And that’s why we’re putting a tax cut into the pockets of 95 percent of working families who will see it — see that tax cut in their paycheck by April 1st.
It’s a recovery that will be measured by whether families can achieve that most American of dreams, and own a home without fear of losing it. That’s why we’ve launched a plan to stabilize the housing market and help responsible homeowners stay in their homes. This plan is one of the reasons that mortgage interest rates are now at near-historic lows. And we’ve already seen a jump in refinancings of mortgages, and homeowners taking advantage of lower rates. And every American, by the way, should know that up to 40 percent of all mortgages right now are eligible for refinancing.
It’s a recovery that will be measured by whether families and entrepreneurs can get the loans they need. That’s why we’re freeing up credit that’s frozen with a program that supports the market for more car loans, and student loans, and small business loans; and with a plan that will partner government resources with private investment to break the logjam that is currently preventing our banks from lending money to even the most creditworthy customers.
And in the end, it’s a recovery that will be measured by whether it lasts, whether it endures; by whether we build our economy on a solid foundation instead of a overheated housing market or maxed-out credit cards or the sleight of hand on Wall Street; whether we build an economy in which prosperity is broadly shared. That’s what the budget I expect to sign is intended to do. It’s a budget that cuts the things we don’t need to make room for the investments we do; a budget that cuts the massive deficits we’ve inherited in half by the end of my first term and offers a blueprint for America’s success in the 21st century.
That success will require preparing every child, everywhere in this country, to out-compete any worker anywhere in the world because we know that those students who are getting the best education are going to be able to compete. And that’s why we’re making a historic investment in early childhood education. That’s why we’re going to make a historic investment in improving K-12 education, making sure that our children get a complete and competitive education from the cradle up through a career. It’s an investment that will expand and improve not just early learning programs, but reward good teachers while replacing bad ones, and put college or technical training within reach for anyone who wants it.
Our success will also require freeing ourselves from the dangerous dependence on foreign oil by building a clean-energy economy, because we know that with this will not only come greater security and a safer environment, but new high-paying jobs of the future to replace those that we’ve lost.