President Obama began his official day with his daily security briefing at 9:15 AM at 9:45 AM he received his daily economic brieifng. At 10:30 AM the President and the Vice President addressed a meeting of mayors from throughout the country. At the address the President underscored that although the mayors came from very different cities they would all be helped by the stimulus package. He underscored that the mayors should be judiciuos in spending the money from the stimulous. Text of the President and Vice President's Remarks.

After the meeting with the mayors the President meet with his senior advisors and then had his weekly lunch with Vice President Biden. In the course of the day the stock markets lost ground. There was a specific concern that the governments plan to save the banks would include their nationalization. Press Secretary Gibbs gave specific assuarnace in his daily briefing that the government did not want to nationalize the banks.