"It's important to remember that this crisis didn't happen overnight and it didn't result from any one action or decision. It took many years and many failures to lead us here. And it will take many months and many different solutions to lead us out," he explained.
Obama said that an economic startegy has been slated to counter the present economic crisis. The strategy will create jobs, help responsible homeowners, to restart lending and helps in economic growth in the long run.
He promoted his $3.6 trillion budget, which has been assailed by Republicans for being too costly. "That's why this budget is inseparable from this recovery -- because it is what lays the foundation for a secure and lasting prosperity," said the president.
Obama said that the first step his administration took was to pass a recovery plan to jump-start job creation and put money in people's pockets.
"Finally, the most critical part of our strategy is to ensure that we do not return to an economic cycle of bubble and bust in this country," he stressed.