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states.

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Barack Obama: thank you, everybody. [applause] thank you ve thank you very president, members of congress, the first ladyf the united

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Barack Obama: only to address t distinguished men and women in this great chamber, but to speak frankly and directly to the men and women who sent us here. i know that for many americans watching right our economy is a concern that rises above all others, and rightly so.

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Barack Obama: with. it is the job you thought he would retire from but now have lost, the business that you built your dreams upon that is now hanging by a thread, the college acceptance letter that your child had to put back in the envelope. the impact of this recession is

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Barack Obama: will not determine the destiny of this nation. that answers to our problems do not beyond our reach. they exist in our laboratories and our universities, our fields and our factories, in the imaginations and ignores and the pride of the hardest working people on earth.

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Barack Obama: ourselves, we will admit that we have not met these responsibilities as a government or as a people. I say this not to lay blame or look backwards, I say this because only by understanding how we arrived at this moment that we will be able to lift ourselves up out of this predicament. our economy did not fall into

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Barack Obama: each year, yet we keep delaying reform. our children will compete for jobs that too many of our schools do not prepare them for. all of these challenges went unsolved, we still managed to spend more money and piled up more debt, both as individuals and the government, at than ever before.

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Barack Obama: regulations were gutted for the sake/? of a quick profit. they could not afford from banks and lenders who pushed those bad loans anyway. And all the while, critical debates and decisions were put off for some other time on some other day. That day of reckoning has

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Barack Obama: health care, and education so they can grow our economy. Even as we make hard choices to keep our deficit down. That is what my economic agenda is designed to do, and that is what I would like to talk to you tonight. it is an jobs. [applause] as soon as i took office, i

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Barack Obama: more jobs and cost more hardship. a failure to act would have worsened our long term deficit by ensuring weak economic growth for years, which is why I pushed for quick action. Tonight, I am grateful that this congress delivered. reinvestment act is now law.

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Barack Obama: over the next two years, this plan will save or create 3.5 million jobs. more than 90% of these jobs will be in the private sector, jobs rebuilding our roads and bridges, constructing wind turbines and solar panels, laying broadband and mass transit. because of this plan, there are

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Barack Obama: because of this plan, 95% of working households in America will receive a tax cut. a tax cut that you will see in your paychecks beginning on April 1st. because of this plan, families struggling to pay tuition costs

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Barack Obama: now i know there are some in this chamber and watching at home who are skeptical of whether this plan will work and I understand that skepticism. Here in Washington we understand how quickly good intentions can turn into broken promises and wasteful spending. With a plan of this scale comes enormous responsibility to get it right.

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because nobody messes with joe. i have told each of my cabinet, as well as mayors and governors across the country that they will be held accountable by me and the american people for every dollar they spend. i've appointed a proven and aggressive inspector general to ferrit out any and call cases of waste and fraud.

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no real recovery unless we clean up the credit crisis that has severely weakened our financial system. i want to speak plainly and candidly about this issue tonight. because every american should know that it directly affects you and your family's well being. you should also know that the money you've deposited in banks across the country is safe.

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the life blood of our economy. the ability to get a loan is how you finance the purchase of everything from a home to a car to a college education. how stores stock their shelves. farms buy equipment and businesses make payroll. the credit has stopped flowing the way it should. too many bad loans from the

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and credit dries up even further. that is why this administration is moving swiftly and aggressively to break this destructive cycle, to restore confidence and restart lending. we will do so in several ways. first, we are creating a new lending fund that represents the largest effort ever to help pride auto loan, college loans

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keep this economy running. second, we have launched a housing plan that will help responsible famili facing the threat of fore cle sure lower their monthly payments and refinance their mortgages. it's a plan that won't help speculators or the neighbor down the street who bought a house he could never hope to afford. but it will help millions of

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third, we will full for government to ensure the major banks them americans depend on have enough confidence and money to lend even in difficult times. when we learn a major bank has serious problems, we will hold accountable those responsible, force the necessary adjustments, provide the support to clean up

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problem. our goal is to quicken the day when we restart leppeding to the american people and american business and end this crisis once and for all and i intend to hold these banks fully accountable for the assistance they receive and this time, they will have to clearly demonstrate how t more lending for the american

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stil this plan will require significant resources from the federal government. and, yes, probably more than we've already set aside. but while the cost of action will be great, i can assure you that the cost of inaction will be far greater. for it could result in an economy that sputters along for not months or years but perhaps a decade.

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let that happen. now i understand that when the last administration asked this congress to provide assistance for struggling banks, democrats and republicans alike were infuriated by the mismanagement and the results that followed. so were the american taxpayers. so was i. so i know how unpopular it is to be seen as helping banks right now.

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sense of responsibility. i will not send -- i will not spend a single penny for the purpose of rewarding a single wal wall street executive but i will do whatever it takes to help the small business that can't pay its workers or the fa can't get a mortgage. that's what this is about. it's not about helping banks,

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business. investors will return to the market. and american families will see their retirement secured once more. slowly but surely confidence will return and our economy will recover.??

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it is time, it is time. it is time to put in place tough new commonsense rules of the road so that our financial market rewards drive and innovation and punishes short cuts ands? abuse. the recovery plan and the financial stability plan are the immediate steps we're taking to revive our economy in

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care, the schools that aren't preparing our children and the mountain of debt they stand to inhert. that is our responsibility. in the next few daysly submit a budget to congress -- i will submit a budget to congress. we view these documents as numbers on a page or a laundry list of programs. i see this document differently. i see it as a vision for

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republicans, will have to sacrifice some worthy priorities for which there are no dollars. and that includes me. but that does not mean we can afford to ignore our long-term challenges. i reject the view that says our problems will simply take care of themselves. that says government has no role in laying the foundation for our common prosperity.

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system of public high schools that prepared our citizens for a new age. in the wake of war and oppression, the g.i. bill sent a generation to college and created the largest middle

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new businesses to adapt and to thrive. we are a nation that has seen promise amid peril and claed opportunity for more deal. now we must be that nation again. that is why even as it cuts back on programs we don't need, the budget i submit will invest in the three areas that are absolutely critical to our

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it begins with energy. we know the country that harn renewable energy will lead the 21st century. and yet it is china that has launched the largest effort in history to make their economy energy efficient. we invented solar technology but we have fallen behind countries like germany and

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again. thanks to our recovery plan, we will double this nation's supply of renewable energy in the next three years. we've also made the largest investment in basic research funding in american history. an investment that will spur energy but breakthroughs in medicine and science and technology.

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change, we need to ultimately make clean, renewable energy that, the profitable kind of energy. so i ask this congress to send me gislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in america.

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america. speaking of our auto industry. everyone recognizes the years of bad decisionmaking and a global recession have pushed our automakers to the brink. we should not and will not protect them from their own bad practices. but we are committed to the goal of a retooled, reimagined

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cannot walk away from it now, none of this will come without cost. nor will it be easy. but this is america. we don't do what's easy. we do what's necessary to move this country forward. and for that same reason, we must also address the crushing cost of health care. there's a cost that now causes

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why small businesses close their doors and corporations ship jobs yeaferseas. and it is one of the largest and fastest growing parts of our budget. given these facts, we can no longer afford to put health care reform on hold. we can't affd to do it.

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work full time. our recovery plan will invent in electronic health records and new technology that will reduce errors, bring down costs, ensure privacy and save lives. they will launch a new effort to conquer a disease that has touched the life of nearly every american, including me, by seeking a cure for cancer in

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healthy and our costs under control. this budget builds on these reforms. it includes a historic commitment to comprehensive health care reform, a down payment on the principle that we must have quality, affordable health care for every american. it's a commitment, it's a commitment that's paid for in

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this issue next week. i suffer no illusions that this will be an easy process. ce again, it will be hard, but i also know that nearly a century after it teddy roosevelt first reform, the cost of our health care has weighed down our economy and our conscience long enough. so let there be no doubt,

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not wait another year. the third challenge we must address is the urgenate to expand the promise -- the urged need to expand the promise of education in america. in an economy where the most valuable skill you can sell is your knowledge, a good education is not a pathway to opportunity,

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countries that out-teach us today will out-compete us tomorrow. that's why it will be the goal of this administration to ensure that every child has access to a complete and education from the day they are born to the day they begin a career. that is a promise we have to make for the children of

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and we have provided the resources necessary to prevent painful cuts and teacher layoffs that would set back our children's progress. but we know our schools don't just need more resources, they need more reform. that is why -- that is why this budget creates new teac

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it is our responsibility as lawmakers and as educators to make the system work. every citizen to participate in it. so tonight, i ask every american to commit to at least one year or more of higher education or career traing. this can be a community college or a four-year school. vocational traing or

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american. that's why we will support, we will provide the support necessary for all young americans to complete college and meet a new goal. by 2020, america will once again have the highest proportion of college graduates in the world. that is a goal we can meet.

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encourage a renewed spirit of nation service for this and future generations, i ask congress to send me the bipartisan legislation that bears e name of senator orrin hatch as well as an american who has never stopped asking what he can do for his country, senator

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conferences or help with homework or turn off the tv, put away the video game, read to their child. i speak to you not jt as a president, but as a father when i say that responsibility for our children's education must begin at home. or a republican sue, that'an

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them a debt they cannot pay. i agree. absolutely. see, i know we can?j get some consensus in here. with the deficit we inherited,

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recovery plan free or earmarks and i want to pass a budget next year that ensures that each dollar we spend reflects only our most important national priorities. and yesterday i held a summit where i pledged to cut the deficit in half by the end of my first term in office.

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savings over the next decade. in this budget we will end education programs that don't work. and end direct payments to large agribusiness that don't them. we'll eliminate -- we'll

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paying for cold war era weapons systems we don't use. we will root out the waste and system that doesn't make our seniors any healthier. we will restore a sense of code by ending the tax breaks

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wealthiest 2% of americans. now let me be clear, let m be absolutely clear, because i know you'll end up hearing some of the same claims, that rolling back these tax breaks means a massive tax increase on the american people. if your family earns less than $250,000 a year, a quarter

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in fact -- not a dime. in fact, the recovery pl provides a tax cut, that's right a tax cut for 95% oworking families. and by the way, these checks are

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creating tax-free universal savings accounts for all americans. finally, because we're also suffering from a deficit of trust, i am committed to restoring a sense of honesty and accountability to our budget. that is why this budget looks ahead 10 years and accounts for spending that was left out under the old rules.

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along with our outstanding national security team, i am now carefully reviewing our policies in both wars. i will soon announce a way forward in iraq that leaves iraq to its people and responsibly

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we will not allow it. as we meet here tonight, our men and women in uniform stand watch abroad and more are waiting to deploy. to each and every one of them and to the families who bear the quiet burden of their absence, americans are united in sending one message. we honor your s

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to relieve t strain on our forces, my budget increases the number of our soldiers and marines and to keep our sacred trust with those who serve, we will raise their pay and give care and benefits that they have

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at guantanamo bay and will seek swift and certain justice for captured terrorists. because living our values do makes stronger. and that is whyky stand here tonight and say without exception that the united

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here tonight. in words and deeds, we are showing the world that a new a -- era of engagement has begun. for we know that america cannot meet the threats of this century alone. that the world cannot meet them without america. we cannot shun the negotiating table. nor ignore the foes or forces

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nuclear proliferation, from pandemic disease to cyber threats, to crushing poverty, we will strengthen old alliances, forge new ones and use all elements of our national power. and to respond to an economic crisis that is global in scope, we are working with the nations of the g-20 to restore confidence in our financial system, avoid the possibility

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watching to see what we do with this moment. waiting for to us lead. those of us gathered here tonight have been called to govern in extraordinary times. it is a tremendous burden but also a great privilege. one that has been entrusted to few generations of americans. for in our hands lies the

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the dreams and aspirations of ordinary americans who are anything but ordinary. i think of leonard abbis, a bank president from miami who reportedly cashed out of his company, took a $60 million bonus and gave it out to all

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about -- i think about greensburg, kansas, a town that was completely destroyed by a tornado but it's being rebuilt by its residents as a global example of how clean energy can power an entire community. how can can bring jobs and businesses to a place where

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incredible opportunity. she went to the public library and typed up a letter to the people sitting in this chamber. she even asked her principle