Good morning from the White House press room...
A quiet day to end a historic week. Obama has his weekly meeting with Secretary of State Clinton; he'll then receive his intelligence briefing (officially called the the Presidential Daily Briefing, or PDB). Both meetings are in the Oval Office.
In the afternoon, the President will travel to Camp David.
The Senate and House have both made their final adjustments to the new health care law, so now it is finally over. Until the Fall midterm elections, which are already underway. So it's not really over.
Another plan to help homeowners who are underwater on their mortgages is being rolled out. It'll require lenders to lower mortgage payments and principal for many homeowners who are unemployed. And TARP funds (the $700 billion program from 2008) will be used to help borrowers to refinance up to 115% of their home's value.
The move reflects the shifting causes of foreclosures. The initial wave of foreclosures a few years ago was driven by subprime mortgages; now it is joblessness. In the future, however, it may be two entirely new causes: Alt-A and Option Adjustable mortgages, which threaten, according to some data, to be as damaging as the initial subprime tidal wave. All told, an estimated 14% of all mortgages in the U.S. are "underwater," meaning the homeowner owes the bank more than the home is worth.
9:00AM THE PRESIDENT meets with Secretary of State Clinton
9:30AM THE PRESIDENT receives the Presidential Daily Briefing
PM THE PRESIDENT departs The White House en route Camp David
10:45AM Briefing by Press Secretary Robert Gibbs
On This Day
In a 1979 White House ceremony, the historic Camp David accords were signed between Egypt and Israel, ending three decades of war. The peace treaty, negotiated with President Jimmy Carter as the middleman, sparked outrage in much of the Arab world. For their efforts, Israeli Prime Minister Menachem Begin and Egyptian President Anwar Sadat won the Nobel Peace Prize - but Sadat was then assassinated. The Camp David agreement is generally regarded as the high point of the Carter administration.
"Liberty, when it begins to take root, is a plant of rapid growth." - George Washington