President Obama appeared in the Rose Garden to speak briefly about the state of the overall economy in the first quarter. 

The Labor Department calculated that the economy grew by 3.2% in the first quarter of this year and for the third straight quarter, after four straight months of decline.  The President noted that while the numbers were encouraging, he remained cautious as to the meaning of the growth because the jobless rate remains so high.  He mentioned his campaign style trip through the Midwest this past week when he visited some of the hardest hit areas of the country by the economic collapse, as an example of the aforementioned jobless rate.

Additionally, the President took some time to discuss the ongoing efforts to stop the oil spill in the Gulf of Mexico from destroying wildlife and their habitats, as well as thousands of jobs based on tourism and the fisheries industries.  Some experts have estimated the size of the spill will surpass the Exxon Valdez disaster in one week if they can't figure out how to cap the well.  It should be noted that he expressed his support for continued offshore drilling, although he said any new permits given will have to incorporate any new safety features the investigation of this incident recommends for prevention.

Watch the President's address below: