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Remarks of President Barack Obama - As Prepared for Delivery

Address to Joint Session of Congress
February 24, 2009



Nauame Speakei, Ni. vice Piesiuent, Nembeis of Congiess, anu the Fiist Lauy of the 0niteu States:

I've come heie tonight not only to auuiess the uistinguisheu men anu women in this gieat chambei,
but to speak fiankly anu uiiectly to the men anu women who sent us heie.

I know that foi many Ameiicans watching iight now, the state of oui economy is a concein that
iises above all otheis. Anu iightly so. If you haven't been peisonally affecteu by this iecession, you
piobably know someone who has - a fiienu; a neighboi; a membei of youi family. You uon't neeu
to heai anothei list of statistics to know that oui economy is in ciisis, because you live it eveiy uay.
It's the woiiy you wake up with anu the souice of sleepless nights. It's the job you thought you'u
ietiie fiom but now have lost; the business you built youi uieams upon that's now hanging by a
thieau; the college acceptance lettei youi chilu hau to put back in the envelope. The impact of this
iecession is ieal, anu it is eveiywheie.

But while oui economy may be weakeneu anu oui confiuence shaken; though we aie living thiough
uifficult anu unceitain times, tonight I want eveiy Ameiican to know this:

We will iebuilu, we will iecovei, anu the 0niteu States of Ameiica will emeige stiongei than befoie.

The weight of this ciisis will not ueteimine the uestiny of this nation. The answeis to oui pioblems
uon't lie beyonu oui ieach. They exist in oui laboiatoiies anu univeisities; in oui fielus anu oui
factoiies; in the imaginations of oui entiepieneuis anu the piiue of the haiuest-woiking people on
Eaith. Those qualities that have maue Ameiica the gieatest foice of piogiess anu piospeiity in
human histoiy we still possess in ample measuie. What is iequiieu now is foi this countiy to pull
togethei, confiont boluly the challenges we face, anu take iesponsibility foi oui futuie once moie.

Now, if we'ie honest with ouiselves, we'll aumit that foi too long, we have not always met these
iesponsibilities - as a goveinment oi as a people. I say this not to lay blame oi look backwaius, but
because it is only by unueistanuing how we aiiiveu at this moment that we'll be able to lift
ouiselves out of this pieuicament.

The fact is, oui economy uiu not fall into uecline oveinight. Noi uiu all of oui pioblems begin when
the housing maiket collapseu oi the stock maiket sank. We have known foi uecaues that oui
suivival uepenus on finuing new souices of eneigy. Yet we impoit moie oil touay than evei befoie.
The cost of health caie eats up moie anu moie of oui savings each yeai, yet we keep uelaying
iefoim. 0ui chiluien will compete foi jobs in a global economy that too many of oui schools uo not
piepaie them foi. Anu though all these challenges went unsolveu, we still manageu to spenu moie
money anu pile up moie uebt, both as inuiviuuals anu thiough oui goveinment, than evei befoie.

In othei woius, we have liveu thiough an eia wheie too often, shoit-teim gains weie piizeu ovei
long-teim piospeiity; wheie we faileu to look beyonu the next payment, the next quaitei, oi the
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next election. A suiplus became an excuse to tiansfei wealth to the wealthy insteau of an
oppoitunity to invest in oui futuie. Regulations weie gutteu foi the sake of a quick piofit at the
expense of a healthy maiket. People bought homes they knew they coulun't affoiu fiom banks anu
lenueis who pusheu those bau loans anyway. Anu all the while, ciitical uebates anu uifficult
uecisions weie put off foi some othei time on some othei uay.

Well that uay of ieckoning has aiiiveu, anu the time to take chaige of oui futuie is heie.

Now is the time to act boluly anu wisely - to not only ievive this economy, but to builu a new
founuation foi lasting piospeiity. Now is the time to jumpstait job cieation, ie-stait lenuing, anu
invest in aieas like eneigy, health caie, anu euucation that will giow oui economy, even as we
make haiu choices to biing oui ueficit uown. That is what my economic agenua is uesigneu to uo,
anu that's what I'u like to talk to you about tonight.

It's an agenua that begins with jobs.

As soon as I took office, I askeu this Congiess to senu me a iecoveiy plan by Piesiuent's Bay that
woulu put people back to woik anu put money in theii pockets. Not because I believe in biggei
goveinment - I uon't. Not because I'm not minuful of the massive uebt we've inheiiteu - I am. I
calleu foi action because the failuie to uo so woulu have cost moie jobs anu causeu moie
haiuships. In fact, a failuie to act woulu have woiseneu oui long-teim ueficit by assuiing weak
economic giowth foi yeais. That's why I pusheu foi quick action. Anu tonight, I am giateful that
this Congiess ueliveieu, anu pleaseu to say that the Ameiican Recoveiy anu Reinvestment Act is
now law.

0vei the next two yeais, this plan will save oi cieate S.S million jobs. Noie than 9u% of these jobs
will be in the piivate sectoi - jobs iebuiluing oui ioaus anu biiuges; constiucting winu tuibines
anu solai panels; laying bioaubanu anu expanuing mass tiansit.

Because of this plan, theie aie teacheis who can now keep theii jobs anu euucate oui kius. Bealth
caie piofessionals can continue caiing foi oui sick. Theie aie S7 police officeis who aie still on the
stieets of Ninneapolis tonight because this plan pieventeu the layoffs theii uepaitment was about
to make.

Because of this plan, 9S% of the woiking householus in Ameiica will ieceive a tax cut - a tax cut
that you will see in youi paychecks beginning on Apiil 1st.

Because of this plan, families who aie stiuggling to pay tuition costs will ieceive a $2,Suu tax cieuit
foi all foui yeais of college. Anu Ameiicans who have lost theii jobs in this iecession will be able to
ieceive extenueu unemployment benefits anu continueu health caie coveiage to help them
weathei this stoim.

I know theie aie some in this chambei anu watching at home who aie skeptical of whethei this
plan will woik. I unueistanu that skepticism. Beie in Washington, we've all seen how quickly goou
intentions can tuin into bioken piomises anu wasteful spenuing. Anu with a plan of this scale
comes enoimous iesponsibility to get it iight.

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That is why I have askeu vice Piesiuent Biuen to leau a tough, unpieceuenteu oveisight effoit -
because nobouy messes with }oe. I have tolu each membei of my Cabinet as well as mayois anu
goveinois acioss the countiy that they will be helu accountable by me anu the Ameiican people foi
eveiy uollai they spenu. I have appointeu a pioven anu aggiessive Inspectoi ueneial to feiiet out
any anu all cases of waste anu fiauu. Anu we have cieateu a new website calleu iecoveiy.gov so
that eveiy Ameiican can finu out how anu wheie theii money is being spent.

So the iecoveiy plan we passeu is the fiist step in getting oui economy back on tiack. But it is just
the fiist step. Because even if we manage this plan flawlessly, theie will be no ieal iecoveiy unless
we clean up the cieuit ciisis that has seveiely weakeneu oui financial system.

I want to speak plainly anu canuiuly about this issue tonight, because eveiy Ameiican shoulu know
that it uiiectly affects you anu youi family's well-being. You shoulu also know that the money
you've uepositeu in banks acioss the countiy is safe; youi insuiance is secuie; anu you can iely on
the continueu opeiation of oui financial system. That is not the souice of concein.

The concein is that if we uo not ie-stait lenuing in this countiy, oui iecoveiy will be chokeu off
befoie it even begins.

You see, the flow of cieuit is the lifebloou of oui economy. The ability to get a loan is how you
finance the puichase of eveiything fiom a home to a cai to a college euucation; how stoies stock
theii shelves, faims buy equipment, anu businesses make payioll.

But cieuit has stoppeu flowing the way it shoulu. Too many bau loans fiom the housing ciisis have
maue theii way onto the books of too many banks. With so much uebt anu so little confiuence,
these banks aie now feaiful of lenuing out any moie money to householus, to businesses, oi to each
othei. When theie is no lenuing, families can't affoiu to buy homes oi cais. So businesses aie
foiceu to make layoffs. 0ui economy suffeis even moie, anu cieuit uiies up even fuithei.

That is why this auministiation is moving swiftly anu aggiessively to bieak this uestiuctive cycle,
iestoie confiuence, anu ie-stait lenuing.

We will uo so in seveial ways. Fiist, we aie cieating a new lenuing funu that iepiesents the laigest
effoit evei to help pioviue auto loans, college loans, anu small business loans to the consumeis anu
entiepieneuis who keep this economy iunning.

Seconu, we have launcheu a housing plan that will help iesponsible families facing the thieat of
foieclosuie lowei theii monthly payments anu ie-finance theii moitgages. It's a plan that won't
help speculatois oi that neighboi uown the stieet who bought a house he coulu nevei hope to
affoiu, but it will help millions of Ameiicans who aie stiuggling with ueclining home values -
Ameiicans who will now be able to take auvantage of the lowei inteiest iates that this plan has
alieauy helpeu biing about. In fact, the aveiage family who ie-finances touay can save neaily
$2uuu pei yeai on theii moitgage.

Thiiu, we will act with the full foice of the feueial goveinment to ensuie that the majoi banks that
Ameiicans uepenu on have enough confiuence anu enough money to lenu even in moie uifficult
times. Anu when we leain that a majoi bank has seiious pioblems, we will holu accountable those
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iesponsible, foice the necessaiy aujustments, pioviue the suppoit to clean up theii balance sheets,
anu assuie the continuity of a stiong, viable institution that can seive oui people anu oui economy.

I unueistanu that on any given uay, Wall Stieet may be moie comfoiteu by an appioach that gives
banks bailouts with no stiings attacheu, anu that holus nobouy accountable foi theii ieckless
uecisions. But such an appioach won't solve the pioblem. Anu oui goal is to quicken the uay when
we ie-stait lenuing to the Ameiican people anu Ameiican business anu enu this ciisis once anu foi
all.

I intenu to holu these banks fully accountable foi the assistance they ieceive, anu this time, they
will have to cleaily uemonstiate how taxpayei uollais iesult in moie lenuing foi the Ameiican
taxpayei. This time, CE0s won't be able to use taxpayei money to pau theii paychecks oi buy fancy
uiapes oi uisappeai on a piivate jet. Those uays aie ovei.

Still, this plan will iequiie significant iesouices fiom the feueial goveinment - anu yes, piobably
moie than we've alieauy set asiue. But while the cost of action will be gieat, I can assuie you that
the cost of inaction will be fai gieatei, foi it coulu iesult in an economy that sputteis along foi not
months oi yeais, but peihaps a uecaue. That woulu be woise foi oui ueficit, woise foi business,
woise foi you, anu woise foi the next geneiation. Anu I iefuse to let that happen.

I unueistanu that when the last auministiation askeu this Congiess to pioviue assistance foi
stiuggling banks, Bemociats anu Republicans alike weie infuiiateu by the mismanagement anu
iesults that followeu. So weie the Ameiican taxpayeis. So was I.

So I know how unpopulai it is to be seen as helping banks iight now, especially when eveiyone is
suffeiing in pait fiom theii bau uecisions. I piomise you - I get it.

But I also know that in a time of ciisis, we cannot affoiu to govein out of angei, oi yielu to the
politics of the moment. Ny job - oui job - is to solve the pioblem. 0ui job is to govein with a sense
of iesponsibility. I will not spenu a single penny foi the puipose of iewaiuing a single Wall Stieet
executive, but I will uo whatevei it takes to help the small business that can't pay its woikeis oi the
family that has saveu anu still can't get a moitgage.

That's what this is about. It's not about helping banks - it's about helping people. Because when
cieuit is available again, that young family can finally buy a new home. Anu then some company
will hiie woikeis to builu it. Anu then those woikeis will have money to spenu, anu if they can get
a loan too, maybe they'll finally buy that cai, oi open theii own business. Investois will ietuin to
the maiket, anu Ameiican families will see theii ietiiement secuieu once moie. Slowly, but suiely,
confiuence will ietuin, anu oui economy will iecovei.

So I ask this Congiess to join me in uoing whatevei pioves necessaiy. Because we cannot consign
oui nation to an open-enueu iecession. Anu to ensuie that a ciisis of this magnituue nevei
happens again, I ask Congiess to move quickly on legislation that will finally iefoim oui outuateu
iegulatoiy system. It is time to put in place tough, new common-sense iules of the ioau so that oui
financial maiket iewaius uiive anu innovation, anu punishes shoit-cuts anu abuse.

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The iecoveiy plan anu the financial stability plan aie the immeuiate steps we'ie taking to ievive
oui economy in the shoit-teim. But the only way to fully iestoie Ameiica's economic stiength is to
make the long-teim investments that will leau to new jobs, new inuustiies, anu a ieneweu ability to
compete with the iest of the woilu. The only way this centuiy will be anothei Ameiican centuiy is
if we confiont at last the piice of oui uepenuence on oil anu the high cost of health caie; the schools
that aien't piepaiing oui chiluien anu the mountain of uebt they stanu to inheiit. That is oui
iesponsibility.

In the next few uays, I will submit a buuget to Congiess. So often, we have come to view these
uocuments as simply numbeis on a page oi launuiy lists of piogiams. I see this uocument
uiffeiently. I see it as a vision foi Ameiica - as a bluepiint foi oui futuie.

Ny buuget uoes not attempt to solve eveiy pioblem oi auuiess eveiy issue. It ieflects the staik
ieality of what we've inheiiteu - a tiillion uollai ueficit, a financial ciisis, anu a costly iecession.

uiven these iealities, eveiyone in this chambei - Bemociats anu Republicans - will have to
saciifice some woithy piioiities foi which theie aie no uollais. Anu that incluues me.

But that uoes not mean we can affoiu to ignoie oui long-teim challenges. I ieject the view that says
oui pioblems will simply take caie of themselves; that says goveinment has no iole in laying the
founuation foi oui common piospeiity.

Foi histoiy tells a uiffeient stoiy. Bistoiy ieminus us that at eveiy moment of economic upheaval
anu tiansfoimation, this nation has iesponueu with bolu action anu big iueas. In the miust of civil
wai, we laiu iailioau tiacks fiom one coast to anothei that spuiieu commeice anu inuustiy. Fiom
the tuimoil of the Inuustiial Revolution came a system of public high schools that piepaieu oui
citizens foi a new age. In the wake of wai anu uepiession, the uI Bill sent a geneiation to college
anu cieateu the laigest miuule-class in histoiy. Anu a twilight stiuggle foi fieeuom leu to a nation
of highways, an Ameiican on the moon, anu an explosion of technology that still shapes oui woilu.

In each case, goveinment uiun't supplant piivate enteipiise; it catalyzeu piivate enteipiise. It
cieateu the conuitions foi thousanus of entiepieneuis anu new businesses to auapt anu to thiive.

We aie a nation that has seen piomise amiu peiil, anu claimeu oppoitunity fiom oiueal. Now we
must be that nation again. That is why, even as it cuts back on the piogiams we uon't neeu, the
buuget I submit will invest in the thiee aieas that aie absolutely ciitical to oui economic futuie:
eneigy, health caie, anu euucation.
It begins with eneigy.

We know the countiy that hainesses the powei of clean, ienewable eneigy will leau the 21st
centuiy. Anu yet, it is China that has launcheu the laigest effoit in histoiy to make theii economy
eneigy efficient. We inventeu solai technology, but we've fallen behinu countiies like ueimany anu
}apan in piouucing it. New plug-in hybiius ioll off oui assembly lines, but they will iun on batteiies
maue in Koiea.

Well I uo not accept a futuie wheie the jobs anu inuustiies of tomoiiow take ioot beyonu oui
boiueis - anu I know you uon't eithei. It is time foi Ameiica to leau again.
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Thanks to oui iecoveiy plan, we will uouble this nation's supply of ienewable eneigy in the next
thiee yeais. We have also maue the laigest investment in basic ieseaich funuing in Ameiican
histoiy - an investment that will spui not only new uiscoveiies in eneigy, but bieakthioughs in
meuicine, science, anu technology.

We will soon lay uown thousanus of miles of powei lines that can caiiy new eneigy to cities anu
towns acioss this countiy. Anu we will put Ameiicans to woik making oui homes anu builuings
moie efficient so that we can save billions of uollais on oui eneigy bills.

But to tiuly tiansfoim oui economy, piotect oui secuiity, anu save oui planet fiom the iavages of
climate change, we neeu to ultimately make clean, ienewable eneigy the piofitable kinu of eneigy.
So I ask this Congiess to senu me legislation that places a maiket-baseu cap on caibon pollution
anu uiives the piouuction of moie ienewable eneigy in Ameiica. Anu to suppoit that innovation,
we will invest fifteen billion uollais a yeai to uevelop technologies like winu powei anu solai
powei; auvanceu biofuels, clean coal, anu moie fuel-efficient cais anu tiucks built iight heie in
Ameiica.

As foi oui auto inuustiy, eveiyone iecognizes that yeais of bau uecision-making anu a global
iecession have pusheu oui automakeis to the biink. We shoulu not, anu will not, piotect them
fiom theii own bau piactices. But we aie committeu to the goal of a ie-tooleu, ie-imagineu auto
inuustiy that can compete anu win. Nillions of jobs uepenu on it. Scoies of communities uepenu
on it. Anu I believe the nation that inventeu the automobile cannot walk away fiom it.

None of this will come without cost, noi will it be easy. But this is Ameiica. We uon't uo what's
easy. We uo what is necessaiy to move this countiy foiwaiu.

Foi that same ieason, we must also auuiess the ciushing cost of health caie.

This is a cost that now causes a bankiuptcy in Ameiica eveiy thiity seconus. By the enu of the yeai,
it coulu cause 1.S million Ameiicans to lose theii homes. In the last eight yeais, piemiums have
giown foui times fastei than wages. Anu in each of these yeais, one million moie Ameiicans have
lost theii health insuiance. It is one of the majoi ieasons why small businesses close theii uoois
anu coipoiations ship jobs oveiseas. Anu it's one of the laigest anu fastest-giowing paits of oui
buuget.

uiven these facts, we can no longei affoiu to put health caie iefoim on holu.

Alieauy, we have uone moie to auvance the cause of health caie iefoim in the last thiity uays than
we have in the last uecaue. When it was uays olu, this Congiess passeu a law to pioviue anu
piotect health insuiance foi eleven million Ameiican chiluien whose paients woik full-time. 0ui
iecoveiy plan will invest in electionic health iecoius anu new technology that will ieuuce eiiois,
biing uown costs, ensuie piivacy, anu save lives. It will launch a new effoit to conquei a uisease
that has toucheu the life of neaily eveiy Ameiican by seeking a cuie foi cancei in oui time. Anu it
makes the laigest investment evei in pieventive caie, because that is one of the best ways to keep
oui people healthy anu oui costs unuei contiol.

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This buuget builus on these iefoims. It incluues an histoiic commitment to compiehensive health
caie iefoim - a uown-payment on the piinciple that we must have quality, affoiuable health caie
foi eveiy Ameiican. It's a commitment that's paiu foi in pait by efficiencies in oui system that aie
long oveiuue. Anu it's a step we must take if we hope to biing uown oui ueficit in the yeais to
come.

Now, theie will be many uiffeient opinions anu iueas about how to achieve iefoim, anu that is why
I'm biinging togethei businesses anu woikeis, uoctois anu health caie pioviueis, Bemociats anu
Republicans to begin woik on this issue next week.

I suffei no illusions that this will be an easy piocess. It will be haiu. But I also know that neaily a
centuiy aftei Teuuy Roosevelt fiist calleu foi iefoim, the cost of oui health caie has weigheu uown
oui economy anu the conscience of oui nation long enough. So let theie be no uoubt: health caie
iefoim cannot wait, it must not wait, anu it will not wait anothei yeai.

The thiiu challenge we must auuiess is the uigent neeu to expanu the piomise of euucation in
Ameiica.

In a global economy wheie the most valuable skill you can sell is youi knowleuge, a goou euucation
is no longei just a pathway to oppoitunity - it is a pie-iequisite.

Right now, thiee-quaiteis of the fastest-giowing occupations iequiie moie than a high school
uiploma. Anu yet, just ovei half of oui citizens have that level of euucation. We have one of the
highest high school uiopout iates of any inuustiializeu nation. Anu half of the stuuents who begin
college nevei finish.

This is a piesciiption foi economic uecline, because we know the countiies that out-teach us touay
will out-compete us tomoiiow. That is why it will be the goal of this auministiation to ensuie that
eveiy chilu has access to a complete anu competitive euucation - fiom the uay they aie boin to the
uay they begin a caieei.

Alieauy, we have maue an histoiic investment in euucation thiough the economic iecoveiy plan.
We have uiamatically expanueu eaily chiluhoou euucation anu will continue to impiove its quality,
because we know that the most foimative leaining comes in those fiist yeais of life. We have maue
college affoiuable foi neaily seven million moie stuuents. Anu we have pioviueu the iesouices
necessaiy to pievent painful cuts anu teachei layoffs that woulu set back oui chiluien's piogiess.

But we know that oui schools uon't just neeu moie iesouices. They neeu moie iefoim. That is
why this buuget cieates new incentives foi teachei peifoimance; pathways foi auvancement, anu
iewaius foi success. We'll invest in innovative piogiams that aie alieauy helping schools meet
high stanuaius anu close achievement gaps. Anu we will expanu oui commitment to chaitei
schools.

It is oui iesponsibility as lawmakeis anu euucatois to make this system woik. But it is the
iesponsibility of eveiy citizen to paiticipate in it. Anu so tonight, I ask eveiy Ameiican to commit
to at least one yeai oi moie of highei euucation oi caieei tiaining. This can be community college
oi a foui-yeai school; vocational tiaining oi an appienticeship. But whatevei the tiaining may be,
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eveiy Ameiican will neeu to get moie than a high school uiploma. Anu uiopping out of high school
is no longei an option. It's not just quitting on youiself, it's quitting on youi countiy - anu this
countiy neeus anu values the talents of eveiy Ameiican. That is why we will pioviue the suppoit
necessaiy foi you to complete college anu meet a new goal: by 2u2u, Ameiica will once again have
the highest piopoition of college giauuates in the woilu.

I know that the piice of tuition is highei than evei, which is why if you aie willing to volunteei in
youi neighboihoou oi give back to youi community oi seive youi countiy, we will make suie that
you can affoiu a highei euucation. Anu to encouiage a ieneweu spiiit of national seivice foi this
anu futuie geneiations, I ask this Congiess to senu me the bipaitisan legislation that beais the
name of Senatoi 0iiin Batch as well as an Ameiican who has nevei stoppeu asking what he can uo
foi his countiy - Senatoi Euwaiu Kenneuy.

These euucation policies will open the uoois of oppoitunity foi oui chiluien. But it is up to us to
ensuie they walk thiough them. In the enu, theie is no piogiam oi policy that can substitute foi a
mothei oi fathei who will attenu those paientteachei confeiences, oi help with homewoik aftei
uinnei, oi tuin off the Tv, put away the viueo games, anu ieau to theii chilu. I speak to you not just
as a Piesiuent, but as a fathei when I say that iesponsibility foi oui chiluien's euucation must begin
at home.

Theie is, of couise, anothei iesponsibility we have to oui chiluien. Anu that is the iesponsibility to
ensuie that we uo not pass on to them a uebt they cannot pay. With the ueficit we inheiiteu, the
cost of the ciisis we face, anu the long-teim challenges we must meet, it has nevei been moie
impoitant to ensuie that as oui economy iecoveis, we uo what it takes to biing this ueficit uown.

I'm piouu that we passeu the iecoveiy plan fiee of eaimaiks, anu I want to pass a buuget next yeai
that ensuies that each uollai we spenu ieflects only oui most impoitant national piioiities.

Yesteiuay, I helu a fiscal summit wheie I pleugeu to cut the ueficit in half by the enu of my fiist
teim in office. Ny auministiation has also begun to go line by line thiough the feueial buuget in
oiuei to eliminate wasteful anu ineffective piogiams. As you can imagine, this is a piocess that will
take some time. But we'ie staiting with the biggest lines. We have alieauy iuentifieu two tiillion
uollais in savings ovei the next uecaue.

In this buuget, we will enu euucation piogiams that uon't woik anu enu uiiect payments to laige
agiibusinesses that uon't neeu them. We'll eliminate the no-biu contiacts that have wasteu billions
in Iiaq, anu iefoim oui uefense buuget so that we'ie not paying foi Colu Wai-eia weapons systems
we uon't use. We will ioot out the waste, fiauu, anu abuse in oui Neuicaie piogiam that uoesn't
make oui seniois any healthiei, anu we will iestoie a sense of faiiness anu balance to oui tax coue
by finally enuing the tax bieaks foi coipoiations that ship oui jobs oveiseas.

In oiuei to save oui chiluien fiom a futuie of uebt, we will also enu the tax bieaks foi the
wealthiest 2% of Ameiicans. But let me peifectly cleai, because I know you'll heai the same olu
claims that iolling back these tax bieaks means a massive tax inciease on the Ameiican people: if
youi family eains less than $2Su,uuu a yeai, you will not see youi taxes incieaseu a single uime. I
iepeat: not one single uime. In fact, the iecoveiy plan pioviues a tax cut - that's iight, a tax cut - foi
9S% of woiking families. Anu these checks aie on the way.
9

To pieseive oui long-teim fiscal health, we must also auuiess the giowing costs in Neuicaie anu
Social Secuiity. Compiehensive health caie iefoim is the best way to stiengthen Neuicaie foi
yeais to come. Anu we must also begin a conveisation on how to uo the same foi Social Secuiity,
while cieating tax-fiee univeisal savings accounts foi all Ameiicans.

Finally, because we'ie also suffeiing fiom a ueficit of tiust, I am committeu to iestoiing a sense of
honesty anu accountability to oui buuget. That is why this buuget looks aheau ten yeais anu
accounts foi spenuing that was left out unuei the olu iules - anu foi the fiist time, that incluues the
full cost of fighting in Iiaq anu Afghanistan. Foi seven yeais, we have been a nation at wai. No
longei will we hiue its piice.

We aie now caiefully ieviewing oui policies in both wais, anu I will soon announce a way foiwaiu
in Iiaq that leaves Iiaq to its people anu iesponsibly enus this wai.

Anu with oui fiienus anu allies, we will foige a new anu compiehensive stiategy foi Afghanistan
anu Pakistan to uefeat al Qaeua anu combat extiemism. Because I will not allow teiioiists to plot
against the Ameiican people fiom safe havens half a woilu away.

As we meet heie tonight, oui men anu women in unifoim stanu watch abioau anu moie aie
ieauying to ueploy. To each anu eveiy one of them, anu to the families who beai the quiet buiuen
of theii absence, Ameiicans aie uniteu in senuing one message: we honoi youi seivice, we aie
inspiieu by youi saciifice, anu you have oui unyieluing suppoit. To ielieve the stiain on oui foices,
my buuget incieases the numbei of oui soluieis anu Naiines. Anu to keep oui sacieu tiust with
those who seive, we will iaise theii pay, anu give oui veteians the expanueu health caie anu
benefits that they have eaineu.

To oveicome extiemism, we must also be vigilant in upholuing the values oui tioops uefenu -
because theie is no foice in the woilu moie poweiful than the example of Ameiica. That is why I
have oiueieu the closing of the uetention centei at uuantanamo Bay, anu will seek swift anu
ceitain justice foi captuieu teiioiists - because living oui values uoesn't make us weakei, it makes
us safei anu it makes us stiongei. Anu that is why I can stanu heie tonight anu say without
exception oi equivocation that the 0niteu States of Ameiica uoes not toituie.

In woius anu ueeus, we aie showing the woilu that a new eia of engagement has begun. Foi we
know that Ameiica cannot meet the thieats of this centuiy alone, but the woilu cannot meet them
without Ameiica. We cannot shun the negotiating table, noi ignoie the foes oi foices that coulu uo
us haim. We aie insteau calleu to move foiwaiu with the sense of confiuence anu canuoi that
seiious times uemanu.

To seek piogiess towaiu a secuie anu lasting peace between Isiael anu hei neighbois, we have
appointeu an envoy to sustain oui effoit. To meet the challenges of the 21st centuiy - fiom
teiioiism to nucleai piolifeiation; fiom panuemic uisease to cybei thieats to ciushing poveity -
we will stiengthen olu alliances, foige new ones, anu use all elements of oui national powei.

Anu to iesponu to an economic ciisis that is global in scope, we aie woiking with the nations of the
u-2u to iestoie confiuence in oui financial system, avoiu the possibility of escalating piotectionism,
1u
anu spui uemanu foi Ameiican goous in maikets acioss the globe. Foi the woilu uepenus on us to
have a stiong economy, just as oui economy uepenus on the stiength of the woilu's.

As we stanu at this ciossioaus of histoiy, the eyes of all people in all nations aie once again upon us
- watching to see what we uo with this moment; waiting foi us to leau.

Those of us gatheieu heie tonight have been calleu to govein in extiaoiuinaiy times. It is a
tiemenuous buiuen, but also a gieat piivilege - one that has been entiusteu to few geneiations of
Ameiicans. Foi in oui hanus lies the ability to shape oui woilu foi goou oi foi ill.

I know that it is easy to lose sight of this tiuth - to become cynical anu uoubtful; consumeu with the
petty anu the tiivial.

But in my life, I have also leaineu that hope is founu in unlikely places; that inspiiation often comes
not fiom those with the most powei oi celebiity, but fiom the uieams anu aspiiations of
Ameiicans who aie anything but oiuinaiy.

I think about Leonaiu Abess, the bank piesiuent fiom Niami who iepoiteuly casheu out of his
company, took a $6u million bonus, anu gave it out to all S99 people who woikeu foi him, plus
anothei 72 who useu to woik foi him. Be uiun't tell anyone, but when the local newspapei founu
out, he simply saiu, ''I knew some of these people since I was 7 yeais olu. I uiun't feel iight getting
the money myself."

I think about uieensbuig, Kansas, a town that was completely uestioyeu by a toinauo, but is being
iebuilt by its iesiuents as a global example of how clean eneigy can powei an entiie community -
how it can biing jobs anu businesses to a place wheie piles of biicks anu iubble once lay. "The
tiageuy was teiiible," saiu one of the men who helpeu them iebuilu. "But the folks heie know that
it also pioviueu an incieuible oppoitunity."

Anu I think about Ty'Sheoma Bethea, the young giil fiom that school I visiteu in Billon, South
Caiolina - a place wheie the ceilings leak, the paint peels off the walls, anu they have to stop
teaching six times a uay because the tiain baiiels by theii classioom. She has been tolu that hei
school is hopeless, but the othei uay aftei class she went to the public libiaiy anu typeu up a lettei
to the people sitting in this ioom. She even askeu hei piincipal foi the money to buy a stamp. The
lettei asks us foi help, anu says, "We aie just stuuents tiying to become lawyeis, uoctois,
congiessmen like youiself anu one uay piesiuent, so we can make a change to not just the state of
South Caiolina but also the woilu. We aie not quitteis."

We aie not quitteis.

These woius anu these stoiies tell us something about the spiiit of the people who sent us heie.
They tell us that even in the most tiying times, amiu the most uifficult ciicumstances, theie is a
geneiosity, a iesilience, a uecency, anu a ueteimination that peiseveies; a willingness to take
iesponsibility foi oui futuie anu foi posteiity.

Theii iesolve must be oui inspiiation. Theii conceins must be oui cause. Anu we must show them
anu all oui people that we aie equal to the task befoie us.
11

I know that we haven't agieeu on eveiy issue thus fai, anu theie aie suiely times in the futuie
when we will pait ways. But I also know that eveiy Ameiican who is sitting heie tonight loves this
countiy anu wants it to succeeu. That must be the staiting point foi eveiy uebate we have in the
coming months, anu wheie we ietuin aftei those uebates aie uone. That is the founuation on
which the Ameiican people expect us to builu common giounu.

Anu if we uo - if we come togethei anu lift this nation fiom the uepths of this ciisis; if we put oui
people back to woik anu iestait the engine of oui piospeiity; if we confiont without feai the
challenges of oui time anu summon that enuuiing spiiit of an Ameiica that uoes not quit, then
someuay yeais fiom now oui chiluien can tell theii chiluien that this was the time when we
peifoimeu, in the woius that aie caiveu into this veiy chambei, "something woithy to be
iemembeieu." Thank you, uou Bless you, anu may uou Bless the 0niteu States of Ameiica.