"We will use the new tools that the Recovery Act gives us to watch the taxpayers' money with more rigor and transparency than ever," he said. "If a federal agency proposes a project that will waste that money, I will not hesitate to call them out on it, and put a stop to it."
The president also said that Washington has not done enough to help the victims of Hurricane Katrina.
"The residents of New Orleans and the Gulf Coast who are helping rebuild are heroes who believe in their communities and they are succeeding despite the fact that they have not always received the support they deserve from the federal government," he said in a statement. "We must ensure that the failures of the past are never repeated."
And the White House continued to face criticism of the administration's mortgage bailout plan, with Press Secretary Robert Gibbs lashing out at a CNBC host who ranted against the plan.
Watch Chip Reid's CBS Evening News report about the president's day below.