was in crisis. we were losing nearly 700,000 jobs each month. the economy was in a free-fall. and, the financial system was near collapse. many feared another great depression. so we initiated a rescue and that rescue was not without significant costs. it added to the deficit as well. one year later, because of the steps we have taken, we re in a very different place but we can t simply move beyond this crisis, we have to address the irresponsibility that led to it. and that includes the failure to rein in spending as well as reliance on borrowing. from wall street, to washington, to main street. to fuel our growth. that is what we have to change. we have to do what families across america are doing. save where we can, so we can afford what we need. now, i think it is very important to understand, we will not be able to bring down this deficit overnight. given the recovery is still