Mar. 5 / Administration of Barack Obama, 2012 So, Prime Minister, we welcome you, and you, and you are us. We’re together. So, if we appreciate very much the friendship of the there’s one thing that stands out clearly in the Israeli people. You can count on that friend- Middle East today, it’s that Israel and America ship always being reciprocated from the Unit- stand together. ed States. I think that above and beyond that are two Prime Minister Netanyahu. Thank you. principles, longstanding principles of Ameri- President Obama. Thank you. can policy that you reiterated yesterday in your Prime Minister Netanyahu. Mr. President, speech: that Israel must have the ability always thank you for those kind words. And thank you to defend itself, by itself, against any threat and too for that strong speech yesterday. And I that when it comes to Israel’s security, Israel want to thank you also for the warm hospitality has the right, the sovereign right to make its that you’ve shown me and my delegation. own decisions. I believe that’s why you appre- The alliance between our two countries is ciate, Mr. President, that Israel must reserve deeply appreciated by me and by everyone in the right to defend itself. Israel. And I think that, as you said, when And after all, that’s the very purpose of the Americans look around the Middle East today, Jewish state: to restore to the Jewish people they see one reliable, stable, faithful ally of the control over our destiny. And that’s why my su- United States, and that’s the democracy of Is- preme responsibility as Prime Minister of Isra- rael. el is to ensure that Israel remains the master of Americans know that Israel and the United its fate. States share common values, that we defend So I thank you very much, Mr. President, common interests, that we face common ene- for your friendship, and I look forward to our mies. Iran’s leaders know that too. For them, discussions. Thank you, Mr. President. you’re the “Great Satan,” we’re the “Little Sa- President Obama. Thank you very much. tan.” For them, we are you, and you’re us. And you know something, Mr. President, at least on NOTE: The President spoke at 10:53 a.m. in this last point, I think they’re right. We are the Oval Office at the White House. The President’s News Conference March 6, 2012 The President. Good afternoon, everybody. But there are still millions of Americans who Now, I understand there are some political can’t find a job. There are millions more who contests going on tonight, but I thought I’d are having a tough time making the rent or the start the day off by taking a few questions, mortgage, paying for gas or groceries. So our which I’m sure will not be political in nature. job in Washington isn’t to sit back and do noth- [Laughter] But before I do, I want to make a ing. And it’s certainly not to stand in the way of few announcements about some steps we’re the recovery. Right now we’ve got to do every- taking to help responsible homeowners who’ve thing we can to speed it up. Now, Congress did the right thing when been struggling through this housing crisis. they passed part of my jobs plan and prevented Now, we’ve clearly seen some positive eco- a tax hike on 160 million working Americans nomic news over the last few months. Busi- this year. And that was a good first step. But it’s nesses have created about 3.7 million new jobs not enough. They can’t just stop there and wait over the last 2 years. Manufacturers are hiring for the next election to come around. There for the first time since the 1990s. The auto in- are a few things they can do right now that dustry is back and hiring more than 200,000 could make a real difference in people’s lives. people over the last few years. Confidence is This Congress should, once and for all, end up, and the economy is getting stronger. tax breaks for companies that are shipping jobs 256 Administration of Barack Obama, 2012 / Mar. 6 overseas and use that money to reward compa- banks and mortgage lenders. Over the last few nies that are creating jobs here in the United years that happened, a lot. States. I’ve put forward a proposal that does So, as part of the landmark settlement we just that, and there’s no reason why Congress reached with some of the Nation’s largest can’t come together and start acting on it. banks a few weeks ago, here’s what we’re going This Congress could hold a vote on the Buf- to do: If you are a member of the Armed Forc- fett rule so that we don’t have billionaires pay- es whose home was wrongfully foreclosed, you ing a lower tax rate than their secretaries. will be substantially compensated for what the That’s just common sense. The vast majority of bank did to you and your family. If you are a Americans believe it’s common sense. And if member of the Armed Forces with a high in- we’re serious about paying down our deficit, terest rate who was wrongfully denied the it’s a—as good a place to start as any. chance to lower it while you were in active ser- And finally, this Congress should pass my vice, which banks are required to do by law, proposal to give every responsible homeowner the banks will refund you the money you a chance to save an average of $3,000 a year by would have saved along with a significant pen- refinancing their mortgage at historically low alty. rates, no redtape, no runaround from the The settlement will make sure that you ar- banks. If you’ve been on time on your pay- en’t forced into foreclosure just because you ments, if you’ve done the right thing, if you’ve have a permanent change in station, but can’t acted responsibly, you should have a chance to sell your home because you owe more than it’s save that money on your home, perhaps to worth. Some of the money will also go into a build up your equity or just to have more mon- fund that guarantees loans on favorable terms ey in your pocket that you can spend on busi- to our veterans, and there will be more foreclo- nesses in your community. That would make a sure protections for every man and woman huge difference for millions of American fami- who is currently serving this country in harm’s lies. way. Now, if Congress refuses to act, I’ve said As I’ve said before, no amount of money is that I’ll continue to do everything in my power to act without them. Last fall, we announced going to be enough to make it right for a family an initiative that allows millions of responsible who has had their piece of the American homeowners to refinance at low interest rates. Dream wrongfully taken away from them, and Today we’re taking it a step further. We are no action, no matter how meaningful, will en- cutting by more than half the refinancing fees tirely heal our housing market on its own. This that families pay for loans ensured by the Fed- is not something the Government by itself can eral Housing Administration. That’s going to solve. But I’m not one of those people who be- save the typical family in that situation an extra lieve that we should just sit by and wait for the $1,000 a year, on top of the savings that they’d housing market to hit bottom. There are real also receive from refinancing. That would things that we can do right now that would make refinancing even more attractive to more make a substantial difference in the lives of in- families. It’s like another tax cut that will put nocent, responsible homeowners. That’s true more money in people’s pockets. We’re going in housing, and that’s true in any number of to do this on our own. We don’t need congres- different areas when it comes to ensuring that sional authorization to do it. this recovery touches as many lives as possible. We’re also taking a series of steps to help That’s going to be my top priority as long as I homeowners who have served our country. It is hold this office, and I will do everything I can unconscionable that members of our Armed to make that progress. Forces and their families have been some of So with that, I’m going to take some ques- those who have been most susceptible to losing tions, and I will start with Mike Viqueira [NBC their homes due to the actions of unscrupulous News]. 257 Mar. 6 / Administration of Barack Obama, 2012 Iran/Situation in the Middle East to continue to apply the pressure even as we provide a door for the Iranian regime to walk Q. Yes, sir. On the Middle East and as it re- through where they could rejoin the communi- lates to American politics, a little less than a ty of nations by giving assurances to the inter- year ago Muammar Qadhafi gave a speech, and national community that they’re meeting their he said he was going to send his forces to obligations and they are not pursuing a nuclear Benghazi, he was going to rout opponents from weapon.