Obama's State of the Union Address

It was about as popular as a root canal.

And according to the Congressional Budget Office -- the independent organization that both parties have cited as the official scorekeeper for Congress -- our approach would bring down the deficit by as much as $1 trillion over the next two deca

That's why the international community is more united, and the Islamic Republic of Iran is more isolated.

Talk to the small business in Phoenix that will triple its workforce because of the Recovery Act. Talk to the window manufacturer in Philadelphia who said he used to be skeptical about the Recovery Act, until he had to add two more work shifts just

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

We can't afford another so-called economic "expansion" like the one from the last decade -- what some call the "lost decade" -- where jobs grew more slowly than during any prior expansion; where the income of the average American household declined while

And I know that with all the lobbying and horse-trading, the process left most Americans wondering, "What's in it for me?"

And we are launching a new initiative that will give us the capacity to respond faster and more effectively to bioterrorism or an infectious disease -- a plan that will counter threats at home and strengthen public health abroad.

And according to the Congressional Budget Office -- the independent organization that both parties have cited as the official scorekeeper for Congress -- our approach would bring down the deficit by as much as $1 trillion over the next two decades.

We can argue all we want about who's to blame for this, but I'm not interested in re-litigating the past.

And according to the Congressional Budget Office -- the independent organization that both parties have cited as the official scorekeeper for Congress -- our approach would bring down the deficit by as much as $1 trillion over the next two decades.

I'm also proposing a new small business tax credit -- one that will go to over one million small businesses who hire new workers or raise wages.

And the lobbyists are trying to kill it.

Home values have declined.

Tens of thousands are cops, firefighters, correctional officers, first responders.

I took on health care because of the stories I've heard from Americans with preexisting conditions whose lives depend on getting coverage; patients who've been denied coverage; families -- even those with insurance -- who are just one illness away

It would give small businesses and uninsured Americans a chance to choose an affordable health care plan in a competitive market.

To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans.

The confirmation of well-qualified public servants shouldn't be held hostage to the pet projects or grudges of a few individual senators.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

And that's why we'll continue to shape a Doha trade agreement that opens global markets, and why we will strengthen our trade relations in Asia and with key partners like South Korea and Panama and Colombia.

Last year, we made the largest investment in basic research funding in history -- (applause) -- an investment that could lead to the world's cheapest solar cells or treatment that kills cancer cells but leaves healthy ones untouched.

I took on health care because of the stories I've heard from Americans with preexisting conditions whose lives depend on getting coverage; patients who've been denied coverage; families -- even those with insurance -- who are just one illness away

Retirement funds have started to gain back some of their value.

We've prohibited torture and strengthened partnerships from the Pacific to South Asia to the Arabian Peninsula.

The aspirations they hold are shared: a job that pays the bills; a chance to get ahead; most of all, the ability to give their children a better life.

From the first railroads to the Interstate Highway System, our nation has always been built to compete.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

That's why we're nearly doubling the child care tax credit, and making it easier to save for retirement by giving access to every worker a retirement account and expanding the tax credit for those who start a nest egg.

I'm also calling on Congress to continue down the path of earmark reform.

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

And as a result, the markets are now stabilized, and we've recovered most of the money we spent on the banks.

Instead of funding the status quo, we only invest in reform -- reform that raises student achievement; inspires students to excel in math and science; and turns around failing schools that steal the future of too many young Americans, from rural co

While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment.

But that can only happen if we guard against the same recklessness that nearly brought down our entire economy.

While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment.

From the first railroads to the Interstate Highway System, our nation has always been built to compete.

This year, we will step up refinancing so that homeowners can move into more affordable mortgages.

To close that credibility gap we have to take action on both ends of Pennsylvania Avenue -- to end the outsized influence of lobbyists; to do our work openly; to give our people the government they deserve.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

And to encourage these and other businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of Ame

Tens of thousands are cops, firefighters, correctional officers, first responders.

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

It's tempting to look back on these moments and assume that our progress was inevitable -- that America was always destined to succeed.

It's time to put strict limits on the contributions that lobbyists give to candidates for federal office.

So I supported the last administration's efforts to create the financial rescue program.

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

And it lives on in all the Americans who've dropped everything to go someplace they've never been and pull people they've never known from the rubble, prompting chants of "U.S.A.! U.S.A.! U.S.A!" when another life was saved.

And to encourage these and other businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of

Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis.

It's tempting to look back on these moments and assume that our progress was inevitable -- that America was always destined to succeed.

When we renew the Elementary and Secondary Education Act, we will work with Congress to expand these reforms to all 50 states.

As we take the fight to al Qaeda, we are responsibly leaving Iraq to its people.

Talk to the small business in Phoenix that will triple its workforce because of the Recovery Act. Talk to the window manufacturer in Philadelphia who said he used to be skeptical about the Recovery Act, until he had to add two more work shifts just

You can see the results of last year's investments in clean energy -- in the North Carolina company that will create 1,200 jobs nationwide helping to make advanced batteries; or in the California business that will put a thousand people to work making

Our administration has had some political setbacks this year, and some of them were deserved.

The plan that has made all of this possible, from the tax cuts to the jobs, is the Recovery Act. (Applause.)

And as a result, the markets are now stabilized, and we've recovered most of the money we spent on the banks.

As the first order of business this year, I urge the Senate to do the same, and I know they will.

They're coaching Little League and helping their neighbors.

Spending related to our national security, Medicare, Medicaid, and Social Security will not be affected.

Now, one place to start is serious financial reform.

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

(Laughter.)

And, yes, it means passing a comprehensive energy and climate bill with incentives that will finally make clean energy the profitable kind of energy in America.

Two hundred thousand work in construction and clean energy; 300,000 are teachers and other education workers.

The more that TV pundits reduce serious debates to silly arguments, big issues into sound bites, our citizens turn away.

From the day I took office, I've been told that addressing our larger challenges is too ambitious; such an effort would be too contentious.

That's why we're nearly doubling the child care tax credit, and making it easier to save for retirement by giving access to every worker a retirement account and expanding the tax credit for those who start a nest egg.

So let's put aside the schoolyard taunts about who's tough.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

Tens of thousands are cops, firefighters, correctional officers, first responders.

We need to make sure consumers and middle-class families have the information they need to make financial decisions.

Many businesses have shuttered.

That's why I urge the Senate to follow the House and pass a bill that will revitalize our community colleges, which are a career pathway to the children of so many working families.

But if anyone from either party has a better approach that will bring down premiums, bring down the deficit, cover the uninsured, strengthen Medicare for seniors, and stop insurance company abuses, let me know.

With all due deference to separation of powers, last week the Supreme Court reversed a century of law that I believe will open the floodgates for special interests -- including foreign corporations -- to spend without limit in our elections.

We find unity in our incredible diversity, drawing on the promise enshrined in our Constitution: the notion that we're all created equal; that no matter who you are or what you look like, if you abide by the law you should be protected by it; if yo

But when you talk to small businessowners in places like Allentown, Pennsylvania, or Elyria, Ohio, you find out that even though banks on Wall Street are lending again, they're mostly lending to bigger companies.

But understand -- understand if we don't take meaningful steps to rein in our debt, it could damage our markets, increase the cost of borrowing, and jeopardize our recovery -- all of which would have an even worse effect on our job growth and famil

That's why I urge the Senate to follow the House and pass a bill that will revitalize our community colleges, which are a career pathway to the children of so many working families.

While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment.

Some are frustrated; some are angry.

Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

And this year I'm eager to help advance the bipartisan effort in the Senate.

They don't understand why it seems like bad behavior on Wall Street is rewarded, but hard work on Main Street isn't; or why Washington has been unable or unwilling to solve any of our problems.

I don't think American elections should be bankrolled by America's most powerful interests, or worse, by foreign entities.

They share a stubborn resilience in the face of adversity.

Next, we can put Americans to work today building the infrastructure of tomorrow.

I know that there are those who disagree with the overwhelming scientific evidence on climate change.

And what the American people hope -- what they deserve -- is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics.

But restoring the public trust demands more.

Two hundred thousand work in construction and clean energy; 300,000 are teachers and other education workers.

Instead of funding the status quo, we only invest in reform -- reform that raises student achievement; inspires students to excel in math and science; and turns around failing schools that steal the future of too many young Americans, from rural communiti

To help meet this goal, we're launching a National Export Initiative that will help farmers and small businesses increase their exports, and reform export controls consistent with national security.

Last year, we made the largest investment in basic research funding in history -- (applause) -- an investment that could lead to the world's cheapest solar cells or treatment that kills cancer cells but leaves healthy ones untouched.

We are resilient.

Home values have declined.

For 220 years, our leaders have fulfilled this duty.

That's why we're nearly doubling the child care tax credit, and making it easier to save for retirement by giving access to every worker a retirement account and expanding the tax credit for those who start a nest egg.

And that's why we'll continue to shape a Doha trade agreement that opens global markets, and why we will strengthen our trade relations in Asia and with key partners like South Korea and Panama and Colombia.

To help meet this goal, we're launching a National Export Initiative that will help farmers and small businesses increase their exports, and reform export controls consistent with national security.

But realizing those benefits also means enforcing those agreements so our trading partners play by the rules.

So we acted -- immediately and aggressively.

The toughest to read are those written by children -- asking why they have to move from their home, asking when their mom or dad will be able to go back to work.

They're tired of the partisanship and the shouting and the pettiness.

And if we had allowed the meltdown of the financial system, unemployment might be double what it is today.

The toughest to read are those written by children -- asking why they have to move from their home, asking when their mom or dad will be able to go back to work.

And despite all our divisions and disagreements, our hesitations and our fears, America prevailed because we chose to move forward as one nation, as one people.

But if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need.

The only way to move to full employment is to lay a new foundation for long-term economic growth, and finally address the problems that America's families have confronted for years.

Businesses are beginning to invest again, and slowly some are starting to hire again.

While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment.

Let's leave behind the fear and division, and do what it takes to defend our nation and forge a more hopeful future -- for America and for the world.

It means continued investment in advanced biofuels and clean coal technologies.

It would reduce costs and premiums for millions of families and businesses.

And it lives on in all the Americans who've dropped everything to go someplace they've never been and pull people they've never known from the rubble, prompting chants of "U.S.A.! U.S.A.! U.S.A!" when another life was saved.

We should start where most new jobs do -- in small businesses, companies that begin when -- (applause) -- companies that begin when an entrepreneur -- when an entrepreneur takes a chance on a dream, or a worker decides it's time she became her own

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

It's because of this spirit -- this great decency and great strength -- that I have never been more hopeful about America's future than I am tonight.

They've done so during periods of prosperity and tranquility.

And despite all our divisions and disagreements, our hesitations and our fears, America prevailed because we chose to move forward as one nation, as one people.

They're putting more emphasis on math and science.

They don't understand why it seems like bad behavior on Wall Street is rewarded, but hard work on Main Street isn't; or why Washington has been unable or unwilling to solve any of our problems.

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

The aspirations they hold are shared: a job that pays the bills; a chance to get ahead; most of all, the ability to give their children a better life.

That's why, as we meet here tonight, over 10,000 Americans are working with many nations to help the people of Haiti recover and rebuild.

It's a challenge that makes all others that much harder to solve, and one that's been subject to a lot of political posturing.

And we are launching a new initiative that will give us the capacity to respond faster and more effectively to bioterrorism or an infectious disease -- a plan that will counter threats at home and strengthen public health abroad.

And we haven't raised income taxes by a single dime on a single person.

In the 21st century, the best anti-poverty program around is a world-class education.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

They're hurting.

Next, we need to encourage American innovation.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

And what the American people hope -- what they deserve -- is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics.

The only reason we are here is because generations of Americans were unafraid to do what was hard; to do what was needed even when success was uncertain; to do what it took to keep the dream of this nation alive for their children and their grandch

One in 10 Americans still cannot find work.

It would reduce costs and premiums for millions of families and businesses.

And what the American people hope -- what they deserve -- is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics.

Next, we can put Americans to work today building the infrastructure of tomorrow.

And what the American people hope -- what they deserve -- is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics.

We can't allow financial institutions, including those that take your deposits, to take risks that threaten the whole economy.

We will reward good governance, work to reduce corruption, and support the rights of all Afghans -- men and women alike.

But I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response.

We can't afford another so-called economic "expansion" like the one from the last decade -- what some call the "lost decade" -- where jobs grew more slowly than during any prior expansion; where the income of the average American household declined while

But all other discretionary government programs will.

They take pride in their labor, and are generous in spirit.

And according to the Congressional Budget Office -- the independent organization that both parties have cited as the official scorekeeper for Congress -- our approach would bring down the deficit by as much as $1 trillion over the next two decades.

We're helping developing countries to feed themselves, and continuing the fight against HIV/AIDS.

Now, even as we prosecute two wars, we're also confronting perhaps the greatest danger to the American people -- the threat of nuclear weapons.

To reduce our stockpiles and launchers, while ensuring our deterrent, the United States and Russia are completing negotiations on the farthest-reaching arms control treaty in nearly two decades.

They don't understand why it seems like bad behavior on Wall Street is rewarded, but hard work on Main Street isn't; or why Washington has been unable or unwilling to solve any of our problems.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

Madam Speaker, Vice President Biden, members of Congress, distinguished guests, and fellow Americans: Our Constitution declares that from time to time, the President shall give to Congress information about the state of our union.

But understand -- understand if we don't take meaningful steps to rein in our debt, it could damage our markets, increase the cost of borrowing, and jeopardize our recovery -- all of which would have an even worse effect on our job growth and famil

And in the last year, hundreds of al Qaeda's fighters and affiliates, including many senior leaders, have been captured or killed -- far more than in 2008.

And in Afghanistan, we're increasing our troops and training Afghan security forces so they can begin to take the lead in July of 2011, and our troops can begin to come home.

That's right -- the Recovery Act, also known as the stimulus bill.

To recover the rest, I've proposed a fee on the biggest banks.

And what the American people hope -- what they deserve -- is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics.

When the market crashed on Black Tuesday, and civil rights marchers were beaten on Bloody Sunday, the future was anything but certain.

Financing remains difficult for small businessowners across the country, even those that are making a profit.

The confirmation of well-qualified public servants shouldn't be held hostage to the pet projects or grudges of a few individual senators.

Now, even as we prosecute two wars, we're also confronting perhaps the greatest danger to the American people -- the threat of nuclear weapons.

Talk to the small business in Phoenix that will triple its workforce because of the Recovery Act. Talk to the window manufacturer in Philadelphia who said he used to be skeptical about the Recovery Act, until he had to add two more work shifts just

Third, we need to export more of our goods.

More importantly, the cost of Medicare, Medicaid, and Social Security will continue to skyrocket.

Many businesses have shuttered.

Last year, we made the largest investment in basic research funding in history -- (applause) -- an investment that could lead to the world's cheapest solar cells or treatment that kills cancer cells but leaves healthy ones untouched.

We face a deficit of trust -- deep and corrosive doubts about how Washington works that have been growing for years.

And that means building a new generation of safe, clean nuclear power plants in this country.

We've made substantial investments in our homeland security and disrupted plots that threatened to take American lives.

Meanwhile, China is not waiting to revamp its economy.

By the time I took office, we had a one-year deficit of over $1 trillion and projected deficits of $8 trillion over the next decade.

But I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response.

Now, this year, we've broken through the stalemate between left and right by launching a national competition to improve our schools.

So let me start the discussion of government spending by setting the record straight.

And despite all our divisions and disagreements, our hesitations and our fears, America prevailed because we chose to move forward as one nation, as one people.

We will reward good governance, work to reduce corruption, and support the rights of all Afghans -- men and women alike.

Spending related to our national security, Medicare, Medicaid, and Social Security will not be affected.

Democracy in a nation of 300 million people can be noisy and messy and complicated.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

More importantly, the cost of Medicare, Medicaid, and Social Security will continue to skyrocket.

The toughest to read are those written by children -- asking why they have to move from their home, asking when their mom or dad will be able to go back to work.

They're tired of the partisanship and the shouting and the pettiness.

It's because of this spirit -- this great decency and great strength -- that I have never been more hopeful about America's future than I am tonight.

But when the Union was turned back at Bull Run, and the Allies first landed at Omaha Beach, victory was very much in doubt.

We should put more Americans to work building clean energy facilities -- (applause) -- and give rebates to Americans who make their homes more energy-efficient, which supports clean energy jobs.

When the market crashed on Black Tuesday, and civil rights marchers were beaten on Bloody Sunday, the future was anything but certain.

Now, as we stabilized the financial system, we also took steps to get our economy growing again, save as many jobs as possible, and help Americans who had become unemployed.

When the market crashed on Black Tuesday, and civil rights marchers were beaten on Bloody Sunday, the future was anything but certain.

We will support the Iraqi government -- we will support the Iraqi government as they hold elections, and we will continue to partner with the Iraqi people to promote regional peace and prosperity.

We've prohibited torture and strengthened partnerships from the Pacific to South Asia to the Arabian Peninsula.

We should start where most new jobs do -- in small businesses, companies that begin when -- (applause) -- companies that begin when an entrepreneur -- when an entrepreneur takes a chance on a dream, or a worker decides it's time she became her own

This can't be one of those Washington gimmicks that lets us pretend we solved a problem.

But if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need.

But when you talk to small businessowners in places like Allentown, Pennsylvania, or Elyria, Ohio, you find out that even though banks on Wall Street are lending again, they're mostly lending to bigger companies.

One woman wrote to me and said, "We are strained but hopeful, struggling but encouraged."

To reduce our stockpiles and launchers, while ensuring our deterrent, the United States and Russia are completing negotiations on the farthest-reaching arms control treaty in nearly two decades.

Democracy in a nation of 300 million people can be noisy and messy and complicated.

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans.

While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment.

And if the Republican leadership is going to insist that 60 votes in the Senate are required to do any business at all in this town -- a supermajority -- then the responsibility to govern is now yours as well.

They're coaching Little League and helping their neighbors.

Let us find a way to come together and finish the job for the American people.

And by the way, I want to acknowledge our First Lady, Michelle Obama, who this year is creating a national movement to tackle the epidemic of childhood obesity and make kids healthier.

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

We cut taxes for 8 million Americans paying for college.

To reduce our stockpiles and launchers, while ensuring our deterrent, the United States and Russia are completing negotiations on the farthest-reaching arms control treaty in nearly two decades.

So I supported the last administration's efforts to create the financial rescue program.

But here's the thing -- even if you doubt the evidence, providing incentives for energy-efficiency and clean energy are the right thing to do for our future -- because the nation that leads the clean energy economy will be the nation that leads the glo

As a result, millions of Americans had more to spend on gas and food and other necessities, all of which helped businesses keep more workers.

They know we can't afford it.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

But if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need.

These struggles are the reason I ran for President.

For these Americans and so many others, change has not come fast enough.

This year, we will step up refinancing so that homeowners can move into more affordable mortgages.

Tonight, I'm calling on Congress to publish all earmark requests on a single Web site before there's a vote, so that the American people can see how their money is being spent.

And they've done so in the midst of war and depression; at moments of great strife and great struggle.

We're going to crack down on violations of equal pay laws -- so that women get equal pay for an equal day's work.

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

To reduce our stockpiles and launchers, while ensuring our deterrent, the United States and Russia are completing negotiations on the farthest-reaching arms control treaty in nearly two decades.

Retirement funds have started to gain back some of their value.

And if there's one thing that has unified Democrats and Republicans, and everybody in between, it's that we all hated the bank bailout.

They're not new.

Now, as we stabilized the financial system, we also took steps to get our economy growing again, save as many jobs as possible, and help Americans who had become unemployed.

Time and again, they lend a hand to their neighbors and give back to their country.

The aspirations they hold are shared: a job that pays the bills; a chance to get ahead; most of all, the ability to give their children a better life.

And by the way, it's time for colleges and universities to get serious about cutting their own costs -- (applause) -- because they, too, have a responsibility to help solve this problem.

That's why the international community is more united, and the Islamic Republic of Iran is more isolated.

And by the way, I want to acknowledge our First Lady, Michelle Obama, who this year is creating a national movement to tackle the epidemic of childhood obesity and make kids healthier.

They've done so during periods of prosperity and tranquility.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

I've been told that our political system is too gridlocked, and that we should just put things on hold for a while.

So tonight, we set a new goal: We will double our exports over the next five years, an increase that will support two million jobs in America.

Small towns and rural communities have been hit especially hard.

I will not walk away from these Americans, and neither should the people in this chamber.

Tomorrow, I'll visit Tampa, Florida, where workers will soon break ground on a new high-speed railroad funded by the Recovery Act. (Applause.)

If America sits on the sidelines while other nations sign trade deals, we will lose the chance to create jobs on our shores.

We're joined by allies and partners who have increased their own commitments, and who will come together tomorrow in London to reaffirm our common purpose.

And that means building a new generation of safe, clean nuclear power plants in this country.

And our efforts to prevent a second depression have added another $1 trillion to our national debt.

And in the last year, hundreds of al Qaeda's fighters and affiliates, including many senior leaders, have been captured or killed -- far more than in 2008.

So I know the anxieties that are out there right now.

And in Afghanistan, we're increasing our troops and training Afghan security forces so they can begin to take the lead in July of 2011, and our troops can begin to come home.

Sadly, some of the unity we felt after 9/11 has dissipated.

With all due deference to separation of powers, last week the Supreme Court reversed a century of law that I believe will open the floodgates for special interests -- including foreign corporations -- to spend without limit in our elections.

They're coaching Little League and helping their neighbors.

When the market crashed on Black Tuesday, and civil rights marchers were beaten on Bloody Sunday, the future was anything but certain.

Tomorrow, I'll visit Tampa, Florida, where workers will soon break ground on a new high-speed railroad funded by the Recovery Act. (Applause.)

People are out of work.

So I supported the last administration's efforts to create the financial rescue program.

And we haven't raised income taxes by a single dime on a single person.

We are filling unacceptable gaps revealed by the failed Christmas attack, with better airline security and swifter action on our intelligence.

I know that there are those who disagree with the overwhelming scientific evidence on climate change.

And the idea here is simple: Instead of rewarding failure, we only reward success.

Instead of funding the status quo, we only invest in reform -- reform that raises student achievement; inspires students to excel in math and science; and turns around failing schools that steal the future of too many young Americans, from rural co

They don't understand why it seems like bad behavior on Wall Street is rewarded, but hard work on Main Street isn't; or why Washington has been unable or unwilling to solve any of our problems.

And as a result, the markets are now stabilized, and we've recovered most of the money we spent on the banks.

That's why the international community is more united, and the Islamic Republic of Iran is more isolated.

Now, the House has passed a jobs bill that includes some of these steps.

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

So tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat.

That's why I've called for a bipartisan fiscal commission, modeled on a proposal by Republican Judd Gregg and Democrat Kent Conrad.

Through sheer grit and determination, these companies have weathered the recession and they're ready to grow.

As the first order of business this year, I urge the Senate to do the same, and I know they will.

But understand -- understand if we don't take meaningful steps to rein in our debt, it could damage our markets, increase the cost of borrowing, and jeopardize our recovery -- all of which would have an even worse effect on our job growth and famil

As the first order of business this year, I urge the Senate to do the same, and I know they will.

Small towns and rural communities have been hit especially hard.

The only way to move to full employment is to lay a new foundation for long-term economic growth, and finally address the problems that America's families have confronted for years.

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

And tonight, tonight I'd like to talk about how together we can deliver on that promise.

One woman wrote to me and said, "We are strained but hopeful, struggling but encouraged."

For 220 years, our leaders have fulfilled this duty.

And for those who'd already known poverty, life has become that much harder.

We cut taxes for parents trying to care for their children.

And despite all our divisions and disagreements, our hesitations and our fears, America prevailed because we chose to move forward as one nation, as one people.

They don't understand why it seems like bad behavior on Wall Street is rewarded, but hard work on Main Street isn't; or why Washington has been unable or unwilling to solve any of our problems.

Tomorrow, I'll visit Tampa, Florida, where workers will soon break ground on a new high-speed railroad funded by the Recovery Act. (Applause.)

But what frustrates the American people is a Washington where every day is Election Day. We can't wage a perpetual campaign where the only goal is to see who can get the most embarrassing headlines about the other side -- a belief that if you lose,

So I supported the last administration's efforts to create the financial rescue program.

They don't understand why it seems like bad behavior on Wall Street is rewarded, but hard work on Main Street isn't; or why Washington has been unable or unwilling to solve any of our problems.

Those of us in public office can respond to this reality by playing it safe and avoid telling hard truths and pointing fingers.

I didn't choose to tackle this issue to get some legislative victory under my belt.

Still, in this economy, a high school diploma no longer guarantees a good job.

We're joined by allies and partners who have increased their own commitments, and who will come together tomorrow in London to reaffirm our common purpose.

And what the American people hope -- what they deserve -- is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics.

Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis.

As hard as it may be, as uncomfortable and contentious as the debates may become, it's time to get serious about fixing the problems that are hampering our growth.

And it lives on in all the Americans who've dropped everything to go someplace they've never been and pull people they've never known from the rubble, prompting chants of "U.S.A.! U.S.A.! U.S.A!" when another life was saved.

The more that TV pundits reduce serious debates to silly arguments, big issues into sound bites, our citizens turn away.

And tonight, tonight I'd like to talk about how together we can deliver on that promise.

And as a result, the markets are now stabilized, and we've recovered most of the money we spent on the banks.

To reduce our stockpiles and launchers, while ensuring our deterrent, the United States and Russia are completing negotiations on the farthest-reaching arms control treaty in nearly two decades.

In the 21st century, the best anti-poverty program around is a world-class education.

And that means building a new generation of safe, clean nuclear power plants in this country.

And when we took that program over, we made it more transparent and more accountable.

Last year, we made the largest investment in basic research funding in history -- (applause) -- an investment that could lead to the world's cheapest solar cells or treatment that kills cancer cells but leaves healthy ones untouched.

To help meet this goal, we're launching a National Export Initiative that will help farmers and small businesses increase their exports, and reform export controls consistent with national security.

With all due deference to separation of powers, last week the Supreme Court reversed a century of law that I believe will open the floodgates for special interests -- including foreign corporations -- to spend without limit in our elections.

The confirmation of -- (applause) -- I'm speaking to both parties now.

But realizing those benefits also means enforcing those agreements so our trading partners play by the rules.

And if the bill that ends up on my desk does not meet the test of real reform, I will send it back until we get it right.

Just saying no to everything may be good short-term politics, but it's not leadership.

And we haven't raised income taxes by a single dime on a single person.

I'm interested in protecting our economy.

And when we took that program over, we made it more transparent and more accountable.

Retirement funds have started to gain back some of their value.

As we take the fight to al Qaeda, we are responsibly leaving Iraq to its people.

It would require every insurance plan to cover preventive care.

Now, the true engine of job creation in this country will always be America's businesses.

And if there's one thing that has unified Democrats and Republicans, and everybody in between, it's that we all hated the bank bailout.

These were the times that tested the courage of our convictions, and the strength of our union.

And when the vote comes tomorrow, the Senate should restore the pay-as-you-go law that was a big reason for why we had record surpluses in the 1990s.

They're rebuilding their infrastructure.

I've embraced the vision of John F. Kennedy and Ronald Reagan through a strategy that reverses the spread of these weapons and seeks a world without them.

I never thought that the mere fact of my election would usher in peace and harmony -- (laughter) -- and some post-partisan era.

We find unity in our incredible diversity, drawing on the promise enshrined in our Constitution: the notion that we're all created equal; that no matter who you are or what you look like, if you abide by the law you should be protected by it; if yo

Let's meet our responsibility to the citizens who sent us here.

And for those who'd already known poverty, life has become that much harder.

And despite all our divisions and disagreements, our hesitations and our fears, America prevailed because we chose to move forward as one nation, as one people.

To help meet this goal, we're launching a National Export Initiative that will help farmers and small businesses increase their exports, and reform export controls consistent with national security.

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

I knew that both parties have fed divisions that are deeply entrenched.

But that can only happen if we guard against the same recklessness that nearly brought down our entire economy.

And we haven't raised income taxes by a single dime on a single person.

So I supported the last administration's efforts to create the financial rescue program.

After one of the most difficult years in our history, they remain busy building cars and teaching kids, starting businesses and going back to school.

The steps we took last year to shore up the housing market have allowed millions of Americans to take out new loans and save an average of $1,500 on mortgage payments.

I didn't choose to tackle this issue to get some legislative victory under my belt.

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

So we face big and difficult challenges.

We've made substantial investments in our homeland security and disrupted plots that threatened to take American lives.

And they've done so in the midst of war and depression; at moments of great strife and great struggle.

But government can create the conditions necessary for businesses to expand and hire more workers.

At the beginning of the last decade, the year 2000, America had a budget surplus of over $200 billion.

And I agree -- which is why this freeze won't take effect until next year -- (laughter) -- when the economy is stronger.

You see, Washington has been telling us to wait for decades, even as the problems have grown worse.

I'm interested in protecting our economy.

The aspirations they hold are shared: a job that pays the bills; a chance to get ahead; most of all, the ability to give their children a better life.

We should start where most new jobs do -- in small businesses, companies that begin when -- (applause) -- companies that begin when an entrepreneur -- when an entrepreneur takes a chance on a dream, or a worker decides it's time she became her own

We're helping developing countries to feed themselves, and continuing the fight against HIV/AIDS.

But families across the country are tightening their belts and making tough decisions.

And by the way, I want to acknowledge our First Lady, Michelle Obama, who this year is creating a national movement to tackle the epidemic of childhood obesity and make kids healthier.

No wonder there's so much cynicism out there.

They're rebuilding their infrastructure.

That's why last year I asked Vice President Biden to chair a task force on middle-class families.

And in Afghanistan, we're increasing our troops and training Afghan security forces so they can begin to take the lead in July of 2011, and our troops can begin to come home.

It means making tough decisions about opening new offshore areas for oil and gas development.

Now, even as health care reform would reduce our deficit, it's not enough to dig us out of a massive fiscal hole in which we find ourselves.

It channels the savings of families into investments that raise incomes.

And if we had allowed the meltdown of the financial system, unemployment might be double what it is today.

And, yes, it means passing a comprehensive energy and climate bill with incentives that will finally make clean energy the profitable kind of energy in America.

That's why we're nearly doubling the child care tax credit, and making it easier to save for retirement by giving access to every worker a retirement account and expanding the tax credit for those who start a nest egg.

Talk to the single teacher raising two kids who was told by her principal in the last week of school that because of the Recovery Act, she wouldn't be laid off after all.

But when the Union was turned back at Bull Run, and the Allies first landed at Omaha Beach, victory was very much in doubt.

But I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response.

Washington may think that saying anything about the other side, no matter how false, no matter how malicious, is just part of the game.

My administration has a Civil Rights Division that is once again prosecuting civil rights violations and employment discrimination.

But when the Union was turned back at Bull Run, and the Allies first landed at Omaha Beach, victory was very much in doubt.

So we face big and difficult challenges.

But the devastation remains.

Starting in 2011, we are prepared to freeze government spending for three years.

And if there's one thing that has unified Democrats and Republicans, and everybody in between, it's that we all hated the bank bailout.

And if there's one thing that has unified Democrats and Republicans, and everybody in between, it's that we all hated the bank bailout.

Time and again, they lend a hand to their neighbors and give back to their country.

You can see the results of last year's investments in clean energy -- in the North Carolina company that will create 1,200 jobs nationwide helping to make advanced batteries; or in the California business that will put a thousand people to work mak

But to create more of these clean energy jobs, we need more production, more efficiency, more incentives.

And we are launching a new initiative that will give us the capacity to respond faster and more effectively to bioterrorism or an infectious disease -- a plan that will counter threats at home and strengthen public health abroad.

And it lives on in all the Americans who've dropped everything to go someplace they've never been and pull people they've never known from the rubble, prompting chants of "U.S.A.! U.S.A.! U.S.A!" when another life was saved.

Since the day I took office, we've renewed our focus on the terrorists who threaten our nation.

After nearly a century of trying -- Democratic administrations, Republican administrations -- we are closer than ever to bringing more security to the lives of so many Americans.

I knew that both parties have fed divisions that are deeply entrenched.

Look, I am not interested in punishing banks.

While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment.

That's why -- for the first time in history -- my administration posts on our White House visitors online.

We can't afford another so-called economic "expansion" like the one from the last decade -- what some call the "lost decade" -- where jobs grew more slowly than during any prior expansion; where the income of the average American household declined

That's why North Korea now faces increased isolation, and stronger sanctions -- sanctions that are being vigorously enforced.

But at a time of record deficits, we will not continue tax cuts for oil companies, for investment fund managers, and for those making over $250,000 a year.

But when I ran for President, I promised I wouldn't just do what was popular -- I would do what was necessary.

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

We cut taxes for 8 million Americans paying for college.

And to encourage these and other businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of

We can't afford another so-called economic "expansion" like the one from the last decade -- what some call the "lost decade" -- where jobs grew more slowly than during any prior expansion; where the income of the average American household declined while

To close that credibility gap we have to take action on both ends of Pennsylvania Avenue -- to end the outsized influence of lobbyists; to do our work openly; to give our people the government they deserve.

And to encourage these and other businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of

Experts from across the political spectrum warned that if we did not act, we might face a second depression.

And what the American people hope -- what they deserve -- is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics.

But if anyone from either party has a better approach that will bring down premiums, bring down the deficit, cover the uninsured, strengthen Medicare for seniors, and stop insurance company abuses, let me know.

We have gone from a bystander to a leader in the fight against climate change.

The commission will have to provide a specific set of solutions by a certain deadline.

When we renew the Elementary and Secondary Education Act, we will work with Congress to expand these reforms to all 50 states.

And one year later, the worst of the storm has passed.

We will support the Iraqi government -- we will support the Iraqi government as they hold elections, and we will continue to partner with the Iraqi people to promote regional peace and prosperity.

So I supported the last administration's efforts to create the financial rescue program.

So let's put aside the schoolyard taunts about who's tough.

They're making serious investments in clean energy because they want those jobs.

Now, as we stabilized the financial system, we also took steps to get our economy growing again, save as many jobs as possible, and help Americans who had become unemployed.

To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans.

And that's why we'll continue to shape a Doha trade agreement that opens global markets, and why we will strengthen our trade relations in Asia and with key partners like South Korea and Panama and Colombia.

After one of the most difficult years in our history, they remain busy building cars and teaching kids, starting businesses and going back to school.

But I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response.

And that's why we'll continue to shape a Doha trade agreement that opens global markets, and why we will strengthen our trade relations in Asia and with key partners like South Korea and Panama and Colombia.

Through sheer grit and determination, these companies have weathered the recession and they're ready to grow.

And that means building a new generation of safe, clean nuclear power plants in this country.

As hard as it may be, as uncomfortable and contentious as the debates may become, it's time to get serious about fixing the problems that are hampering our growth.

Madam Speaker, Vice President Biden, members of Congress, distinguished guests, and fellow Americans: Our Constitution declares that from time to time, the President shall give to Congress information about the state of our union.

We've made substantial investments in our homeland security and disrupted plots that threatened to take American lives.

That's why I've called for a bipartisan fiscal commission, modeled on a proposal by Republican Judd Gregg and Democrat Kent Conrad.

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

And that's why we'll continue to shape a Doha trade agreement that opens global markets, and why we will strengthen our trade relations in Asia and with key partners like South Korea and Panama and Colombia.

The federal government should do the same.

Small towns and rural communities have been hit especially hard.

The aspirations they hold are shared: a job that pays the bills; a chance to get ahead; most of all, the ability to give their children a better life.

Experts from across the political spectrum warned that if we did not act, we might face a second depression.

When the market crashed on Black Tuesday, and civil rights marchers were beaten on Bloody Sunday, the future was anything but certain.

Small towns and rural communities have been hit especially hard.

I don't think American elections should be bankrolled by America's most powerful interests, or worse, by foreign entities.

Instead of funding the status quo, we only invest in reform -- reform that raises student achievement; inspires students to excel in math and science; and turns around failing schools that steal the future of too many young Americans, from rural co

Instead of funding the status quo, we only invest in reform -- reform that raises student achievement; inspires students to excel in math and science; and turns around failing schools that steal the future of too many young Americans, from rural co

Financing remains difficult for small businessowners across the country, even those that are making a profit.

From the first railroads to the Interstate Highway System, our nation has always been built to compete.

But realizing those benefits also means enforcing those agreements so our trading partners play by the rules.

After one of the most difficult years in our history, they remain busy building cars and teaching kids, starting businesses and going back to school.

Madam Speaker, Vice President Biden, members of Congress, distinguished guests, and fellow Americans: Our Constitution declares that from time to time, the President shall give to Congress information about the state of our union.

Businesses are beginning to invest again, and slowly some are starting to hire again.

And let's tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years -- and forgiven after 10 years if they choose a caree

And let's tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years -- and forgiven after 10 years if they choose

Now, as we stabilized the financial system, we also took steps to get our economy growing again, save as many jobs as possible, and help Americans who had become unemployed.

Sadly, some of the unity we felt after 9/11 has dissipated.

And to encourage these and other businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of

Some are frustrated; some are angry.

I took on health care because of the stories I've heard from Americans with preexisting conditions whose lives depend on getting coverage; patients who've been denied coverage; families -- even those with insurance -- who are just one illness away

So we face big and difficult challenges.

More homes would have surely been lost.

But if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need.

To help meet this goal, we're launching a National Export Initiative that will help farmers and small businesses increase their exports, and reform export controls consistent with national security.

Now, I'm not naïve.

The plan that has made all of this possible, from the tax cuts to the jobs, is the Recovery Act. (Applause.)

Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis.

And in Afghanistan, we're increasing our troops and training Afghan security forces so they can begin to take the lead in July of 2011, and our troops can begin to come home.

We find unity in our incredible diversity, drawing on the promise enshrined in our Constitution: the notion that we're all created equal; that no matter who you are or what you look like, if you abide by the law you should be protected by it; if you ad

We will reward good governance, work to reduce corruption, and support the rights of all Afghans -- men and women alike.

To reduce our stockpiles and launchers, while ensuring our deterrent, the United States and Russia are completing negotiations on the farthest-reaching arms control treaty in nearly two decades.

To close that credibility gap we have to take action on both ends of Pennsylvania Avenue -- to end the outsized influence of lobbyists; to do our work openly; to give our people the government they deserve.

They share a stubborn resilience in the face of adversity.

We need to make sure consumers and middle-class families have the information they need to make financial decisions.

I know that there are those who disagree with the overwhelming scientific evidence on climate change.

But when you talk to small businessowners in places like Allentown, Pennsylvania, or Elyria, Ohio, you find out that even though banks on Wall Street are lending again, they're mostly lending to bigger companies.

You can see the results of last year's investments in clean energy -- in the North Carolina company that will create 1,200 jobs nationwide helping to make advanced batteries; or in the California business that will put a thousand people to work mak

We need to make sure consumers and middle-class families have the information they need to make financial decisions.

That's why North Korea now faces increased isolation, and stronger sanctions -- sanctions that are being vigorously enforced.

Now, even as health care reform would reduce our deficit, it's not enough to dig us out of a massive fiscal hole in which we find ourselves.

We can't afford another so-called economic "expansion" like the one from the last decade -- what some call the "lost decade" -- where jobs grew more slowly than during any prior expansion; where the income of the average American household declined while

A strong, healthy financial market makes it possible for businesses to access credit and create new jobs.

We do not quit.

Experts from across the political spectrum warned that if we did not act, we might face a second depression.

Two hundred thousand work in construction and clean energy; 300,000 are teachers and other education workers.

But realizing those benefits also means enforcing those agreements so our trading partners play by the rules.

And what the American people hope -- what they deserve -- is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics.

The only way to move to full employment is to lay a new foundation for long-term economic growth, and finally address the problems that America's families have confronted for years.

So tonight, I'm proposing specific steps to pay for the trillion dollars that it took to rescue the economy last year.

We need to make sure consumers and middle-class families have the information they need to make financial decisions.

You can see the results of last year's investments in clean energy -- in the North Carolina company that will create 1,200 jobs nationwide helping to make advanced batteries; or in the California business that will put a thousand people to work mak

It lives on in the 8-year-old boy in Louisiana, who just sent me his allowance and asked if I would give it to the people of Haiti.

To recover the rest, I've proposed a fee on the biggest banks.

Financing remains difficult for small businessowners across the country, even those that are making a profit.

And what keeps me going -- what keeps me fighting -- is that despite all these setbacks, that spirit of determination and optimism, that fundamental decency that has always been at the core of the American people, that lives on.

You see, Washington has been telling us to wait for decades, even as the problems have grown worse.

There's no reason Europe or China should have the fastest trains, or the new factories that manufacture clean energy products.

That is why jobs must be our number-one focus in 2010, and that's why I'm calling for a new jobs bill tonight.

Experts from across the political spectrum warned that if we did not act, we might face a second depression.

Home values have declined.

Now, as we stabilized the financial system, we also took steps to get our economy growing again, save as many jobs as possible, and help Americans who had become unemployed.

So tonight, I'm proposing specific steps to pay for the trillion dollars that it took to rescue the economy last year.

One in 10 Americans still cannot find work.

And let's tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years -- and forgiven after 10 years if they choose a caree

And by the way, it's time for colleges and universities to get serious about cutting their own costs -- (applause) -- because they, too, have a responsibility to help solve this problem.

Many businesses have shuttered.

I've embraced the vision of John F. Kennedy and Ronald Reagan through a strategy that reverses the spread of these weapons and seeks a world without them.

And despite all our divisions and disagreements, our hesitations and our fears, America prevailed because we chose to move forward as one nation, as one people.

She gets embarrassed.

I campaigned on the promise of change -- change we can believe in, the slogan went.

To reduce our stockpiles and launchers, while ensuring our deterrent, the United States and Russia are completing negotiations on the farthest-reaching arms control treaty in nearly two decades.

Talk to the small business in Phoenix that will triple its workforce because of the Recovery Act. Talk to the window manufacturer in Philadelphia who said he used to be skeptical about the Recovery Act, until he had to add two more work shifts just

After nearly a century of trying -- Democratic administrations, Republican administrations -- we are closer than ever to bringing more security to the lives of so many Americans.

More businesses would certainly have closed.

One woman wrote to me and said, "We are strained but hopeful, struggling but encouraged."

And despite all our divisions and disagreements, our hesitations and our fears, America prevailed because we chose to move forward as one nation, as one people.

That's why we stand with the girl who yearns to go to school in Afghanistan; why we support the human rights of the women marching through the streets of Iran; why we advocate for the young man denied a job by corruption in Guinea.

You've trimmed some of this spending, you've embraced some meaningful change.

For while the people who sent us here have different backgrounds, different stories, different beliefs, the anxieties they face are the same.

And when the vote comes tomorrow, the Senate should restore the pay-as-you-go law that was a big reason for why we had record surpluses in the 1990s.

But when you talk to small businessowners in places like Allentown, Pennsylvania, or Elyria, Ohio, you find out that even though banks on Wall Street are lending again, they're mostly lending to bigger companies.

That's why I've called for a bipartisan fiscal commission, modeled on a proposal by Republican Judd Gregg and Democrat Kent Conrad.

And despite all our divisions and disagreements, our hesitations and our fears, America prevailed because we chose to move forward as one nation, as one people.

But understand -- understand if we don't take meaningful steps to rein in our debt, it could damage our markets, increase the cost of borrowing, and jeopardize our recovery -- all of which would have an even worse effect on our job growth and famil

The only reason we are here is because generations of Americans were unafraid to do what was hard; to do what was needed even when success was uncertain; to do what it took to keep the dream of this nation alive for their children and their grandchildr

Experts from across the political spectrum warned that if we did not act, we might face a second depression.

We do not allow fear or division to break our spirit.

Neither party should delay or obstruct every single bill just because they can.

That's why I urge the Senate to follow the House and pass a bill that will revitalize our community colleges, which are a career pathway to the children of so many working families.

And we haven't raised income taxes by a single dime on a single person.

The approach we've taken would protect every American from the worst practices of the insurance industry.

Now, these diplomatic efforts have also strengthened our hand in dealing with those nations that insist on violating international agreements in pursuit of nuclear weapons.

If America sits on the sidelines while other nations sign trade deals, we will lose the chance to create jobs on our shores.

The toughest to read are those written by children -- asking why they have to move from their home, asking when their mom or dad will be able to go back to work.

But each time a CEO rewards himself for failure, or a banker puts the rest of us at risk for his own selfish gain, people's doubts grow.

Rather than fight the same tired battles that have dominated Washington for decades, it's time to try something new.

Last year, we made the largest investment in basic research funding in history -- (applause) -- an investment that could lead to the world's cheapest solar cells or treatment that kills cancer cells but leaves healthy ones untouched.

After one of the most difficult years in our history, they remain busy building cars and teaching kids, starting businesses and going back to school.

We find unity in our incredible diversity, drawing on the promise enshrined in our Constitution: the notion that we're all created equal; that no matter who you are or what you look like, if you abide by the law you should be protected by it; if yo

And for those who'd already known poverty, life has become that much harder.

Home values have declined.

For while the people who sent us here have different backgrounds, different stories, different beliefs, the anxieties they face are the same.

The only way to move to full employment is to lay a new foundation for long-term economic growth, and finally address the problems that America's families have confronted for years.

But when you talk to small businessowners in places like Allentown, Pennsylvania, or Elyria, Ohio, you find out that even though banks on Wall Street are lending again, they're mostly lending to bigger companies.

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

Next, we can put Americans to work today building the infrastructure of tomorrow.

And at April's Nuclear Security Summit, we will bring 44 nations together here in Washington, D.C. behind a clear goal: securing all vulnerable nuclear materials around the world in four years, so that they never fall into the hands of terrorists.

And by the way, I want to acknowledge our First Lady, Michelle Obama, who this year is creating a national movement to tackle the epidemic of childhood obesity and make kids healthier.

Some are frustrated; some are angry.

So I supported the last administration's efforts to create the financial rescue program.

And at April's Nuclear Security Summit, we will bring 44 nations together here in Washington, D.C. behind a clear goal: securing all vulnerable nuclear materials around the world in four years, so that they never fall into the hands of terrorists.

The confirmation of well-qualified public servants shouldn't be held hostage to the pet projects or grudges of a few individual senators.

Again, we are tested.

It's time to require lobbyists to disclose each contact they make on behalf of a client with my administration or with Congress.

So tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat.

They're coaching Little League and helping their neighbors.

It's tempting to look back on these moments and assume that our progress was inevitable -- that America was always destined to succeed.

With all due deference to separation of powers, last week the Supreme Court reversed a century of law that I believe will open the floodgates for special interests -- including foreign corporations -- to spend without limit in our elections.

Now, the price of college tuition is just one of the burdens facing the middle class.

But if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need.

Madam Speaker, Vice President Biden, members of Congress, distinguished guests, and fellow Americans: Our Constitution declares that from time to time, the President shall give to Congress information about the state of our union.

And the idea here is simple: Instead of rewarding failure, we only reward success.

That's why the international community is more united, and the Islamic Republic of Iran is more isolated.

And one year later, the worst of the storm has passed.

Now, I know that some in my own party will argue that we can't address the deficit or freeze government spending when so many are still hurting.

Look, I am not interested in punishing banks.

We find unity in our incredible diversity, drawing on the promise enshrined in our Constitution: the notion that we're all created equal; that no matter who you are or what you look like, if you abide by the law you should be protected by it; if yo

Madam Speaker, Vice President Biden, members of Congress, distinguished guests, and fellow Americans: Our Constitution declares that from time to time, the President shall give to Congress information about the state of our union.

But I also know this problem is not going away.

A strong, healthy financial market makes it possible for businesses to access credit and create new jobs.

But what frustrates the American people is a Washington where every day is Election Day. We can't wage a perpetual campaign where the only goal is to see who can get the most embarrassing headlines about the other side -- a belief that if you lose,

So let's put aside the schoolyard taunts about who's tough.

And we're on track to add another one and a half million jobs to this total by the end of the year.

The plan that has made all of this possible, from the tax cuts to the jobs, is the Recovery Act. (Applause.)

We can't allow financial institutions, including those that take your deposits, to take risks that threaten the whole economy.

The only way to move to full employment is to lay a new foundation for long-term economic growth, and finally address the problems that America's families have confronted for years.

But that can only happen if we guard against the same recklessness that nearly brought down our entire economy.

I didn't choose to tackle this issue to get some legislative victory under my belt.

Washington may think that saying anything about the other side, no matter how false, no matter how malicious, is just part of the game.

That is why jobs must be our number-one focus in 2010, and that's why I'm calling for a new jobs bill tonight.

This year, we will step up refinancing so that homeowners can move into more affordable mortgages.

In the 21st century, the best anti-poverty program around is a world-class education.

As hard as it may be, as uncomfortable and contentious as the debates may become, it's time to get serious about fixing the problems that are hampering our growth.

And tonight, tonight I'd like to talk about how together we can deliver on that promise.

And according to the Congressional Budget Office -- the independent organization that both parties have cited as the official scorekeeper for Congress -- our approach would bring down the deficit by as much as $1 trillion over the next two decades.

And by the way, it's time for colleges and universities to get serious about cutting their own costs -- (applause) -- because they, too, have a responsibility to help solve this problem.

And it is precisely to relieve the burden on middle-class families that we still need health insurance reform.

With all due deference to separation of powers, last week the Supreme Court reversed a century of law that I believe will open the floodgates for special interests -- including foreign corporations -- to spend without limit in our elections.

And when we took that program over, we made it more transparent and more accountable.

They don't understand why it seems like bad behavior on Wall Street is rewarded, but hard work on Main Street isn't; or why Washington has been unable or unwilling to solve any of our problems.

Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis.

Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program.

One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

Through sheer grit and determination, these companies have weathered the recession and they're ready to grow.

And if the Republican leadership is going to insist that 60 votes in the Senate are required to do any business at all in this town -- a supermajority -- then the responsibility to govern is now yours as well.

You've trimmed some of this spending, you've embraced some meaningful change.

They're the very essence of our democracy.

And if the bill that ends up on my desk does not meet the test of real reform, I will send it back until we get it right.

These disagreements, about the role of government in our lives, about our national priorities and our national security, they've been taking place for over 200 years.

It would give small businesses and uninsured Americans a chance to choose an affordable health care plan in a competitive market.

Sadly, some of the unity we felt after 9/11 has dissipated.

We cut taxes for parents trying to care for their children.

This year, we will step up refinancing so that homeowners can move into more affordable mortgages.

We've prohibited torture and strengthened partnerships from the Pacific to South Asia to the Arabian Peninsula.

With all due deference to separation of powers, last week the Supreme Court reversed a century of law that I believe will open the floodgates for special interests -- including foreign corporations -- to spend without limit in our elections.

That's why we've excluded lobbyists from policymaking jobs, or seats on federal boards and commissions.

To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans.

For 220 years, our leaders have fulfilled this duty.

That's why we stand with the girl who yearns to go to school in Afghanistan; why we support the human rights of the women marching through the streets of Iran; why we advocate for the young man denied a job by corruption in Guinea.

That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65 percent cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

Now, even as we prosecute two wars, we're also confronting perhaps the greatest danger to the American people -- the threat of nuclear weapons.

Now, this year, we've broken through the stalemate between left and right by launching a national competition to improve our schools.

But we cannot let them win this fight.

We do not allow fear or division to break our spirit.

That's why North Korea now faces increased isolation, and stronger sanctions -- sanctions that are being vigorously enforced.

So I know the anxieties that are out there right now.

Now, yesterday, the Senate blocked a bill that would have created this commission.

And we should continue the work of fixing our broken immigration system -- to secure our borders and enforce our laws, and ensure that everyone who plays by the rules can contribute to our economy and enrich our nation.

It's tempting to look back on these moments and assume that our progress was inevitable -- that America was always destined to succeed.

There are projects like that all across this country that will create jobs and help move our nation's goods, services, and information.

And in Afghanistan, we're increasing our troops and training Afghan security forces so they can begin to take the lead in July of 2011, and our troops can begin to come home.

For those who make these claims, I have one simple question: How long should we wait?

This recession has also compounded the burdens that America's families have been dealing with for decades -- the burden of working harder and longer for less; of being unable to save enough to retire or help kids with college.

We're helping developing countries to feed themselves, and continuing the fight against HIV/AIDS.

In this new decade, it's time the American people get a government that matches their decency; that embodies their strength.

And when the vote comes tomorrow, the Senate should restore the pay-as-you-go law that was a big reason for why we had record surpluses in the 1990s.

And if we had allowed the meltdown of the financial system, unemployment might be double what it is today.

The only way to move to full employment is to lay a new foundation for long-term economic growth, and finally address the problems that America's families have confronted for years.

But I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response.

And that's why we'll continue to shape a Doha trade agreement that opens global markets, and why we will strengthen our trade relations in Asia and with key partners like South Korea and Panama and Colombia.

Madam Speaker, Vice President Biden, members of Congress, distinguished guests, and fellow Americans: Our Constitution declares that from time to time, the President shall give to Congress information about the state of our union.

The only way to move to full employment is to lay a new foundation for long-term economic growth, and finally address the problems that America's families have confronted for years.

We can't allow financial institutions, including those that take your deposits, to take risks that threaten the whole economy.

It begins with our economy.

We will support the Iraqi government -- we will support the Iraqi government as they hold elections, and we will continue to partner with the Iraqi people to promote regional peace and prosperity.

The aspirations they hold are shared: a job that pays the bills; a chance to get ahead; most of all, the ability to give their children a better life.

We've prohibited torture and strengthened partnerships from the Pacific to South Asia to the Arabian Peninsula.

Many businesses have shuttered.

Since the day I took office, we've renewed our focus on the terrorists who threaten our nation.

But if anyone from either party has a better approach that will bring down premiums, bring down the deficit, cover the uninsured, strengthen Medicare for seniors, and stop insurance company abuses, let me know.

After one of the most difficult years in our history, they remain busy building cars and teaching kids, starting businesses and going back to school.

So tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat.

This can't be one of those Washington gimmicks that lets us pretend we solved a problem.

These were the times that tested the courage of our convictions, and the strength of our union.

When we renew the Elementary and Secondary Education Act, we will work with Congress to expand these reforms to all 50 states.

And to encourage these and other businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of

And I know that with all the lobbying and horse-trading, the process left most Americans wondering, "What's in it for me?"

And to encourage these and other businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of

The federal government should do the same.

And I want a jobs bill on my desk without delay.

Last year, we made the largest investment in basic research funding in history -- (applause) -- an investment that could lead to the world's cheapest solar cells or treatment that kills cancer cells but leaves healthy ones untouched.

And what the American people hope -- what they deserve -- is for all of us, Democrats and Republicans, to work through our differences; to overcome the numbing weight of our politics.

It's a challenge that makes all others that much harder to solve, and one that's been subject to a lot of political posturing.

We're working through the G20 to sustain a lasting global recovery.

We've prohibited torture and strengthened partnerships from the Pacific to South Asia to the Arabian Peninsula.

And we are launching a new initiative that will give us the capacity to respond faster and more effectively to bioterrorism or an infectious disease -- a plan that will counter threats at home and strengthen public health abroad.

We cut taxes for parents trying to care for their children.

And in Afghanistan, we're increasing our troops and training Afghan security forces so they can begin to take the lead in July of 2011, and our troops can begin to come home.

My administration has a Civil Rights Division that is once again prosecuting civil rights violations and employment discrimination.

And for those who'd already known poverty, life has become that much harder.

Madam Speaker, Vice President Biden, members of Congress, distinguished guests, and fellow Americans: Our Constitution declares that from time to time, the President shall give to Congress information about the state of our union.

Let's seize this moment -- to start anew, to carry the dream forward, and to strengthen our union once more.

And that's why we'll continue to shape a Doha trade agreement that opens global markets, and why we will strengthen our trade relations in Asia and with key partners like South Korea and Panama and Colombia.

That's right -- the Recovery Act, also known as the stimulus bill.

And again, we must answer history's call.

But what frustrates the American people is a Washington where every day is Election Day. We can't wage a perpetual campaign where the only goal is to see who can get the most embarrassing headlines about the other side -- a belief that if you lose,

When the market crashed on Black Tuesday, and civil rights marchers were beaten on Bloody Sunday, the future was anything but certain.

From the first railroads to the Interstate Highway System, our nation has always been built to compete.

And if I have to enforce this discipline by veto, I will.

It channels the savings of families into investments that raise incomes.