Obama: We're Not 'Out of the Woods Just Yet'

President Obama said today that the US faces a long slog in finding its way out of financial tumult, but emphasized that he is seeing signs of hope, the New York Times reports. "Times are still tough," he said. "By no means are we out of the woods just yet. But from where we stand, for the very first time, we are beginning to see glimmers of hope." While he issued no major policy initiatives, Obama reaffirmed his determination to reform Social Security,  Medicare, and Medicaid, notes the Washington Post.

"The key to dealing with our deficit and debt is to get a handle on out-of-control health care costs—not to stand idly by as the economy goes into free fall." Obama also cited the Sermon on the Mount, comparing the economic system he inherited to a house built upon sand. The new economy must be like a house built on stone. "I have no doubt that this house will stand and the dream of our founders will live on in our time." (More President Obama stories.)