MR. GIBBS: I think you can be very assured that we're taking the steps necessary to address the threat and to protect the American people. Q In terms of the timeline, no timeline to extract troops out of Afghanistan. The President I believe in the past has talked about wanting to have a timeline. Why no timeline? Why not sort of set some sort of mark and say, we need to be out by this time? MR. GIBBS: Well, I think the President did state quite clearly that the policy would be reviewed and evaluated as we go. Obviously if you add in the increase in the number of troops that were added in -- before the President took office, in addition to the 17,000 that the President ordered previously, and the 4,000 trainers today, you're looking at an expansion of roughly 30,000 American troops. So we have important elections coming up in Afghanistan in a deteriorating security situation, and I think -- first of all, I think the President wants to evaluate what -- and the security team want to evaluate what that increase means for the situation in the region. Obviously the announcement today is to build the capacity of the Afghan army to ensure that ultimately that responsibility of rooting out extremism and protecting the democratically elected government can be done by the Afghans. And also the President will look to evaluate the policy as we move forward as we increase our diplomacy, as we increase the number of civilians that are there to do what the President talked about in terms of the delivery of services without corruption, and for developmental aid. And so I think that the President will have said and set forward -- and I think you guys heard last night about a flexible strategy that allows the team to evaluate whether the goals are being met and whether the benchmarks are being met, so that we can determine the progress toward making that region of the world safe and stable. Afghanistan | Obama Administration | Pakistan | Press Briefing | Robert Gibbs | War on Terror | White House Press Corps Labels: Afghanistan, Obama Administration, Pakistan, Press Briefing, Robert Gibbs, War on Terror, White House Press Corps >> Full Story
Posted by White House Press Corps @ 6:51:00 PM Dammit, You Guys - White House Press Briefing by Robert Gibbs 3/26/09 — Thursday, March 26, 2009 —  MR. GIBBS: Mark.Q Robert, in the online town meeting, when the President said he doesn't think legalizing marijuana would give the economy a boost, was he giving a political answer or an economic answer? Does he have economic numbers to back that up? MR. GIBBS: I'm unaware of a CEA analysis -- (laughter) -- regarding that. I think the -- Q Will you let us know if there is one? (Laughter.) MR. GIBBS: I think you've heard the President talk about getting us on a path toward sustained economic growth. I don't think he believes that that is a part of that plan. Q What about medicinal marijuana? MR. GIBBS: I think the -- I'd point you to the Justice Department on developments on that. The President asked people to ask their questions. Obviously interests aligned with certain viewpoints did so, and the President wanted to answer the question that, no, it was not -- he did not think a good economic strategy. Q Did that question get the most votes of any? MR. GIBBS: I will ask Macon and those guys. It is interesting when -- I think several of those topics were in things like financial stability or -- Q Green jobs. MR. GIBBS: Green jobs, right. (Laughter.) It's unclear what leap of faith one has to make to ask that question in some of the -- some of those -- right, some of those -- some of those topics. Q Why did he even bring it up? Why did he even bring it up? I mean, no one asked it online and no one asked it -- MR. GIBBS: No, people -- people asked it online – Q I mean, no, I know they voted for it, they voted for it. But he brought it up on his own. This is what I'm saying. Why did he even bring -- MR. GIBBS: April, the concept of the virtual town hall meeting was to have people -- Q Transparency? MR. GIBBS: No, no, let me -- you can ask and I'll answer -- (laughter) -- that the President asked people to go to the web site, ask questions of the administration, vote on which questions they wanted to have the President answer, and that he would do so. And as I said and as Ann said and -- maybe we should have said "clean-energy jobs" -- that would have -- Q You said "green." MR. GIBBS: Yes, I know. That in some topics -- you know, this is not the first time that an interest group gets on a web site and votes many times for their question to be answered, and the President thought he should answer it and I think he did. Q But, Robert, he didn't take on the serious issue. He made a joke out of it. I mean, there were a lot of questions about legalization of marijuana, not as a job creation program, but just as a serious policy issue. And with what's happening in Mexico -- MR. GIBBS: It poses the legal -- I'll do this for the President -- I didn't -- I neither emailed my question in, nor voted for it, but the President opposes the legalization of marijuana, and I'd -- I'll say I did that without even the slightest hint of laughter. Q Can you say why? Q Robert, while you're on this same subject can we follow up? MR. GIBBS: Hold on one sec. Hold on. Q What did the President learn in this? A lot of the questions were things he talks about all the time. Q Annie, there was a question pending on why -- why he feels that way about legalizing marijuana. MR. GIBBS: He does not think that that is -- he opposes it. He doesn't think that's the right plan for America. Q But a follow-up on the process, on the -- MR. GIBBS: Hold on, let me -- I've lost control. (Laughter.) Hold on, what are you -- dammit, you guys don't get to Google this stuff and send in your questions. Hold on, hold on, hold on, let me -- Democracy | Economy | Open Government | President Obama | Press Briefing | Robert Gibbs | War on Drugs | White House Press Corps Labels: Democracy, Economy, Open Government, President Obama, Press Briefing, Robert Gibbs, War on Drugs, White House Press Corps >> Full Story
Posted by White House Press Corps @ 7:50:00 PM Looking Beyond Our Self-Interest - White House Press Briefing by Robert Gibbs 3/25/09  MR. GIBBS: Sheryl.Q Robert, the President talked last night about urging Americans to look beyond their self-interest. Tonight he's going to two political fundraisers, one of them $30,000 a couple. Is that an example of looking beyond our self-interest? And are you worried about the tone that that sets in a time when Americans are struggling? MR. GIBBS: No, I think you -- I think when you -- though I hope he's not placid and unsmiling -- I think you'll see in the remarks he makes tonight and I think you can be rest assured in the remarks he's made yesterday that he fully understands the hardships and the troubles that the American people are undergoing in their lives each day. But I think it's also safe to assume that the President wants to see a strong party system in this country. And I would mention that in that, the -- we haven't seen politics by either party stop in this period, though I think the President fully understands the situation the American people face. Q Will he urge some of those donors to contribute to charity or use his remarks in some other way to -- MR. GIBBS: Well, I -- look, I -- Q note the broader situation as -- MR. GIBBS: Well, I think the -- I think the situation will -- I think the remarks will denote the situation. I think the remarks will denote the actions that he's taking to change the situation in this country. I think the President has been focused every day on how to make the situation for average Americans better. He always encourages people to get involved, to knock on doors, to give to charity, and to do whatever they can to help out their neighbors. Charity | DNC | Political Campaigns | President Obama | Press Briefing | Robert Gibbs | White House Press Corps Labels: Charity, DNC, Political Campaigns, President Obama, Press Briefing, Robert Gibbs, White House Press Corps >> Full Story
Posted by White House Press Corps @ 3:33:00 PM Charity Begins With Higher Taxes - Press Conference by the President 3/24/09 — Wednesday, March 25, 2009 —  THE PRESIDENT: Mike Allen, Politico. Hi, Mike.Q Thank you, Mr. President. Are you reconsidering your plan to cut the interest rate deduction for mortgages and for charities? And do you regret having proposed that in the first place? THE PRESIDENT: No, I think it's -- I think it's the right thing to do, where we've got to make some difficult choices. Here's what we did with respect to tax policy. What we said was, that over the last decade, the average worker, the average family have seen their wages and incomes flat. Even at times where supposedly we were in the middle of an economic boom, as a practical matter, their incomes didn't go up. And so what we said, let's give them a tax cut, let's give them some relief, some help -- 95 percent of American families. Now, for the top 5 percent, they're the ones who typically saw huge gains in their income. I fall in that category. And what we've said is for those folks, let's not renew the Bush tax cuts, so let's go back to the rates that existed back in -- during the Clinton era when wealthy people were still wealthy and doing just fine; and let's look at the level in which people can itemize their deductions. And what we've said is let's go back to the rate that existed under Ronald Reagan. People are still going to be able to make charitable contributions. It just means, if you give $100 and you're in this tax bracket, at a certain point, instead of being able write off 36 or 39 percent, you're writing off 28 percent. Now, if it's really a charitable contribution, I'm assuming that that shouldn't be a determining factor as to whether you're given that $100 to the homeless shelter down the street. And so this provision would affect about 1 percent of the American people. They would still get deductions. It's just that they wouldn't be able to write off 39 percent. In that sense, what it would do is it would equalize -- when I give $100, I'd get the same amount of deduction as when some -- a bus driver, who's making $50,000 a year, or $40,000 a year gives that same $100. Right now he gets 28 percent -- he gets to write off 28 percent; I get to write off 39 percent. I don't think that's fair. So I think this was a good idea. I think it is a realistic way for us to raise some revenue from people who benefited enormously over the last several years. It's not going to cripple them; they'll still be well-to-do. And ultimately, if we're going to tackle the serious problems that we've got, then in some cases those who are more fortunate are going to have to pay a little bit more. Q But it's not the well-to-do people, it's the charities. Given what you just said, are you confident the charities are wrong when they contend that this would discourage giving? THE PRESIDENT: Yes, I am. I mean, if you look at the evidence, there's very little evidence that this has a significant impact on charitable giving. I'll tell you what has a significant impact on charitable giving, is a financial crisis in an economy that's contracting. And so the most important thing that I can do for charitable giving is to fix the economy; to get banks lending again, to get businesses opening their doors again, and to get people back to work again. Then I think charities will do just fine. Charity | President Obama | Presidential Press Conference | Taxes | White House Press Corps Labels: Charity, President Obama, Presidential Press Conference, Taxes, White House Press Corps >> Full Story
Posted by White House Press Corps @ 1:21:00 PM More This Than That - White House Press Briefing by Robert Gibbs 3/23/09 — Tuesday, March 24, 2009 —  Q Robert, in rolling out the details today, Timothy Geithner used a more, sort of, quiet approach -- pen-and-pad with reporters, not getting out there on television in a very public way. Why?MR. GIBBS: You guys always -- every time we do one of these things, we do a background briefing, and somebody asks if it can be on the record -- Q But this was a major -- MR. GIBBS: -- and, you know, we don't want just a speech, we'd like to do some Q&A, and so we put the Secretary of Treasury out on the record to -- Q This was a major event. Everyone was waiting for the details, and it almost seemed like it came out in a less than, sort of, bombastic way. MR. GIBBS: I guess he's worried a little bit less about what the packaging is on the present, and more importantly, what’s inside of the box. I suppose we could have rigged out some flags and printed up some placards and cued up some old campaign music, but I think what's important -- maybe not for Washington reporters, but what’s more important for the American people is to get the details of a plan that works to get their bank lending money again. I think that's, in all honesty, what the Americans people care most about. I think if you objectively look at what this administration has done, or what the economic team has done in the course of about nine weeks of service, I think you’d be hard-pressed to find nine weeks where more solutions were outlined of problems and challenges that have been facing this country probably since the 1930s. Q Just to follow another question –- Christina Romer, in an interview with CNN earlier today, talked about how if this doesn’t work that we’ll review it – we’ll tweak it, I think was the exact language that she used. Is there a backup plan if this doesn’t work? And to say "tweak" it, does that sort of instill sort of a lack of confidence that this will actually work? MR. GIBBS: Do we have a backup plan if it doesn’t work, and if we do have a backup plan, does that denote that we're preparing for it not to work? I want to sift through the circular -- Q I asked a backup plan because she said if it doesn’t work we'll "tweak" it. But I'm just wondering, does that give a sense of -- MR. GIBBS: Again, I think it is safe to assume that any policy that this administration or -- I'll speak broadly for any politician in the country -- if they roll out a plan, it's constantly evaluated to ensure that the objectives by which the plan was introduced are met by the implementation of the plan. And if the plan doesn’t meet through its implementation the objectives of what it was outlined to do, that that plan might be augmented to meet those objectives. Q That was deep. That was deep. MR. GIBBS: That was more this than that. (Laughter.) Banking | Economy | Obama Administration | Press Briefing | Robert Gibbs | TARP | Treasury Secretary Timothy Geithner | White House Press Corps Labels: Banking, Economy, Obama Administration, Press Briefing, Robert Gibbs, TARP, Treasury Secretary Timothy Geithner, White House Press Corps >> Full Story
Posted by White House Press Corps @ 2:54:00 PM Framing This Thing - Press Briefing by Treasury Secretary Timothy Geithner 3/23/09 — Monday, March 23, 2009 —  Q Looking at the example you give in the fact sheet -- the first program -- you start with talking about $100 in bank loans, but the private investor only has to kick in $6 for -- seems to be on the hook for $6 at the end of the day, and the FDIC guarantees between there and whatever was paid for the bad loan.Do you think a person outside this room, outside the Beltway, looking at that would feel like that's a -- you know, you've gotten a good deal by getting someone to kick in $6 for a loan that is valued at a $100, that's being purchased for $84. SECRETARY GEITHNER: I'm very confident you and your colleagues will do a good job of framing this thing -- (laughter) -- but let me just come back to the basic point. Okay? The point is, relative to what? What our job is, is to try to fix this problem in our financial system at least cost to the taxpayer and ways to get the incentives right so we can have private capital come in and not have the government do all of it. And the alternative strategies would have the government either taking on all that risk ourselves, having all those losses on our balance sheet -- or, sitting back and letting this process of deleveraging continue to weigh on the American economy, pushing viable businesses closer to the edge, where they have to shrink their businesses to get through this. And that's not an alternative we're prepared to support. The key thing is, again, that you -- people have to compete for the right to get access to financing in this context and they have to put money at risk for it to work. Yes. Q Can you clarify under both plans who is actually holding the assets at the end of the day, and explain to taxpayers what the upside is to all of that? How are they going to share in the upside of this program? SECRETARY GEITHNER: These funds -- purchase assets -- they're managed by professionals who know how to do this for a living. If there is a return to these over time, which we expect there will be, taxpayers will share in that return. So taxpayers are getting to take the benefits of providing this financing to the market. Now, of course investors will share, too, in that return, as you would expect. That's the simplest way to describe it I think. Banking | Economy | Press Briefing | TARP | Treasury Department | Treasury Secretary Timothy Geithner Labels: Banking, Economy, Press Briefing, TARP, Treasury Department, Treasury Secretary Timothy Geithner >> Full Story
Posted by White House Press Corps @ 4:08:00 PM Geithner Time Loop Theory - White House Press Briefing by Robert Gibbs 3/20/09 — Saturday, March 21, 2009 —  Q On Geithner, is the administration sticking to -- are you sticking to this March 10th date for when he found out about this? Because I -- he was asked about it in Congress a week before - Q It was March 9th. Q March 9th. He was asked a week before, specifically. MR. GIBBS: And I think the Treasury Department addressed that in the newspaper this morning. Look, I think there's -- there has been -- obviously, the Treasury has talked about taking responsibility for knowing more about the timeline. Q When Secretary Geithner talked about that yesterday, he really parsed words. He said, on Tuesday, March 10th, I was informed about the full scale and scope of these specific bonuses. He's not saying that was the first time he learned about it -- MR. GIBBS: Well -- Q A very careful parsing of words here, suggesting he did know about it before then. MR. GIBBS: No, I -- I think if you read carefully the report you're discussing, the Treasury Secretary takes responsibility, as the President does -- Q But he's sticking by that October 10th date -- excuse me, March 10th date -- MR. GIBBS: Right, I -- Q -- even though he clearly knew about it before then. He was asked about it in Congress -- MR. GIBBS: But, again -- but again, Chip -- Q -- and he was overseeing the AIG bailout. I mean, is it -- MR. GIBBS: What committee -- Q It just doesn't seem credible. MR. GIBBS: That was Ways and Means? Q Yes. But he was specifically asked the question. MR. GIBBS: No, I understand. I understand. And I think he's addressed that and I think that's addressed in both the reports today and what he said yesterday. Chip, we're -- we understand and the President shares the outrage and the frustration that everybody has. The administration is taking steps to recoup money that's gone out, as well as to put in place a financial stability plan and to seek progress on getting our economy moving again. Q Let me just ask you specifically. When he says, on March 10th he was informed about the full scale and scope, is he saying that's the first he learned about it at all? MR. GIBBS: Chip, the question is predicated on the report in the paper and I think the report in the paper answers your question. Q So he did know about it before then? 20:54 MR. GIBBS: Chip, I will -- can somebody go get a dollar and buy Chip a newspaper so that he can read the report? Again, I think it's pretty clear -- Q Been read. MR. GIBBS: Excellent. Then I believe it's been answered. Q Robert, can I follow on that real quick? Why did you tell us that it was March 10th, then, that you found out? The statement from the White House was very specific, he found out March 10th. MR. GIBBS: Again, I would point you to the report that the Secretary of the Treasury takes responsibility, as does the administration, with knowledge about the structure and the scope of those bonuses. Q But we were accidentally or however misinformed about the day that he found out. MR. GIBBS: Well, let's -- let's not -- I'm just going to leave it at that. I think the report is pretty clear and so are the answers. Chuck. Q Did he misinform the White House about when he found out? MR. GIBBS: Chuck. Video (note the difference between the uhhh-redacted transcript and the video of uhhhs): AIG | Obama Administration | Open Government | Press Briefing | Robert Gibbs | TARP | Treasury Secretary Timothy Geithner | White House Press Corps Labels: AIG, Obama Administration, Open Government, Press Briefing, Robert Gibbs, TARP, Treasury Secretary Timothy Geithner, White House Press Corps >> Full Story
Posted by White House Press Corps @ 3:32:00 PM Geithner's Bank Plan - Air Force One Press Gaggle by Bill Burton 03/19/09 — Friday, March 20, 2009 —  MR. BURTON: Good afternoon. The President made an offhand remark making fun of his own bowling that was in no way intended to disparage the Special Olympics. He thinks that the Special Olympics are a wonderful program that gives an opportunity to shine to people with disabilities from around the world.All right. Do you guys need anything? You've got the guidance, you've got -- Q Do you when we're going to get Geithner's bank plan out -- any plan on the banks? MR. BURTON: Soon, but I don't have a date for you? Q Soon? Like a week soon, or next week soon? MR. BURTON: Soon, but I don't have a date. I'll keep you posted, though. You'll be the first person I tell. Air Force One | Bill Burton | President Obama | Press Gaggle | Treasury Secretary Timothy Geithner | White House Press Corps Labels: Air Force One, Bill Burton, President Obama, Press Gaggle, Treasury Secretary Timothy Geithner, White House Press Corps >> Full Story
Posted by White House Press Corps @ 3:00:00 PM Taking Responsibility - Air Force One Press Gaggle by Bill Burton 03/18/09  Q So why did it take two days for the Treasury Secretary to tell the White House and, subsequently the President, to be informed about the -- what were then the impending bonuses?MR. BURTON: Well, I'm going to refer you to what the President had to say before Marine One took off from the White House. But he, of course, is taking responsibility for what we do here, and what he's making sure is that we get the tools that we need to make sure that this does not happen again. As for, you know, timelines and different things like that, we've been through this for the past couple of days, and Gibbs and others and folks at the Treasury have answered these questions. And for any more specifics on that, I'd refer you to some of the information that they shared with folks yesterday. Q Well, I mean, up until now, Robert -- until the timeline was released last night, we didn't exactly know what the sequence was. So, I mean, is there any concern that it took two days for the Treasury Secretary to tell the White House about it? MR. BURTON: As the President said, he's very confident in how Secretary Geithner is doing. And, you know, one of the things that we're going to talk about today in California -- because I imagine people are going to have questions about AIG, these bonuses, things that are happening in the economy. The President, as he has said, shares the profound anger of the American people about these bonuses, about the folks who are getting them. And we're doing everything we can to make sure that this doesn't happen again and to make sure that taxpayers are made whole on the money that's been paid out. Q Do you anticipate any change in the internal communication system, though, so that it will flow more smoothly, more quickly? MR. BURTON: As I said, the President feels good about how Secretary Geithner is doing, and we're looking forward at what we can do to make sure that we don't see these sort of egregious problems ever again. Q The bonuses that have already been paid at AIG, there's really nothing that can be done about that, at least from the executive branch -- is that the thinking? MR. BURTON: Well, the good news is some progress has actually been made on this, in the sense that -- and Liddy talked about this in his testimony today -- some folks at AIG have already paid back their bonuses. Other people are being encouraged to do the exact same thing. So some progress is getting made on that. Secretary Geithner outlined how taxpayers would be made whole in his letter to Congress last night, and I can get that to you if you don't, by chance, have it. And, you know, so we're going to be working with AIG to see what we can do here to make sure that taxpayers are getting exactly what they deserve from the investments that we're making in order to stabilize that company. AIG | Air Force One | Bill Burton | Legislation | President Obama | Press Gaggle | Treasury Secretary Timothy Geithner | White House Press Corps Labels: AIG, Air Force One, Bill Burton, Legislation, President Obama, Press Gaggle, Treasury Secretary Timothy Geithner, White House Press Corps >> Full Story
Posted by White House Press Corps @ 2:17:00 PM Making a Hash of the Details - White House Press Briefing by Robert Gibbs 3/17/09 — Tuesday, March 17, 2009 —  MR. GIBBS: Jonathan.Q Last night, administration officials said that after carefully reviewing the situation they concluded that under current law these contracts could not be broken without actually costing the taxpayers more money in legal fees than would have been recouped. A few hours -- MR. GIBBS: To break the -- Q To break the contracts. That under current law, to break those contracts would actually cost the taxpayers more money than to let the money go out. About four hours before that, the President of the United States walked before the cameras and said that to block -- he promised to pursue every legal avenue to block these bonuses and make the American taxpayers whole. Did the President, when he went before the camera, did he know at that time that the legal review had already concluded that actually to block those bonuses would be pretty much legally unfeasible? MR. GIBBS: Yes, and he asked us to look again. That's what he announced at the remarks in which you point -- happened four hours earlier, and that's why the review of provisions in existing law, including the Dodd compensation requirements as contained in the Recovery and Reinvestment Act, are one of the avenues with which the administration continues to look. Again, let's point out that that's a piece of legislation that Congress has passed but rules have yet to be promulgated on, which provides an interesting case because the legislation contains provisions dealing with TARP money and preexisting contracts. Q So when the administration officials came back four hours later and said, you know what, we can't really break these contracts, did that mean that the second review that the President was asking for was over and that -- MR. GIBBS: No, I just -- I'm not announcing the end of the review. I'm bringing you up to date on the existing review that takes place, including the provisions that I just read out. Q And, I'm sorry, one more, then. And when Larry Summers went on television on Sunday morning and said, laws are laws, contracts are contracts; we have to respect them -- MR. GIBBS: Again, you're -- now you're asking me about something that happened Sunday. I've now brought you up to speed on what probably happened at around 4:00 p.m. on Monday. So I think you can assume that what I've said about 4:00 p.m. on Monday brings you most up to date on a timeline that you're asking me about sometime on Sunday morning. Q But how much consultation with the economic team and the political team had been done before Mr. Summers, Dr. Summers's appearance on the Sunday shows? MR. GIBBS: Well, again, the legal deadline for the bonuses had passed. There was a review and there's an existing review, as the President ordered yesterday. Yes, sir. Q Robert, we understand from your answers here that you don't have knowledge of the exact timeline, but would it be accurate to say that you were blind-sided, that the President was blind-sided by this? MR. GIBBS: No. And I will certainly seek better timeline answers to enumerate the negative answer I just gave you. Q Why wouldn't it be accurate to say that? MR. GIBBS: Because the Secretary obviously took steps last week to lessen the blow of what was both contractually obligated and what had been promised but was not part of a contract that lessened the amount of money that was paid out. Again, the Secretary of Treasury did good work in changing what was potentially out there, and I think obviously he did so in order to protect the American taxpayers. And that's why I think -- that's the basis for me answering that question. AIG | Economy | Legislation | President Obama | Press Briefing | Robert Gibbs | TARP | Treasury Department | White House Press Corps . Labels: AIG, Economy, Legislation, President Obama, Press Briefing, Robert Gibbs, TARP, Treasury Department, White House Press Corps >> Full Story
Posted by White House Press Corps @ 7:43:00 PM Going Backwards - White House Press Briefing by Robert Gibbs 3/16/09  MR. GIBBS: Jake.Q Did you guys first find out about these bonuses last week? MR. GIBBS: I think that's true, based on what I read in the newspaper. Q But you gave money to AIG two or three weeks ago. How could you not know that they have these millions, hundreds of millions of dollars -- MR. GIBBS: Well, again, Jake, there's -- according to news reports, there's existing contracts, some of which the President -- of which the President has asked the Secretary to examine, going forward. I think you also heard the President speak today about having a resolution authority that gives the government and taxpayers far more flexibility in dealing with the disposition of AIG in a way that gives taxpayers protection and flexibility; a disposition that we don't currently have, but steps that we would like to see taken in order to deal with AIG as a whole. Q But why didn't you attach it to the $30 billion you gave a couple weeks ago? MR. GIBBS: Again, Jake, the -- Q You're looking to retroactively attach it to this new $30 billion. MR. GIBBS: Well, they're looking through contracts to see what can be done to wrest these bonuses from their recipients. Q No, I'm sorry, I don't think -- I don't understand, so maybe I'm just not understanding. But President Obama said in early February when he gave the speech on executive compensation, "These kinds of compensation packages in the midst of this economic crisis isn't just bad taste, it's bad strategy, and I will not tolerate it as President. We're going to be demanding some restraint in exchange for federal aid." Since that time, he gave tens of billions of dollars in federal aid to AIG without demanding restraint. MR. GIBBS: Well, again, Jake, we've got existing relationships, contracts, as I just mentioned, that were negotiated a year ago, assistance that was granted outside of the legal authority prior to the creation of the Troubled Asset Relief Program. The President has asked the administration to go back and look at what remedies are possible to block those bonuses. Q Well, why didn't he do that before? MR. GIBBS: Well, again, the excessive compensation rules that you noted -- and I think somebody asked this at the background briefing that we had -- obviously are prospective based on some limitations that we have in looking backwards. The President has asked Secretary Geithner and members of the administration to exhaust all legal remedies in looking backwards to see what steps could be taken to block these bonuses. Q I know, but since -- and I'm sorry to belabor this point -- but since President Obama gave his speech, you guys gave more money to AIG. Why wasn't it attached to the new money? MR. GIBBS: Because it's -- again, it's part of the -- Q Part of the old contract. MR. GIBBS: Right. It's part of -- Q But you're looking now retroactively to see if you can attach something to that old money? MR. GIBBS: That's what we're looking at. Q Well, why didn't you do it at the time, if you're looking to retroactively do it? MR. GIBBS: The administration is taking the steps today to go back and see what can be done, as Jeff said, to call those bonuses back. Q But, Robert, to follow up on Jake's point, did Secretary Geithner make a mistake by not reviewing these contracts -- they're a year old -- before he cut a new check to AIG? Why didn't he do that? MR. GIBBS: I would certainly ask the Treasury -- I'll ask the Treasury that. But again, to some degree, there are legal instruments and contracts that predate this administration, that predate the legal founding of the TARP program. The President has asked this administration to exhaust all legal avenues to see what can and should be done going backwards. Economy | Obama Administration | Press Briefing | Robert Gibbs | TARP | Treasury Department | Treasury Secretary Timothy Geithner | Wall Street | White House Press Corps Labels: Economy, Obama Administration, Press Briefing, Robert Gibbs, TARP, Treasury Department, Treasury Secretary Timothy Geithner, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 12:20:00 AM You Should Be Working on the Economy - White House Press Briefing by Robert Gibbs 3/13/09 — Friday, March 13, 2009 —  MR. GIBBS: Jake. Q The White House has been critical in the last day or so of -- President Obama yesterday, and Larry Summers today -- of trends of bubble and bust, bubble and bust. When do you guys see this having started? Did this start with the dot.com bubble in the '90s? MR. GIBBS: I think, obviously, the tech bubble would certainly be part of that -- would be part of that model. But I think if you look more recently, with both housing and credit cards, what you saw was statistical economic growth. You saw big growth in the stock market, but at the same time the broad number -- a broad swath of the American public, their incomes actually decreased for the very first time in history during a "economic expansion." That's why the President believes that it's important to make investments in health care, energy independence and education in order to provide a foundation to grow our economy long term in a stable -- with a stable foundation, in a way that doesn't depend on the boom and the bust. Q Just as a quick follow-up, you guys have obviously started a campaign of trying to build more confidence in the economy and in the decisions that you guys have made. Can you just walk us through a little bit how this decision was made -- for the President's new language and Larry Summers' new language, talking about the economy and the investments you guys are making? MR. GIBBS: I think it's important -- the President wanted to, as he I think has done in the beginning of his tenure here and certainly in the campaign, to explain to the American people the choices that we have and the decisions that are being made, where we've started, the challenges that we've gone through to get to the point we're at now, the very complicated and tough decisions that we have to make in order to create jobs, stabilize our financial system, prevent further erosion in the housing market and spread of the home foreclosure crisis. Q Right, but only in the last days has he said things aren't as bad -- things weren't as good as we thought they were a few years ago, and they're not as bad now as we think they are -- you know, which is kind of a change in tone from when he was warning of an economic catastrophe if the stimulus bill didn't pass. MR. GIBBS: Well, I think we've seen some glimmers of hope in terms, as I spoke yesterday, of retail sales. And I think Dr. Summers spoke of the notion that through the recovery we might see progress in terms of consumer spending -- the Recovery Act, I'm sorry. Look, as you note, the President is a -- is a very optimistic person by nature. Q I don't think I noted that. (Laughter.) MR. GIBBS: Well, I will note in your absence -- (laughter) -- that he's a very optimistic person. I think he would tell you that there are many situations that probably -- where things might not always be as bad as they seem or not as good as they may seem. But I think that's why he's decided to make tough decisions, and that's why the argument that he's made over the last few days and Dr. Summers made -- the importance of making these investments. Many people have asked, you know, well, why are you dealing with health care and energy when you should be working on the economy? And I think the President, through this argument, can very clearly demonstrate for people how dealing with many of these problems, including getting us back on that path toward fiscal sustainability, are important not just in the short-term recovery, but laying that foundation for long-term growth. Economy | President Obama | Press Briefing | Robert Gibbs | White House Press Corps Labels: Economy, President Obama, Press Briefing, Robert Gibbs, White House Press Corps >> Full Story
Posted by White House Press Corps @ 7:45:00 PM Outlawing Bubbles - White House Press Briefing by Robert Gibbs 3/12/09 — Thursday, March 12, 2009 — MR. GIBBS: He's far more eloquent than I am, so if you're -- Q He phrased it rather interestingly, saying, "We cannot go back to endless cycles of bubble and bust." Does he think the business cycle can be repealed? I mean, I just -- you know, bubbles are one thing, but -- MR. GIBBS: Well, read me the phrase again. Q "We cannot go back to endless cycles of bubbles and bust." Surely there are going to be ups and downs in an economy. MR. GIBBS: Well, right. But again, there -- certainly there are ups and downs. There are ups and down in lots of facets of life. But are those ups and downs controlled by a sustained economic idea that creates jobs of the future, invests in the education in order to produce people to do those jobs of the future, take into account some fiscal restraint and fiscal responsible to ensure that government lending isn't crowding out private investment? But the President will I think take on quite clearly that if -- you know, if -- he does not believe the theory of economic growth through an overheated housing market makes a whole lot of sense. I would posit to you that I've gotten God knows how many questions from up here about the danger of toxic assets that were leveraged by factors of 30 and 40 to 1, surrounding many of the mortgages that -- or some of the mortgages that were contained in an overheated and over-speculated housing market. I don't think there's any doubt about that. Or whether we've seen through any number of statistics -- the President doesn't believe that economic growth is having six credit cards maxed out at $25,000 to $50,000; that that may produce in economic statistics great increases in retail sales or consumer spending, but I don't think any of us here would argue that that is a case for long-term sustained economic growth. I don't think the President is -- I'm not even sure where one would go to repeal the business cycle. Q It's not like they're going to outlaw irrational exuberance or investors making -- MR. GIBBS: No, I don't think it outlaws -- I mean, I don't think we're going to outlaw irrational exuberance. I do believe, though, the President believes that we must make tough choices now in order to put ourselves on a path that presents for the American people the opportunity to grow their economy not on something that will bust in three years, you know; not on something that will see stock prices go through the roof only to have stock prices collapse through the floor in a matter of months. I mean, you know, let's -- the high point of the market recently was October of 2007, right -- 14,000 and some change. Exactly two months before, economists now believe what I think in the end might well be one of the biggest and deepest recessions in our country's history started. I think there's an -- I'm not an economist, but I'm pretty sure it all didn't go to pot in that November. Economy | President Obama | Press Briefing | Robert Gibbs | Wall Street | White House Press Corps Labels: Economy, President Obama, Press Briefing, Robert Gibbs, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 9:45:00 PM The Odd Characters of the White House Press Corps by WaPo - 3/12/09 The Good, the Bad and the Odd of the White House Press Corps. Also, a WHPC seating chart by FiveThirtyEight.com. Bill Burton | Goyal | Helen | James S. Brady Press Briefing Room | White House Press Corps Labels: Bill Burton, Goyal, Helen, James S. Brady Press Briefing Room, White House Press Corps >> Full Story
Posted by White House Press Corps @ 6:09:00 PM A Billion Dollars An Hour - White House Press Briefing by Robert Gibbs 3/11/09  Q Robert, following on what Jennifer was saying about gentle rhetoric from the President today, when you mentioned that Congress didn't get nine of the 13 appropriations bills done, that's something the Democratic Congress -- his fellow Democrats failed to get those bills done last year. Now Mitch McConnell today, the Republican Leader, was saying that when you add up the $787 billion stimulus, you add on the $410 billion the President is about to sign for omnibus, that's a billion dollars an hour in 50 -- 51 days. When the American people look at that, is that really change to the way Washington is working?MR. GIBBS: Well, I probably shouldn't engage an individual Senator who ran Congress for a number of years where deficits set records, and I won't do something like that today. I mean, I -- (laughter.) Q Tomorrow maybe? MR. GIBBS: Or later in this briefing. (Laughter.) Q But the President is signing these now. Regardless of what Mitch McConnell did before, the President is signing -- MR. GIBBS: Well, but hold on, let's not -- I'm asked about the debt every day. That's not exactly -- let's not exactly put aside -- Q That's last year's business, right? MR. GIBBS: No, I -- well, according to some in the Senate, it was last hour's business. The President has proposed a return to fiscal sanity, and a path towards fiscal responsibility. Look, here's what I would say -- I'll break my campaign promise and engage the Senator from Kentucky, and any senator or representative in Congress. They're -- it is certainly within one's right to criticize the budget. That's -- we get that. I think the best way for him to put forward a budget that we can look at and debate and see whether there's honest accounting -- whether we take into account natural disasters, paying for wars in Iraq and Afghanistan, the possibility of continued financial stability, investments in health care, education, and energy independence -- I think the best way to do that is for Senator McConnell, and anybody else, to put forward a budget plan that does those things and puts ourselves on a path towards fiscal responsibility. I think that's the best way to have the debate joined. It's an important debate that we're having, and I think it's important that, as Mr. Buffett said, we work constructively together to try to solve our economic challenges. But that's all part of the process. Q Why did the President apply a different standard of "this is last year's business" for this legislation, when in things like TARP, when he was President-elect, he reached out to then-President Bush and said, look, we need to authorize the other $350 billion -- even though TARP was last October, it was clearly last year's business -- MR. GIBBS: Well, no, no. let's be fair, Ed. Q I am being fair. MR. GIBBS: Okay, well, let's understand -- how does the next $350 billion get triggered? Q It's triggered by the President -- MR. GIBBS: No, it gets triggered by the Senate. The Senate had to -- I'm sorry, one House of the Congress had to basically authorize the re-spending of that money. So that was something that was put in by last Congress -- at our request certainly -- I mean this -- but it's not a -- trust me, having listened to some of those phone calls, it wasn't a one-sided deal. Triggering an additional amount of money in order to be spent in the current -- isn't last year's business. Q There are a whole host of things like that, that President Bush -- you've said you inherited from President Bush, but you're not running away from them -- like Iraq timetable. The President followed through on that, said -- MR. GIBBS: I'm glad to see you -- Q Okay, the question is, on this piece of legislation, the President used the principle: This is last year's business. So even though it's got all kinds of things I don't like, I'm going to sign it anyway. Okay? There are a whole bunch of other things he got from President Bush that he doesn't like either. And he's going to change -- President Bush didn't want to have a timetable in Iraq, but President Obama came in and said, we're going to put that timetable -- I campaigned on that. Well, he campaigned on earmarks, as well, pulling them out of these bills. Where is the consistency? MR. GIBBS: I'm having a lot of trouble connecting the dots in your -- I mean, I suppose the President could have come in and assumed that people weren't in Iraq, but I don't understand your analogy. Q You're saying this legislation is last year's business, but he's signing it into law this year. He could have vetoed it. Why wouldn't he veto it? MR. GIBBS: Let me give you last -- let me give you yesterday's answer. The President believes that, despite protestations, that appropriations bills designed to be completed before September 30th of the previous year are last year's business. I think any reasonable look at the appropriations process would understand that. The President believes that, moving forward, dozens and dozens of appropriations bills will cross his desk because he's asked, first and foremost, that Congress not lump large bills together. And to be fair, that's done virtually every year; six to nine of these appropriations bills get glommed on at the very end or go into overtime in order to do that -- that changing the rules going forward were important because the President is best able to have an impact on that legislation moving forward. That's what the President enumerated through transparency and a full set of earmark reforms that -- I bet when we look back on a year or two from now we'll see a decrease in the number of spending projects, just as the President has asked that we put ourselves back on a path toward fiscal responsibility through a budget that will cut the deficit in half in just four years. Congress | Legislation | Obama Administration | Pork | Press Briefing | Robert Gibbs | TARP | White House Press Corps Labels: Congress, Legislation, Obama Administration, Pork, Press Briefing, Robert Gibbs, TARP, White House Press Corps >> Full Story
Posted by White House Press Corps @ 2:50:00 PM Let Them Eat Pork - White House Press Briefing by Robert Gibbs 3/10/09 — Tuesday, March 10, 2009 —  MR. GIBBS: Mark.Q Robert, is it still the President's intention to sign the omnibus bill when it reaches his desk? MR. GIBBS: It is. Q He has no second thoughts about it? MR. GIBBS: No. Q Does he believe that everything in that bill is essential spending, considering the over $1.5 trillion deficit he's projecting for this year? MR. GIBBS: Mark, I dare say that -- I bet many Presidents have signed bills that may not meet a hundred percent of their desires. As I've said before, this is -- we're finishing the appropriations process that is generally concluded before the fiscal year starts on October -- this would be October 1, 2008. This stuff should have been done before Senator Barack Obama became President-elect Barack Obama, and certainly before he became President Obama. That having been said -- and I've said this from up here and I think it is safe to assume that tomorrow we'll have more on our concern for the appropriations and the spending process moving forward -- because though this represents one bill and several different appropriations bills, over the course of the President's tenure in Washington, dozens of those bills will come to his desk and that there will be some new rules of the road. Q Are you saying the bill contains more spending than he thinks is necessary or warranted? MR. GIBBS: Again, I have not and I think it's reasonable to assume that the President has not gone through each and every item in the legislation. This is necessary to continue funding government. It represents last year's business. Although it's not perfect, the President will sign the legislation, but demonstrate for all involved rules moving forward that he thinks can make this process work a little bit better. Q Is it going to be a public event? MR. GIBBS: I don't know. The President signs -- certainly some events that he signs things on are public, and some of them are not. Q These are the rules of the road? MR. GIBBS: Yes. Congress | Legislation | Pork | President Obama | Press Briefing | Robert Gibbs | White House Press Corps Labels: Congress, Legislation, Pork, President Obama, Press Briefing, Robert Gibbs, White House Press Corps >> Full Story
Posted by White House Press Corps @ 10:50:00 PM Six Weeks and Six Days - White House Press Briefing by Robert Gibbs 3/9/09 — Monday, March 09, 2009 —  Q Back to Warren Buffett for a second. Understanding what you said and what he said about part of the confusion that people feel is the function of 535 members in Congress, and so on. He did say the President has the most authoritative voice. Does the President bear any responsibility for what Warren Buffett described as confusion and fear --MR. GIBBS: Well, look, I think that Mr. Buffett, and again I -- I think Mr. Buffett is talking about a period of time that has spanned now two administrations, that has watched different policy proposals to deal with different things. But I think Mr. Buffett would agree that -- and in fact, said in not so many words -- but that this problem isn't going to be fixed overnight. We didn't get here -- we didn't get here overnight; the problems that we dealt with starting in sort of early to mid-September of last year didn't start last summer. Many of those problems started years ago. Many of the systemic problems that were rooted in what ultimately failed took place a while ago. Q In terms of communicating a solution or even a sense that we have it well in hand, can you -- any room for improvement there? MR. GIBBS: Well, I think obviously the President would always say there's room for improvement; that the President believes that we have to continue to give people a realistic sense of where this economy is, but also talk about, as he did at the speech to Congress, that we've got to make sure people understand that brighter days are ahead. But I think there's a sense from certain people that -- of either chagrin or surprise -- that in one day less than seven weeks all of the problems that took many years to take hold haven't necessarily been solved. I think if you look -- if you realistically look at what this administration has done in that six weeks and six days, you'll see putting in place a recovery and reinvestment plan that we think will create jobs, put money in taxpayers' pockets, and get money directly out to the states to deal with crushing budget cuts that will impact those that can least afford it; a home foreclosure plan that will begin to address millions of people that have played by the rules, but should they get into further economic trouble, might have problems making their mortgage payment and watch a home foreclosure crisis spread; put in place the building blocks of a financial stability plan through a capital investment program, business and lending initiative that the Secretary announced just last week. And obviously we've started and will continue in Congress and through the G20 to ensure that a regulatory structure is in place to ensure these types of problems never happen again. We've made tremendous progress in getting the pillars, as the President said last week, in place to deal with our economic problems. The recovery will take quite some time, as it's taken quite some time to get into these problems. But the President remains focused each and every day in ensuring that we take the steps to make those decisions and get the economy moving again. Economy | Obama Administration | Press Briefing | Robert Gibbs | Wall Street | White House Press Corps Labels: Economy, Obama Administration, Press Briefing, Robert Gibbs, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 11:20:00 PM Are You Better Off Now Than You Were Four Months Ago? - Air Force One Press Gaggle by Robert Gibbs 3/6/09 — Friday, March 06, 2009 —  Q Can I ask you about the trip today, and then a question about the FDIC? In terms of the trip today, you're going to highlight 25 jobs saved -- and we've lost 651,000, I believe, last month. So, I mean, do you think this makes even a dent in the psyche of the American people? MR. GIBBS: Well, I mean, you know, let's -- I think if -- I think on that scale, you'd never even undertake -- you'd never even undertake any action to seek cuts in wasteful spending unless you saved trillions of dollars with the stroke of one pen. I mean, I think it's a -- you know, I'm sure it's one viewpoint. I think it's a bit cynical to think that the only jobs created or saved today will be the 25 or 27 that the President is going to see in Columbus. I think it demonstrates for the American people that the President has a plan to get the economy moving again, that we're seeing results from that plan, and that the American people -- because they understand this -- know it's going to take us a while to get out of this hole, but that there are brighter days ahead. I'm always amazed -- you know, a week ago we were talking down the economy. This week we're not talking the economy up to the heights of which we -- you know, I mean, there's -- it's a moving set of hurdles. Air Force One | Economy | Obama Administration | Press Gaggle | Robert Gibbs | Unemployment | White House Press Corps Labels: Air Force One, Economy, Obama Administration, Press Gaggle, Robert Gibbs, Unemployment, White House Press Corps >> Full Story
Posted by White House Press Corps @ 10:52:00 PM The Daily Show Visits The White House Press Corps 3/5/09 John Oliver of The Daily Show learns that the relationship between the White House and the press is now stronger than ever. Robert Gibbs | The Daily Show | Video | White House Press Corps | White House Press Secretary Labels: Robert Gibbs, The Daily Show, Video, White House Press Corps, White House Press Secretary >> Full Story
Posted by White House Press Corps @ 8:37:00 PM Willing To Listen But Not Reconsider - White House Press Briefing by Robert Gibbs 3/5/09  MR. GIBBS: Jake.Q Senator Baucus, who obviously will play an important role in the formulation of health care policy, said that he has concerns, it's an issue, the tax increase that you guys are proposing when it comes to itemized deductions. You've said everything is on the table when it comes to health care. Are you willing to consider a different revenue stream than that tax increase to fund health care? MR. GIBBS: Well, I do think all issues are on the table. Obviously that was a major -- a major part of the event today, and the ideas that we hope will be gathered from it. Let's, though, just discuss the -- I assume you're talking about the charitable contribution -- Q The itemized deductions for mortgage and -- MR. GIBBS: I mean, a middle-class family donates a dollar to charity, they get 15 cents off their income tax; Bill Gates donates a dollar to charity, he takes 35 cents off his income tax. The proposal that the White House has would simply reduce those levels to the same levels that we saw during the Reagan administration. So I think certainly that's important to understand. But the broader issue of whether all ideas are on the table I think is one that the President brought to this and wanted to hear -- wants to hear from all of those involved as to what their ideas are. I think it's going to be important to have that free flow and that exchange of ideas, to have this debate in an open and transparent way. Q So you're willing to reconsider -- MR. GIBBS: Well, I think the President is correct in saying that he's listening to all the ideas that people bring to the table. Charity | Health Care | President Obama | Press Briefing | Robert Gibbs | Taxes | White House Press Corps Labels: Charity, Health Care, President Obama, Press Briefing, Robert Gibbs, Taxes, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:48:00 PM Take the Bull by the Tail and Face the Situation - White House Press Briefing by Robert Gibbs 3/4/09 — Thursday, March 05, 2009 — Q Secretary Vilsack, just moments ago, spoke about saving $18 million in savings on modernizing financial systems, $400,000 by canceling a consulting contract. And he spoke very movingly about everybody is tightening their belts in this nature and, therefore, the government needs to do so. You probably know where I'm heading with this. The President is going to sign a bill, the spending bill, which contains $8 billion in earmarks. Democrats in the Senate are now calling for the President to, if not make an effort to have it stripped in the Senate, to veto the bill. Evan Bayh has an op-ed in The Wall Street Journal today. I don't fully understand this argument that this is -- we're moving forward. This bill hasn't even come to the President's desk yet. If you guys are really serious, why not take the bull by the horns and get this stuff out of the omnibus spending bill? MR. GIBBS: Well, let me try again, what we've talked about before. This is the culmination of the legislative business from the previous fiscal year and the previous Congress. The President is greatly concerned, and I think that shows in the efforts that he's taken to illuminate through transparency and accountability wasteful spending and earmarks in legislation. That's why he put his on the Internet. That's why he hasn't asked for any in the past few years. The President believes that we can work with Congress to reduce wasteful spending in the future. Q Why not now? MR. GIBBS: Well, we are -- Q This isn't a legislation -- I guess -- you make it sound as if the legislation is written and it's just waiting for him to sign, and it's not. It's being worked on right now on Capitol Hill. It's in the progress of being assembled. So it's not that he comes to office and this is outstanding business. MR. GIBBS: Well -- well, it is outstanding business in the sense that typically appropriations bills are done before half the fiscal year is over. Q Right, but it's not too late to, like, tell Harry Reid, if you send this to me with this $8 billion --- MR. GIBBS: I think as I said before, Jake, that the President will lay out some very clear objectives on how we move forward. There will be, over the course of the next several years, dozens and dozens of appropriations bills that cross his desk. And we'll change the rules going forward, understanding that we have to deal with last year's business. Congress | Economy | Legislation | Obama Administration | Pork | Press Briefing | Robert Gibbs | White House Press Corps Labels: Congress, Economy, Legislation, Obama Administration, Pork, Press Briefing, Robert Gibbs, White House Press Corps >> Full Story
Posted by White House Press Corps @ 2:50:00 PM Of Course We Have A Plan; We Just Don't Know What It Is - White House Press Briefing by Robert Gibbs 3/3/09 — Wednesday, March 04, 2009 —  Q February 10th, Secretary Geithner came out with his plan to deal with the banks, and there was obviously some negative reaction to that. And at the time we were told, well, this was a broad outline; details are going to be filled in. It's three weeks later, and a lot of analysts on Wall Street continue to say, we don't know where the bottom is because we don't know how many toxic assets are out there. So when are you coming out with more details?MR. GIBBS: Well, but let's complicate the question a little bit. Let's -- because I think you may have seemingly vastly oversimplified that the market on 20-some days ago acted on one piece of information and has followed Jake's trend for the better part of those three weeks in order to get us to where we are yesterday. Q There was a lot of negative reaction to the plan. We could agree on that. MR. GIBBS: We could, and we could also agree on that -- in watching your network I've seen any number of reports about the earnings of different companies. I've seen bank problems in Europe. I've seen bank problems in Eastern Europe. We've seen regulatory failings both here and overseas. I think the larger message of what the President was trying to convey today is that it's also overly simplistic to look at any one piece of information or one group of information that's driving the market in any particular direction. I'd -- Q Okay, so people could agree -- MR. GIBBS: Hold on, let me finish. I think the broad scope of data and information that we're getting denotes the fact that the economy is suffering severe problems. I think that's probably what has driven, in the short term, the market to where it is. And I don't think that's necessarily surprising given the data that we see. I don't -- I think the market is looking at what Mr. Buffett said over the weekend. I think the market is probably looking at the notion that the growth rate in the 4th quarter was vastly different than what we presupposed because we ended December -- we now understand that goods were sitting in warehouses, but not leaving stores. So I think a lot of things are priced into the market. Q We can agree the President can't control all this economic data, especially around the world and other countries. But he does have some control over what his administration is going to do about failing U.S. banks, toxic assets that these banks have on their books. And this administration said at the beginning they were going to deal with that problem. So the question is, putting aside all the other data, what is the administration doing to deal with U.S. banks? MR. GIBBS: Well, I've been asked in recent days about Citi. I was asked yesterday about AIG. As you know, Treasury and others are beginning the process of trying to find out exactly the health of banks given different economic scenarios. The President and his team have developed and passed through Congress a comprehensive recovery plan that is beginning. Tax cuts will start showing up in people's pay checks in April. Again, if you want to take just your time line of three weeks or three and a half weeks, I don't think the American -- I think the American people understand we didn't get into this problem in the beginning of February. So we're not likely to get out of this problem by the end of March. We've got many steps to take, and the administration and the President particularly have taken those steps: a home foreclosure plan that for the very first time deals with people that have played by the rules, but if the economy changes and gets even worse, they may find their selves the next on their block with a home foreclosure sign. So let's take steps to reduce that and make sure that the crisis in home foreclosures doesn't spread. The budget obviously doesn't just look in the short term, but lays out a long-term plan for economic growth. And I would be happy for any number of reasons if this were a three to six week problem. But I think the American people understand that. Q Does it take longer the longer it is for you to come up with a plan, is really my question, because if you keep three weeks, three weeks, then -- MR. GIBBS: Well, I guess our -- we're passing in the night largely because despite my enumeration of the many things that we're doing, you at least have priced into the market with the acceptance of -- Q But you came back to housing and other things, and I understand they're all part of the broader issue. MR. GIBBS: Right. They're all part of the broader issue because, again, as I've said many times from up here, there isn't just one thing that we have to do. There isn't just -- if just passing an $800 billion recovery plan would get the economy going again, I'm sure that would be received quite well here. We'd have more time, probably, on the weekend. But again, there's -- the economy faces many challenges, and the President and the administration are working day and night to address the many challenges that have gotten us to this point, and the many steps that we have to take over the course of the next many months to turn the economy around. And look, let me -- let me look ahead. We have unemployment numbers coming out on Friday. I don't anticipate that they're going to be good. I don't know anything, I'm just surmising. But I don't think that's -- I don't think that speaks to the implementation of the recovery plan. But I do believe and understand, and the President believes that we have taken and are continuing to take the steps that we need to get the economy back on track. Economy | Obama Administration | Press Briefing | Robert Gibbs | Treasury Secretary | Unemployment | White House Press Corps Labels: Economy, Obama Administration, Press Briefing, Robert Gibbs, Treasury Secretary, Unemployment, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:21:00 PM Pork for All My Friends - White House Press Briefing by Robert Gibbs 3/2/09  Q A quick follow on the omnibus. Last week it was pointed out that a couple of Cabinet secretaries, LaHood and Mrs. Solis, have earmarks in this omnibus from last year, leftover funding. Now it's also been learned that Vice President Biden has -- I think it's $750,000 for the University of Delaware satellite station, and Rahm Emanuel $900,000 for the Chicago Planetarium.Since the President talked so much about earmarks in the campaign, and as President, about keeping them out of the stimulus -- I know this is leftover business from last year -- but as something that he is either going to sign or veto, why not have earmarks that come from his administration essentially at least taken out to set -- send a signal, number one? And number two, is he -- is there any chance he'll veto this bill and send it back and say, get these earmarks out; there's over 9,000 of them? MR. GIBBS: Well, I think you saw remarks this weekend by the chief of staff and the budget director about the legislation. Obviously the President is concerned, despite the progress that has been made in this town, about the size and the scope of earmarks that we've seen over the past few years. I think even the most cynical among us would have to at least acknowledge that the number of overall earmarks has been cut. I think it's important to recognize that a piece of legislation probably twice the size of the piece of legislation that you're asking me about was passed through Congress at the President's direction without earmarks. This is the finishing up of last year's appropriations legislation. And I think what's most important and what the President would tell you is important here is that though he doesn't control everything that happened before he became President of the United States, that dozens and dozens and dozens of appropriations bills will go through Congress and come to his desk over the course of the next four years. And -- Q But this incremental reform you're talking -- MR. GIBBS: Hold on. Well, hold on. The President you will see and hear outline a process of dealing with this problem in a different way, and that the rules of the road going forward for those many appropriations bills that will go through Congress and come to his desk will be done differently. Q So he'll have a new standard that he's going to lay out for the appropriations bills that will come to his desk that are actually written while he's President? MR. GIBBS: Yes, sir. Q And when is this? MR. GIBBS: Soon. Congress | Legislation | Pork | President Obama | Press Briefing | Rahm Emanuel | Robert Gibbs | White House Press Corps Labels: Congress, Legislation, Pork, President Obama, Press Briefing, Rahm Emanuel, Robert Gibbs, White House Press Corps >> Full Story
Posted by White House Press Corps @ 1:51:00 AM Surge of Doubletalk - White House Press Gaggle by Robert Gibbs 2/27/09 — Monday, March 02, 2009 —  Q The former NSC spokesman, Gordon Johndroe, today said that this only was possible -- this plan laid out today was only possible because of the surge, and that in fact this plan is in keeping with basically the rough outlines of what the Bush administration had thought of doing itself. How would you characterize that? And does the President believe the surge was necessary to get to this point?MR. GIBBS: Well, I think as the President said in the campaign, that the security situation has gotten better in the -- over the past couple years in Iraq; the political situation hasn't always followed as quickly. And insofar as the Status of Forces Agreement dictated an end to our involvement in Iraq, there may be certainly some consistency with the SOFA, but I think what the President laid out was something that was -- today was consistent with what he pledged to do in the campaign, to do so in a way that was responsible, do so in a way that was in keeping with his commitment to protect our troops and to speak with commanders on the ground and at the Pentagon in order to make it happen. Obviously we've got a long way to go in Iraq. And I think the President enumerated that a military drawdown is but one of many functions that have to continue to take place in order to have the, as I think the President said, the hard opportunity the Iraqis now have to take their country and govern and protect it effectively. Obviously the President outlined a series of strategies, including renewed diplomatic efforts in the region in order to bring Iraq into sort of the community in the region, but also to ensure that there's continued political improvement with the election scheduled this year, and still some hard decisions that have to be made on things like an oil law. Q Did he call any other ex-Presidents to tell them what was going on? MR. GIBBS: I don't believe he called any ex-Presidents. I know that members of the team -- of our national security team were reaching out to many of their counterparts. Q Why did he call Bush and not Clinton or the senior Bush? What informed this -- MR. GIBBS: Well, again, I think obviously this was something that was a pretty big issue for the most previous President, and because of that, felt it important to call and let him know. Q I'm sorry, but I didn't hear an answer to Anne's specific question of whether President Obama thinks the surge worked. I heard him talk about improved security and I heard him thank the military. But what about the strategy? MR. GIBBS: Well, but remember that -- go back and read the very beginning, the stories of what the surge outlined. The surge was quite clearly an effort to add more troops that would ultimately bring about a change in the political reconciliation and dynamic in the country. And while the security situation did show improvement, we still -- there still lacks some political reconciliation and certainly facets of what would ultimately be the agreements necessary for the country to prosper in the long term. So I think that, again, while the security situation improved, there still is some political improvement that can and must take place in order for Iraq to be stable. Q Just to give it one more try. Does the President think that if were it not for the surge -- does the President think that the surge allowed him to make the decision he did today, made it more likely that it will end successfully? MR. GIBBS: Again, I think the President believed that the surge -- (laughter) -- I mean -- Q Believed that the surge -- MR. GIBBS: Again, the surge helped improve the security situation, as he said, but I think, remember, again -- and again, please go back and read, the goal of the surge was to change the security situation so that a political reconciliation could be brought about. But let me pivot a little bit by saying, and the President said this after the speech in an interview later on, which is, you know, the situation in Iraq and in the region is it's far less important for us to turn back and look backwards -- we could debate about whether we should have been there; the President was on one side and some people were on another; we could debate about how long we stayed; we could debate about the surge; we could debate about recommendations from the Baker-Hamilton commission. But all of that is somewhat moot given the situation of where we are today and what has to happen and what the President believes should happen between now and the end of August of 2010, and ultimately the end of December in 2011. Iraq | President Bush | President Obama | Press Gaggle | Robert Gibbs | War on Terror | White House Press Corps Labels: Iraq, President Bush, President Obama, Press Gaggle, Robert Gibbs, War on Terror, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:54:00 PM
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