President Obama spoke at Washington, D.C.’s Georgetown University Tuesday in his most comprehensive remarks to date on the economic crisis. Obama predicted a worsening recession but said he foresees a long-term recovery.

President Obama: “2009 will continue to be a difficult year for America’s economy, and obviously most difficult for those who have lost their jobs. The severity of this recession will cause more job loss, more foreclosures and more pain before it ends. If we don’t invest now in renewable energy, if we don’t invest now in a skilled workforce, if we don’t invest now in a more affordable healthcare system, this economy simply won’t grow at the pace it needs to in two or five or ten years down the road. If we don’t lay this new foundation now, it won’t be long before we’re right back where we are today.”