U.S. President Barack Obama is urging Congress to pass a housing plan he says will save qualifying homeowners thousands of dollars each year on their mortgage.
During his weekly address Saturday, Mr. Obama said the housing crisis has been one of the largest drags on the recovery from the recession. He says passage of his housing plan will help some homeowners refinance their loans at lower interest rates and save an average of $300 per month.
President Obama says the program can be paid for by requiring larger financial companies to pay additional fees.
President Obama is rallying citizens to urge their congressional representatives to back his plan.
During the Republican's weekly address, Representative Pat Meehan (Pennsylvania) said the Republican-controlled House of Representatives has passed an extension to the payroll tax cut, but the Senate, controlled by Mr. Obama's Democratic Party allies, has not.
Meehan also said cutting government regulation of energy industries could cut fuel prices and create jobs.
President Obama Urges Congress to Help Homeowners
President Barack Obama tapes the weekly address, February 3, 2012