Two Engineers on a boat with the President

Two engineers are travelling on a ship on the ocean with the President. The ship begins to take on water, and the engineers are at a loss about how to fix it.
Engineer #1: "I think we need to get ourselves off this ship right now. This thing is taking on water so fast, it is going down for sure."
Engineer #2: "No, listen, if it was really that bad, then they would have already had the President off the boat. I hear he is going to give us a speech about it. Just listen to it, then we'll decide what to do, okay?"
Engineer #1: "Alright, but I'm telling you, I am really nervous about this whole thing."
Engineer #2: "Come on, lets go hear what he has to say."
The President: "Ladies and Gentleman, I know that you are all worried about the rumor that you have heard that this boat is taking on water and is sinking. I want you all to know that I have the solution to the entire problem. I am going to keep this boat afloat, and I will tell you how," he holds up a cup for everyone to see, "I am going to bail us all out...with this cup!"
Engineer #1: "Race you."
Engineer #2: "You better believe it."