Obama slams congressional Republicans during speech

President Barack Obama slammed congressional Republicans during a speech to wealthy Democratic donors Thursday in midtown Manhattan, saying they have blocked Democrats' attempts at reform for political purposes.

"Their basic attitude has been, 'if Democrats lose, we win,' " Obama told a crowd of 185 gathered on the 20th floor of the St. Regis Hotel. "After they drove the car into the ditch, now they want the keys back. No! You can't drive! We don't want to go back into the ditch. We just got the car out."

Obama, joined by House Speaker Nancy Pelosi (D-Calif.) and Long Island Reps. Gary Ackerman (D-Roslyn Heights), Tim Bishop (D-Southampton) and Steve Israel (D-Huntington), the event's host, called the current legislative session "one of the most productive in history."

Members of the audience, who paid at least $15,000 a person to attend, cheered Obama's celebration of passing reforms to health care and the student loan and credit card industries. The event was expected to raise $1.3 million for congressional Democrats, officials said.

Obama also called on Congress to pass his proposed financial industry reforms.

"There are a lot of good people who work in the financial industry who do things the right way," Obama said. "But when these institutions operate irresponsibly, they don't just threaten themselves - they threaten the entire economy. We need reform to ensure they operate in an honest, fair and open way."

Pelosi introduced Obama. She touted Reps. Scott Murphy (D-Glen Falls) and Bill Owens (D-Plattsburgh), who won 2009 congressional special elections in upstate districts. "For many of us, running for Congress was a faith-based initiative," Pelosi said.

Earlier Thursday, Obama made a three-hour stop in western New York, a region already in decline long before the economic downturn. The trip was part of his White House-to-Main Street tour, which he started in December with a trip to Allentown, Pa.

In Buffalo Thursday, Obama urged Congress to act quickly on a new round of jobs legislation, arguing that "fancy formulas and mathematical equations" from economists mask the continuing pain in American households, The Associated Press reported.