Date Line Washington DC: Feb 14, 2009

President Obama, appearing in the Rose garden, after his emergency economic summit with the Democratic leaders of Congress, today announced emergency action to help resolve the economic crisis. “Today I asked Congress to act quickly to enact my tax proposals. Unfortunately, due to the depth of crisis started by the failed policies of the Bush administration, we must move quickly to address the coming budget shortfall. I am asking for an across the board 10% tax rate increase. Because we cannot wait any longer to resolve this crisis, this rate increase will be retroactive to 2008 .” The President did not take questions following this press conference. Tomorrow the president will be hosting meetings on universal health care proposals and increased funding for education.

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