WASHINGTON — President Barack Obama said today the economy is causing a lot of families "incredible pain and hardship" but the government is providing them help.

The president spoke to reporters in the Oval Office today after getting an update from economic adviser Paul Volcker. Obama said his administration is working on both short-term help and long-term economic recovery plans. He says the capacity of American workers and industry is undiminished.

Obama said the goal is a new "post-bubble" economic model. He says the days of relying on an inflated housing market and maxed-out credit cards are over.