Obama: 'Day of Reckoning' for U.S. Economy

By KAREN TRAVERS and JAKE TAPPER
WASHINGTON, Feb. 24, 2009

In his first address to a joint session of Congress, President Obama told the American people that the "day of reckoning" has arrived for the nation's economy, which he pledged to not just fix but make stronger than it was before the current crisis.

Vice President Joe Biden and House Speaker Nancy Pelosi applaud prior to President Barack Obama's address to a joint session of Congress in the House Chamber of the Capitol in Washington, Tuesday, Feb. 24, 2009.

(Pablo Martinez Monsivais/AP Photo)

"Now is the time to act boldly and wisely -- to not only revive this economy, but to build a new foundation for lasting prosperity," the president said in his televised prime-time address.

Obama was greeted with thunderous applause in the House chamber, as lawmakers reached out to try and get a handshake or, in some cases, a kiss as the president made his way down the narrow aisle to the podium.

Obama is enjoying a 68 percent approval rating after his first month in office, according to the latest ABC News-Washington Post poll, and his pledge to reverse the nation's economic woes earned him an early standing ovation from both Democrats and Republicans.