The administration released a report prepared by the National Economic Council, the President's Council of Economic Advisers, the Domestic Policy Council and the Office of Management and Budget describing action it has taken in the five years since the financial sector meltdown in September 2008 that resulted in federal loans and other bailouts to key components of the economy, including banks and the auto industry.
"Five years ago this week, a financial crisis unlike any in generations rocked Wall Street, turning a recession that was already hammering Main Street into the worst economic crisis since the Great Depression," the report said. "In the months before President Obama took office, the economy was shrinking at a rate of over 8 percent. Businesses were shedding 800,000 jobs a month. Banks had stopped lending to families and small businesses. The iconic American auto industry -- the heartbeat of American manufacturing -- was on the brink of collapse.
The report was issued one day before the president is to deliver remarks at the White House, discussing "the progress we have made to grow the economy and create 7.5 million private sector jobs, and highlight the work we still need to do to strengthen the middle class and those fighting to get into it."
The report issues Sunday credited the president with acting "quickly to rescue the auto industry, cut taxes for middle-class families, and keep teachers in the classrooms and first responders on our streets."
"He took on Wall Street, ending taxpayer bailouts, putting in place tough new rules on big banks, and establishing new consumer protections that cracked down on the worst practices of mortgage lenders and credit card companies," the report said. "He changed a tax code too skewed in favor of the wealthiest Americans, locking in tax cuts for 98 percent of working Americans, and asked those at the top to pay a little more. And he took on a broken health care system and invested in new American technologies to reverse our addiction to foreign oil.
"Thanks to the grit and resilience of the American people, we've cleared away the rubble from the financial crisis and begun to lay a new foundation for stronger, more durable economic growth," the report concluded.
The administration report cautioned congressional Republicans not to hold up action on raising the federal debt limit or shut down government in a fight over funding the Affordable Health Care act.