I've got good news and bad news, President Obama told the American people in his weekly address over the weekend. Government data released last week revealed that the economy shrank by nearly four percent in the closing months of 2008 and people seeking unemployment benefits grew to record numbers.

'Many Americans have seen their lives turned upside down,' the president said. 'Families have been forced to make painful choices. Parents are struggling to pay the bills. Patients can't afford care. Students can't keep pace with tuition. And workers don't know whether their retirement will be dignified and secure.'

The good news, Obama continued, is that help could be on the way. The president's economic recovery package, which could create or save between 3 and 4 million jobs, is working its way through Congress.

The House passed the president's plan last week, and this week the Senate will begin debate. But typical Washington partisanship must be set aside, Obama stated. 'With the stakes so high we simply cannot afford the same old gridlock and partisan posturing in Washington. It's time to move in a new direction.'

Obama reminded the public that Congress passed a bailout for Wall Street in 2008 with bipartisan support. 'While the [Wall Street bailout] helped avoid a financial collapse, many are frustrated by the results – and rightfully so,' the president stated. 'Too often taxpayer dollars have been spent without transparency or accountability. Banks have been extended a hand, but homeowners, students, and small businesses that need loans have been left to fend on their own.'

It is now time to act with the same bipartisan urgency to give Main Street a much-needed boost, Obama insisted. 'The road to recovery demands that we all act responsibly, from Main Street to Washington to Wall Street.'

Obama's recovery plan includes tax breaks for 95 percent of working families and small businesses, funds for creating jobs through infrastructure development, aid for unemployed workers, investments in the renewable energy industry, and financial assistance for state's facing tough budget crises.

Obama has also pledged oversight and transparency for the economic stimulus bill to avoid the serious problems linked to the Wall Street bailout. The White House plans to post information about the stimulus bill online for public scrutiny.