English subtitles for clip: File:2012 State Of The Union Address (720p).ogv

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(applause)

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The President:
Thank you.

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Everybody, please be seated.

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Mr. Speaker, Mr. Vice
President, members of Congress,

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distinguished guests,
and fellow Americans:

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Last month, I went to Andrews
Air Force Base and welcomed home

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some of our last troops
to serve in Iraq.

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Together, we offered a final,
proud salute to the colors under

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which more than a million of
our fellow citizens fought --

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and several thousand
gave their lives.

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We gather tonight knowing that
this generation of heroes has

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made the United States safer and
more respected around the world.

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(applause)

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For the first time
in nine years,

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there are no Americans
fighting in Iraq.

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(applause)

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For the first time
in two decades,

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Osama bin Laden is not a
threat to this country.

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(cheering and applause)

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Most of al Qaeda's top
lieutenants have been defeated.

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The Taliban's momentum
has been broken,

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and some troops in Afghanistan
have begun to come home.

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These achievements are a
testament to the courage,

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selflessness and teamwork
of America's Armed Forces.

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At a time when too many of our
institutions have let us down,

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they exceed all expectations.

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They're not consumed
with personal ambition.

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They don't obsess over
their differences.

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They focus on the
mission at hand.

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They work together.

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Imagine what we could accomplish
if we followed their example.

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(applause)

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Think about the America
within our reach:

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A country that leads the
world in educating its people.

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An America that attracts a
new generation of high-tech

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manufacturing and
high-paying jobs.

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A future where we're in
control of our own energy,

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and our security and prosperity
aren't so tied to unstable parts

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of the world.

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An economy built to last,
where hard work pays off,

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and responsibility is rewarded.

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We can do this.

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I know we can, because
we've done it before.

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At the end of World War II, when
another generation of heroes

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returned home from combat, they
built the strongest economy and

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middle class the
world has ever known.

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(applause)

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My grandfather, a
veteran of Patton's Army,

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got the chance to go to
college on the GI Bill.

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My grandmother, who worked
on a bomber assembly line,

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was part of a workforce
that turned out the best

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products on Earth.

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The two of them shared the
optimism of a nation that had

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triumphed over a
depression and fascism.

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They understood they were
part of something larger;

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that they were contributing to
a story of success that every

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American had a
chance to share --

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the basic American promise
that if you worked hard,

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you could do well enough to
raise a family, own a home,

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send your kids to college,
and put a little away

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for retirement.

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The defining issue of our
time is how to keep that

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promise alive.

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No challenge is more urgent.

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No debate is more important.

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We can either settle for a
country where a shrinking number

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of people do really well while
a growing number of Americans

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barely get by, or we can restore
an economy where everyone gets a

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fair shot, and everyone
does their fair share,

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and everyone plays by
the same set of rules.

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(applause)

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What's at stake aren't
Democratic values or Republican

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values, but American values.

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And we have to reclaim them.

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Let's remember how we got here.

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Long before the recession,
jobs and manufacturing began

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leaving our shores.

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Technology made
businesses more efficient,

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but also made some
jobs obsolete.

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Folks at the top saw their
incomes rise like never before,

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but most hardworking Americans
struggled with costs that were

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growing, paychecks that weren't,
and personal debt that kept

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piling up.

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In 2008, the house
of cards collapsed.

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We learned that mortgages had
been sold to people who couldn't

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afford or understand them.

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Banks had made huge bets
and bonuses with other

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people's money.

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Regulators had
looked the other way,

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or didn't have the authority
to stop the bad behavior.

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It was wrong.

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It was irresponsible.

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And it plunged our economy into
a crisis that put millions out

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of work, saddled us with
more debt, and left innocent,

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hardworking Americans
holding the bag.

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In the six months
before I took office,

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we lost nearly 4 million jobs.

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And we lost another 4 million
before our policies were in

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full effect.

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Those are the facts.

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But so are these: In
the last 22 months,

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businesses have created
more than 3 million jobs.

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(applause)

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Last year, they created
the most jobs since 2005.

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American manufacturers
are hiring again,

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creating jobs for the first
time since the late 1990s.

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Together, we've agreed to
cut the deficit by more than

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$2 trillion.

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And we've put in place new rules
to hold Wall Street accountable,

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so a crisis like this
never happens again.

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(applause)

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The state of our Union
is getting stronger.

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And we've come too
far to turn back now.

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As long as I'm President, I will
work with anyone in this chamber

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to build on this momentum.

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But I intend to fight
obstruction with action,

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and I will oppose any effort to
return to the very same policies

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that brought on this economic
crisis in the first place.

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(cheering and applause)

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No, we will not go back to an
economy weakened by outsourcing,

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bad debt, and phony
financial profits.

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Tonight, I want to speak
about how we move forward,

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and lay out a blueprint for an
economy that's built to last --

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an economy built on American
manufacturing, American energy,

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skills for American workers, and
a renewal of American values.

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Now, this blueprint begins
with American manufacturing.

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On the day I took office, our
auto industry was on the verge

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of collapse.

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Some even said we
should let it die.

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With a million jobs at stake,
I refused to let that happen.

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In exchange for help, we
demanded responsibility.

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We got workers and automakers
to settle their differences.

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We got the industry to
retool and restructure.

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Today, General Motors is
back on top as the world's

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number-one automaker.

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(cheering and applause)

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Chrysler has grown faster in the
U.S. than any major car company.

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Ford is investing billions
in U.S. plants and factories.

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And together, the entire
industry added nearly

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160,000 jobs.

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We bet on American workers.

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We bet on American ingenuity.

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And tonight, the American
auto industry is back.

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(applause)

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What's happening in Detroit
can happen in other industries.

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It can happen in Cleveland
and Pittsburgh and Raleigh.

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We can't bring every job
back that's left our shore.

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But right now, it's getting
more expensive to do business in

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places like China.

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Meanwhile, America
is more productive.

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A few weeks ago, the CEO of
Master Lock told me that it now

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makes business sense for
him to bring jobs back home.

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(applause)

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Today, for the first
time in 15 years,

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Master Lock's unionized plant
in Milwaukee is running at

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full capacity.

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(applause)

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So we have a huge
opportunity, at this moment,

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to bring manufacturing back.

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But we have to seize it.

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Tonight, my message to
business leaders is simple:

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Ask yourselves what you can
do to bring jobs back to your

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country, and your country will
do everything we can to help

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you succeed.

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(applause)

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We should start
with our tax code.

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Right now, companies get tax
breaks for moving jobs and

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profits overseas.

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Meanwhile, companies that choose
to stay in America get hit with

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one of the highest tax
rates in the world.

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It makes no sense,
and everyone knows it.

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So let's change it.

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First, if you're a business
that wants to outsource jobs,

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you shouldn't get a tax
deduction for doing it.

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(applause)

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That money should be used
to cover moving expenses for

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companies like Master Lock
that decide to bring jobs home.

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(applause)

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Second, no American company
should be able to avoid paying

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its fair share of taxes
by moving jobs and

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profits overseas.

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(applause)

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From now on, every multinational
company should have to pay a

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basic minimum tax.

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And every penny should go
towards lowering taxes for

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companies that choose to stay
here and hire here in America.

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(applause)

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Third, if you're an
American manufacturer,

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you should get a bigger tax cut.

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If you're a high-tech
manufacturer,

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we should double the tax
deduction you get for making

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your products here.

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And if you want to relocate in a
community that was hit hard when

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a factory left town, you should
get help financing a new plant,

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equipment, or training
for new workers.

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So my message --

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(applause)

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My message is simple.

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It is time to stop rewarding
businesses that ship jobs

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overseas, and start rewarding
companies that create jobs right

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here in America.

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Send me these tax reforms, and
I will sign them right away.

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(applause)

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We're also making it easier
for American businesses to sell

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products all over the world.

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Two years ago, I set a goal
of doubling U.S. exports

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over five years.

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With the bipartisan trade
agreements we signed into law,

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we're on track to meet that
goal ahead of schedule.

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(applause)

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And soon, there will be millions
of new customers for American

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goods in Panama,
Colombia, and South Korea.

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Soon, there will be new cars on
the streets of Seoul imported

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from Detroit, and
Toledo, and Chicago.

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(applause)

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I will go anywhere in the
world to open new markets for

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American products.

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And I will not stand by when
our competitors don't play

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by the rules.

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We've brought trade cases
against China at nearly twice

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the rate as the last
administration --

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and it's made a difference.

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(applause)

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Over a thousand Americans are
working today because we stopped

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a surge in Chinese tires.

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But we need to do more.

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It's not right when another
country lets our movies, music,

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and software be pirated.

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It's not fair when foreign
manufacturers have a leg up on

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ours only because they're
heavily subsidized.

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Tonight, I'm announcing the
creation of a Trade Enforcement

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Unit that will be charged with
investigating unfair trading

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practices in
countries like China.

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There will be more
inspections --

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(applause)

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There will be more inspections
to prevent counterfeit or unsafe

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goods from crossing our borders.

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And this Congress should make
sure that no foreign company has

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an advantage over American
manufacturing when it comes to

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accessing financing or
new markets like Russia.

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Our workers are the most
productive on Earth,

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and if the playing field
is level, I promise you --

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America will always win.

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(applause)

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I also hear from many business
leaders who want to hire in the

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United States but can't find
workers with the right skills.

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Growing industries in science
and technology have twice as

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many openings as we have
workers who can do the job.

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00:16:53,633 --> 00:16:56,867
Think about that -- openings
at a time when millions of

250
00:16:56,867 --> 00:17:00,065
Americans are looking for work.

251
00:17:00,066 --> 00:17:01,867
It's inexcusable.

252
00:17:01,867 --> 00:17:05,399
And we know how to fix it.

253
00:17:05,400 --> 00:17:09,867
Jackie Bray is a single mom from
North Carolina who was laid off

254
00:17:09,867 --> 00:17:12,633
from her job as a mechanic.

255
00:17:12,633 --> 00:17:16,000
Then Siemens opened a gas
turbine factory in Charlotte,

256
00:17:16,000 --> 00:17:18,367
and formed a partnership
with Central Piedmont

257
00:17:18,367 --> 00:17:20,500
Community College.

258
00:17:20,500 --> 00:17:23,532
The company helped the college
design courses in laser and

259
00:17:23,532 --> 00:17:25,666
robotics training.

260
00:17:25,666 --> 00:17:29,533
It paid Jackie's tuition,
then hired her to help

261
00:17:29,533 --> 00:17:32,500
operate their plant.

262
00:17:32,500 --> 00:17:35,533
I want every American looking
for work to have the same

263
00:17:35,533 --> 00:17:38,065
opportunity as Jackie did.

264
00:17:38,066 --> 00:17:42,567
Join me in a national commitment
to train 2 million Americans

265
00:17:42,567 --> 00:17:45,900
with skills that will
lead directly to a job.

266
00:17:45,900 --> 00:18:00,867
(applause)

267
00:18:00,867 --> 00:18:03,166
My administration has already
lined up more companies that

268
00:18:03,166 --> 00:18:04,800
want to help.

269
00:18:04,800 --> 00:18:07,700
Model partnerships between
businesses like Siemens and

270
00:18:07,700 --> 00:18:10,667
community colleges in places
like Charlotte, and Orlando,

271
00:18:10,667 --> 00:18:13,966
and Louisville are
up and running.

272
00:18:13,967 --> 00:18:17,300
Now you need to give more
community colleges the resources

273
00:18:17,300 --> 00:18:20,600
they need to become
community career centers --

274
00:18:20,600 --> 00:18:24,367
places that teach people skills
that businesses are looking for

275
00:18:24,367 --> 00:18:28,433
right now, from data management
to high-tech manufacturing.

276
00:18:28,433 --> 00:18:32,300
And I want to cut through the
maze of confusing training

277
00:18:32,300 --> 00:18:35,867
programs, so that from now on,
people like Jackie have one

278
00:18:35,867 --> 00:18:40,000
program, one website, and
one place to go for all the

279
00:18:40,000 --> 00:18:41,667
information and
help that they need.

280
00:18:41,667 --> 00:18:45,567
It is time to turn our
unemployment system into a

281
00:18:45,567 --> 00:18:48,066
reemployment system that
puts people to work.

282
00:18:48,066 --> 00:19:04,166
(applause)

283
00:19:04,166 --> 00:19:09,633
These reforms will help people
get jobs that are open today.

284
00:19:09,633 --> 00:19:12,066
But to prepare for
the jobs of tomorrow,

285
00:19:12,066 --> 00:19:17,133
our commitment to skills and
education has to start earlier.

286
00:19:17,133 --> 00:19:20,233
For less than 1% of what our
nation spends on education each

287
00:19:20,233 --> 00:19:24,166
year, we've convinced nearly
every state in the country to

288
00:19:24,166 --> 00:19:27,066
raise their standards for
teaching and learning --

289
00:19:27,066 --> 00:19:31,100
the first time that's
happened in a generation.

290
00:19:31,100 --> 00:19:33,265
But challenges remain.

291
00:19:33,266 --> 00:19:36,400
And we know how to solve them.

292
00:19:36,400 --> 00:19:40,166
At a time when other countries
are doubling down on education,

293
00:19:40,166 --> 00:19:42,899
tight budgets have forced
states to lay off thousands

294
00:19:42,900 --> 00:19:45,533
of teachers.

295
00:19:45,533 --> 00:19:49,033
We know a good teacher can
increase the lifetime income of

296
00:19:49,033 --> 00:19:51,600
a classroom by over $250,000.

297
00:19:51,600 --> 00:19:57,699
A great teacher can offer an
escape from poverty to the child

298
00:19:57,700 --> 00:20:01,100
who dreams beyond
his circumstance.

299
00:20:01,100 --> 00:20:04,667
Every person in this chamber can
point to a teacher who changed

300
00:20:04,667 --> 00:20:07,567
the trajectory of their lives.

301
00:20:07,567 --> 00:20:11,600
Most teachers work
tirelessly, with modest pay,

302
00:20:11,600 --> 00:20:15,065
sometimes digging into their own
pocket for school supplies --

303
00:20:15,066 --> 00:20:18,500
just to make a difference.

304
00:20:18,500 --> 00:20:20,734
Teachers matter.

305
00:20:20,734 --> 00:20:24,533
So instead of bashing them,
or defending the status quo,

306
00:20:24,533 --> 00:20:27,300
let's offer schools a deal.

307
00:20:27,300 --> 00:20:30,633
Give them the resources to
keep good teachers on the job,

308
00:20:30,633 --> 00:20:33,033
and reward the best ones.

309
00:20:33,033 --> 00:20:38,300
And in return, grant
schools flexibility:

310
00:20:38,300 --> 00:20:40,800
to teach with
creativity and passion;

311
00:20:40,800 --> 00:20:44,966
to stop teaching to the test;
and to replace teachers who just

312
00:20:44,967 --> 00:20:46,734
aren't helping kids learn.

313
00:20:46,734 --> 00:20:49,867
That's a bargain worth making.

314
00:20:49,867 --> 00:21:02,166
(applause)

315
00:21:02,166 --> 00:21:05,233
We also know that when students
don't walk away from their

316
00:21:05,233 --> 00:21:11,367
education, more of them walk
the stage to get their diploma.

317
00:21:11,367 --> 00:21:19,567
When students are not allowed
to drop out, they do better.

318
00:21:19,567 --> 00:21:27,567
So tonight, I am proposing that
every state -- every state --

319
00:21:27,567 --> 00:21:30,266
requires that all students
stay in high school until they

320
00:21:30,266 --> 00:21:32,734
graduate or turn 18.

321
00:21:32,734 --> 00:21:46,867
(applause)

322
00:21:46,867 --> 00:21:50,000
When kids do graduate, the most
daunting challenge can be the

323
00:21:50,000 --> 00:21:52,433
cost of college.

324
00:21:52,433 --> 00:21:55,400
At a time when Americans owe
more in tuition debt than credit

325
00:21:55,400 --> 00:21:59,400
card debt, this Congress needs
to stop the interest rates on

326
00:21:59,400 --> 00:22:01,800
student loans from
doubling in July.

327
00:22:01,800 --> 00:22:14,633
(applause)

328
00:22:14,633 --> 00:22:19,100
Extend the tuition tax credit we
started that saves millions of

329
00:22:19,100 --> 00:22:23,132
middle-class families
thousands of dollars,

330
00:22:23,133 --> 00:22:26,900
and give more young people the
chance to earn their way through

331
00:22:26,900 --> 00:22:30,300
college by doubling the number
of work-study jobs in the

332
00:22:30,300 --> 00:22:31,700
next five years.

333
00:22:31,700 --> 00:22:36,500
(applause)

334
00:22:36,500 --> 00:22:40,800
Of course, it's not enough for
us to increase student aid.

335
00:22:40,800 --> 00:22:44,399
We can't just keep subsidizing
skyrocketing tuition;

336
00:22:44,400 --> 00:22:46,467
we'll run out of money.

337
00:22:46,467 --> 00:22:48,767
States also need
to do their part,

338
00:22:48,767 --> 00:22:51,567
by making higher education
a higher priority in

339
00:22:51,567 --> 00:22:53,433
their budgets.

340
00:22:53,433 --> 00:22:56,934
And colleges and universities
have to do their part by working

341
00:22:56,934 --> 00:22:59,567
to keep costs down.

342
00:22:59,567 --> 00:23:02,133
Recently, I spoke with a group
of college presidents who've

343
00:23:02,133 --> 00:23:04,633
done just that.

344
00:23:04,633 --> 00:23:07,734
Some schools redesign courses
to help students finish

345
00:23:07,734 --> 00:23:09,367
more quickly.

346
00:23:09,367 --> 00:23:11,867
Some use better technology.

347
00:23:11,867 --> 00:23:13,466
The point is, it's possible.

348
00:23:13,467 --> 00:23:17,533
So let me put colleges and
universities on notice:

349
00:23:17,533 --> 00:23:20,065
If you can't stop
tuition from going up,

350
00:23:20,066 --> 00:23:23,200
the funding you get from
taxpayers will go down.

351
00:23:23,200 --> 00:23:27,066
Higher education
can't be a luxury --

352
00:23:27,066 --> 00:23:30,800
it is an economic imperative
that every family in America

353
00:23:30,800 --> 00:23:34,166
should be able to afford.

354
00:23:34,166 --> 00:23:37,033
Let's also remember that
hundreds of thousands of

355
00:23:37,033 --> 00:23:41,000
talented, hardworking students
in this country face another

356
00:23:41,000 --> 00:23:46,233
challenge: the fact that they
aren't yet American citizens.

357
00:23:46,233 --> 00:23:49,332
Many were brought here
as small children,

358
00:23:49,333 --> 00:23:52,133
are American
through and through,

359
00:23:52,133 --> 00:23:56,400
yet they live every day with
the threat of deportation.

360
00:23:56,400 --> 00:23:59,400
Others came more recently, to
study business and science and

361
00:23:59,400 --> 00:24:02,834
engineering, but as soon
as they get their degree,

362
00:24:02,834 --> 00:24:06,333
we send them home to invent new
products and create new jobs

363
00:24:06,333 --> 00:24:08,867
somewhere else.

364
00:24:08,867 --> 00:24:11,367
That doesn't make sense.

365
00:24:11,367 --> 00:24:14,500
I believe as strongly as
ever that we should take on

366
00:24:14,500 --> 00:24:16,300
illegal immigration.

367
00:24:16,300 --> 00:24:19,899
That's why my administration
has put more boots on the border

368
00:24:19,900 --> 00:24:22,166
than ever before.

369
00:24:22,166 --> 00:24:25,166
That's why there are fewer
illegal crossings than when I

370
00:24:25,166 --> 00:24:27,066
took office.

371
00:24:27,066 --> 00:24:30,500
The opponents of action
are out of excuses.

372
00:24:30,500 --> 00:24:32,900
We should be working on
comprehensive immigration

373
00:24:32,900 --> 00:24:34,367
reform right now.

374
00:24:34,367 --> 00:24:50,367
(cheering and applause)

375
00:24:50,367 --> 00:24:54,133
But if election-year politics
keeps Congress from acting on a

376
00:24:54,133 --> 00:24:58,233
comprehensive plan, let's at
least agree to stop expelling

377
00:24:58,233 --> 00:25:01,800
responsible young people
who want to staff our labs,

378
00:25:01,800 --> 00:25:05,466
start new businesses,
defend this country.

379
00:25:05,467 --> 00:25:08,533
Send me a law that gives
them the chance to earn

380
00:25:08,533 --> 00:25:09,567
their citizenship.

381
00:25:09,567 --> 00:25:11,333
I will sign it right away.

382
00:25:11,333 --> 00:25:26,367
(cheering and applause)

383
00:25:26,367 --> 00:25:29,867
You see, an economy built to
last is one where we encourage

384
00:25:29,867 --> 00:25:34,567
the talent and ingenuity of
every person in this country.

385
00:25:34,567 --> 00:25:37,867
That means women should earn
equal pay for equal work.

386
00:25:37,867 --> 00:25:54,667
(cheering and applause)

387
00:25:54,667 --> 00:25:57,766
It means we should support
everyone who's willing to work,

388
00:25:57,767 --> 00:26:01,700
and every risk-taker and
entrepreneur who aspires to

389
00:26:01,700 --> 00:26:05,533
become the next Steve Jobs.

390
00:26:05,533 --> 00:26:10,466
After all, innovation is what
America has always been about.

391
00:26:10,467 --> 00:26:14,166
Most new jobs are created in
start-ups and small businesses.

392
00:26:14,166 --> 00:26:18,100
So let's pass an agenda
that helps them succeed.

393
00:26:18,100 --> 00:26:21,265
Tear down regulations that
prevent aspiring entrepreneurs

394
00:26:21,266 --> 00:26:23,533
from getting the
financing to grow.

395
00:26:23,533 --> 00:26:27,199
Expand tax relief to small
businesses that are raising

396
00:26:27,200 --> 00:26:29,767
wages and creating good jobs.

397
00:26:29,767 --> 00:26:32,600
Both parties agree
on these ideas.

398
00:26:32,600 --> 00:26:36,265
So put them in a bill, and
get it on my desk this year.

399
00:26:36,266 --> 00:26:44,767
(applause)

400
00:26:44,767 --> 00:26:48,800
Innovation also
demands basic research.

401
00:26:48,800 --> 00:26:51,734
Today, the discoveries taking
place in our federally financed

402
00:26:51,734 --> 00:26:55,667
labs and universities could
lead to new treatments that kill

403
00:26:55,667 --> 00:26:59,500
cancer cells but leave
healthy ones untouched.

404
00:26:59,500 --> 00:27:02,800
New lightweight vests for cops
and soldiers that can stop

405
00:27:02,800 --> 00:27:05,133
any bullet.

406
00:27:05,133 --> 00:27:08,667
Don't gut these
investments in our budget.

407
00:27:08,667 --> 00:27:13,567
Don't let other countries
win the race for the future.

408
00:27:13,567 --> 00:27:16,367
Support the same kind of
research and innovation that led

409
00:27:16,367 --> 00:27:18,667
to the computer chip
and the Internet;

410
00:27:18,667 --> 00:27:21,734
to new American jobs and
new American industries.

411
00:27:21,734 --> 00:27:27,600
And nowhere is the promise
of innovation greater than in

412
00:27:27,600 --> 00:27:28,966
American-made energy.

413
00:27:28,967 --> 00:27:36,400
Over the last three years, we've
opened millions of new acres for

414
00:27:36,400 --> 00:27:39,133
oil and gas exploration,
and tonight,

415
00:27:39,133 --> 00:27:43,233
I'm directing my administration
to open more than 75% of our

416
00:27:43,233 --> 00:27:46,100
potential offshore
oil and gas resources.

417
00:27:46,100 --> 00:27:55,065
(applause)

418
00:27:55,066 --> 00:28:00,667
Right now -- right now --
American oil production is the

419
00:28:00,667 --> 00:28:03,899
highest that it's
been in eight years.

420
00:28:03,900 --> 00:28:06,467
That's right -- eight years.

421
00:28:06,467 --> 00:28:10,567
Not only that -- last year, we
relied less on foreign oil than

422
00:28:10,567 --> 00:28:14,066
in any of the past 16 years.

423
00:28:14,066 --> 00:28:20,100
(applause)

424
00:28:20,100 --> 00:28:26,233
But with only 2% of the world's
oil reserves, oil isn't enough.

425
00:28:26,233 --> 00:28:30,033
This country needs an all-out,
all-of-the-above strategy that

426
00:28:30,033 --> 00:28:33,966
develops every available
source of American energy.

427
00:28:33,967 --> 00:28:47,667
(cheering and applause)

428
00:28:47,667 --> 00:28:54,466
A strategy that's cleaner,
cheaper, and full of new jobs.

429
00:28:54,467 --> 00:28:58,133
We have a supply of natural gas
that can last America nearly

430
00:28:58,133 --> 00:29:00,133
100 years.

431
00:29:00,133 --> 00:29:03,300
(applause)

432
00:29:03,300 --> 00:29:06,767
And my administration will take
every possible action to safely

433
00:29:06,767 --> 00:29:08,900
develop this energy.

434
00:29:08,900 --> 00:29:12,033
Experts believe this will
support more than 600,000 jobs

435
00:29:12,033 --> 00:29:13,800
by the end of the decade.

436
00:29:13,800 --> 00:29:16,600
And I'm requiring all companies
that drill for gas on public

437
00:29:16,600 --> 00:29:19,867
lands to disclose the
chemicals they use.

438
00:29:19,867 --> 00:29:23,600
Because America will develop
this resource without putting

439
00:29:23,600 --> 00:29:27,934
the health and safety
of our citizens at risk.

440
00:29:27,934 --> 00:29:30,633
The development of natural
gas will create jobs and power

441
00:29:30,633 --> 00:29:34,400
trucks and factories that
are cleaner and cheaper,

442
00:29:34,400 --> 00:29:37,433
proving that we don't have to
choose between our environment

443
00:29:37,433 --> 00:29:39,333
and our economy.

444
00:29:39,333 --> 00:29:44,867
And by the way, it was
public research dollars,

445
00:29:44,867 --> 00:29:48,567
over the course of 30 years,
that helped develop the

446
00:29:48,567 --> 00:29:52,734
technologies to extract all this
natural gas out of shale rock --

447
00:29:52,734 --> 00:29:56,265
reminding us that government
support is critical in helping

448
00:29:56,266 --> 00:30:00,700
businesses get new energy
ideas off the ground.

449
00:30:00,700 --> 00:30:01,700
Now --

450
00:30:01,700 --> 00:30:04,867
(applause)

451
00:30:04,867 --> 00:30:12,000
What's true for natural gas is
just as true for clean energy.

452
00:30:12,000 --> 00:30:14,600
In three years, our partnership
with the private sector has

453
00:30:14,600 --> 00:30:18,533
already positioned America to be
the world's leading manufacturer

454
00:30:18,533 --> 00:30:20,966
of high-tech batteries.

455
00:30:20,967 --> 00:30:24,633
Because of federal investments,
renewable energy use has nearly

456
00:30:24,633 --> 00:30:27,734
doubled, and thousands
of Americans have jobs

457
00:30:27,734 --> 00:30:30,265
because of it.

458
00:30:30,266 --> 00:30:35,200
When Bryan Ritterby was laid off
from his job making furniture,

459
00:30:35,200 --> 00:30:37,700
he said he worried that at
55, no one would give him a

460
00:30:37,700 --> 00:30:39,934
second chance.

461
00:30:39,934 --> 00:30:44,066
But he found work at Energetx,
a wind turbine manufacturer

462
00:30:44,066 --> 00:30:46,000
in Michigan.

463
00:30:46,000 --> 00:30:51,066
Before the recession, the
factory only made luxury yachts.

464
00:30:51,066 --> 00:30:53,533
Today, it's hiring workers
like Bryan, who said,

465
00:30:53,533 --> 00:30:59,399
"I'm proud to be working in
the industry of the future."

466
00:30:59,400 --> 00:31:04,633
Our experience with shale gas,
our experience with natural gas,

467
00:31:04,633 --> 00:31:07,700
shows us that the payoffs on
these public investments don't

468
00:31:07,700 --> 00:31:10,667
always come right away.

469
00:31:10,667 --> 00:31:16,533
Some technologies don't pan
out; some companies fail.

470
00:31:16,533 --> 00:31:20,667
But I will not walk away from
the promise of clean energy.

471
00:31:20,667 --> 00:31:23,800
I will not walk away
from workers like Bryan.

472
00:31:23,800 --> 00:31:35,500
(applause)

473
00:31:35,500 --> 00:31:41,066
I will not cede the wind or
solar or battery industry to

474
00:31:41,066 --> 00:31:45,100
China or Germany because
we refuse to make the same

475
00:31:45,100 --> 00:31:47,399
commitment here.

476
00:31:47,400 --> 00:31:50,467
We've subsidized oil
companies for a century.

477
00:31:50,467 --> 00:31:51,667
That's long enough.

478
00:31:51,667 --> 00:31:55,699
It's time to end the taxpayer
giveaways to an industry that

479
00:31:55,700 --> 00:31:58,967
rarely has been more profitable,
and double-down on a clean

480
00:31:58,967 --> 00:32:03,367
energy industry that never
has been more promising.

481
00:32:03,367 --> 00:32:05,667
Pass clean energy tax credits.

482
00:32:05,667 --> 00:32:06,833
Create these jobs.

483
00:32:06,834 --> 00:32:14,200
(applause)

484
00:32:14,200 --> 00:32:18,900
We can also spur energy
innovation with new incentives.

485
00:32:18,900 --> 00:32:22,100
The differences in this chamber
may be too deep right now to

486
00:32:22,100 --> 00:32:26,899
pass a comprehensive plan
to fight climate change.

487
00:32:26,900 --> 00:32:29,734
But there's no reason why
Congress shouldn't at least set

488
00:32:29,734 --> 00:32:35,500
a clean energy standard that
creates a market for innovation.

489
00:32:35,500 --> 00:32:38,567
So far, you haven't acted.

490
00:32:38,567 --> 00:32:40,400
Well, tonight, I will.

491
00:32:40,400 --> 00:32:44,734
I'm directing my administration
to allow the development of

492
00:32:44,734 --> 00:32:48,466
clean energy on enough public
land to power 3 million homes.

493
00:32:48,467 --> 00:32:52,567
And I'm proud to announce that
the Department of Defense,

494
00:32:52,567 --> 00:32:58,300
working with us, the world's
largest consumer of energy,

495
00:32:58,300 --> 00:33:01,033
will make one of the largest
commitments to clean energy in

496
00:33:01,033 --> 00:33:03,766
history -- with the Navy
purchasing enough capacity to

497
00:33:03,767 --> 00:33:06,533
power a quarter of a
million homes a year.

498
00:33:06,533 --> 00:33:20,833
(applause)

499
00:33:20,834 --> 00:33:24,834
Of course, the easiest way
to save money is to waste

500
00:33:24,834 --> 00:33:26,600
less energy.

501
00:33:26,600 --> 00:33:30,367
So here's a proposal: Help
manufacturers eliminate energy

502
00:33:30,367 --> 00:33:33,800
waste in their factories and give businesses incentives to

503
00:33:33,800 --> 00:33:36,533
upgrade their buildings.

504
00:33:36,533 --> 00:33:40,033
Their energy bills will be $100
billion lower over the next

505
00:33:40,033 --> 00:33:43,265
decade, and America will
have less pollution,

506
00:33:43,266 --> 00:33:46,967
more manufacturing, more
jobs for construction workers

507
00:33:46,967 --> 00:33:48,133
who need them.

508
00:33:48,133 --> 00:33:51,567
Send me a bill that
creates these jobs.

509
00:33:51,567 --> 00:33:59,767
(applause)

510
00:33:59,767 --> 00:34:03,467
Building this new energy future
should be just one part of a

511
00:34:03,467 --> 00:34:07,500
broader agenda to repair
America's infrastructure.

512
00:34:07,500 --> 00:34:11,266
So much of America
needs to be rebuilt.

513
00:34:11,266 --> 00:34:14,433
We've got crumbling
roads and bridges;

514
00:34:14,433 --> 00:34:18,000
a power grid that
wastes too much energy;

515
00:34:18,000 --> 00:34:21,632
an incomplete high-speed
broadband network that prevents

516
00:34:21,632 --> 00:34:24,567
a small business owner in
rural America from selling her

517
00:34:24,567 --> 00:34:28,567
products all over the world.

518
00:34:28,567 --> 00:34:32,934
During the Great Depression,
America built the Hoover Dam and

519
00:34:32,934 --> 00:34:35,333
the Golden Gate Bridge.

520
00:34:35,333 --> 00:34:38,967
After World War II, we connected
our states with a system

521
00:34:38,967 --> 00:34:41,166
of highways.

522
00:34:41,166 --> 00:34:44,433
Democratic and Republican
administrations invested in

523
00:34:44,433 --> 00:34:47,400
great projects that
benefited everybody,

524
00:34:47,400 --> 00:34:50,667
from the workers who built them
to the businesses that still use

525
00:34:50,667 --> 00:34:53,467
them today.

526
00:34:53,467 --> 00:34:56,867
In the next few weeks, I will
sign an executive order clearing

527
00:34:56,867 --> 00:34:59,200
away the red tape that
slows down too many

528
00:34:59,200 --> 00:35:01,533
construction projects.

529
00:35:01,533 --> 00:35:04,600
But you need to
fund these projects.

530
00:35:04,600 --> 00:35:07,533
Take the money we're no
longer spending at war,

531
00:35:07,533 --> 00:35:09,333
use half of it to
pay down our debt,

532
00:35:09,333 --> 00:35:11,967
and use the rest to do
some nation-building right

533
00:35:11,967 --> 00:35:12,900
here at home.

534
00:35:12,900 --> 00:35:29,734
(cheering and applause)

535
00:35:29,734 --> 00:35:33,000
There's never been a
better time to build,

536
00:35:33,000 --> 00:35:35,166
especially since the
construction industry was one of

537
00:35:35,166 --> 00:35:39,734
the hardest hit when the
housing bubble burst.

538
00:35:39,734 --> 00:35:42,433
Of course, construction
workers weren't the only ones

539
00:35:42,433 --> 00:35:44,300
who were hurt.

540
00:35:44,300 --> 00:35:47,166
So were millions of innocent
Americans who've seen their home

541
00:35:47,166 --> 00:35:49,433
values decline.

542
00:35:49,433 --> 00:35:53,667
And while government can't
fix the problem on its own,

543
00:35:53,667 --> 00:35:56,933
responsible homeowners shouldn't
have to sit and wait for the

544
00:35:56,934 --> 00:36:01,300
housing market to hit
bottom to get some relief.

545
00:36:01,300 --> 00:36:05,033
And that's why I'm sending this
Congress a plan that gives every

546
00:36:05,033 --> 00:36:09,866
responsible homeowner the chance to save about $3,000 a year on

547
00:36:09,867 --> 00:36:13,567
their mortgage, by refinancing
at historically low rates.

548
00:36:13,567 --> 00:36:14,967
No more red tape.

549
00:36:14,967 --> 00:36:16,633
No more runaround
from the banks.

550
00:36:16,633 --> 00:36:18,567
(applause)

551
00:36:18,567 --> 00:36:21,200
A small fee on the largest
financial institutions will

552
00:36:21,200 --> 00:36:24,767
ensure that it won't add to
the deficit and will give those

553
00:36:24,767 --> 00:36:28,000
banks that were rescued by
taxpayers a chance to repay a

554
00:36:28,000 --> 00:36:29,233
deficit of trust.

555
00:36:29,233 --> 00:36:43,700
(cheering and applause)

556
00:36:43,700 --> 00:36:48,200
Let's never forget: Millions of
Americans who work hard and play

557
00:36:48,200 --> 00:36:52,000
by the rules every day deserve
a government and a financial

558
00:36:52,000 --> 00:36:54,500
system that do the same.

559
00:36:54,500 --> 00:36:57,600
It's time to apply the same
rules from top to bottom.

560
00:36:57,600 --> 00:37:01,033
No bailouts, no
handouts, and no copouts.

561
00:37:01,033 --> 00:37:04,567
An America built to last
insists on responsibility

562
00:37:04,567 --> 00:37:07,633
from everybody.

563
00:37:07,633 --> 00:37:10,767
We've all paid the price for
lenders who sold mortgages to

564
00:37:10,767 --> 00:37:14,399
people who couldn't afford
them, and buyers who knew they

565
00:37:14,400 --> 00:37:16,867
couldn't afford them.

566
00:37:16,867 --> 00:37:20,667
That's why we need smart
regulations to prevent

567
00:37:20,667 --> 00:37:22,900
irresponsible behavior.

568
00:37:22,900 --> 00:37:29,367
(applause)

569
00:37:29,367 --> 00:37:35,033
Rules to prevent financial
fraud or toxic dumping or faulty

570
00:37:35,033 --> 00:37:40,266
medical devices -- these
don't destroy the free market.

571
00:37:40,266 --> 00:37:44,400
They make the free
market work better.

572
00:37:44,400 --> 00:37:47,300
There's no question that some
regulations are outdated,

573
00:37:47,300 --> 00:37:50,967
unnecessary, or too costly.

574
00:37:50,967 --> 00:37:53,867
In fact, I've approved fewer
regulations in the first three

575
00:37:53,867 --> 00:37:56,600
years of my presidency than
my Republican predecessor

576
00:37:56,600 --> 00:37:57,834
did in his.

577
00:37:57,834 --> 00:38:02,500
(applause)

578
00:38:02,500 --> 00:38:05,800
I've ordered every federal
agency to eliminate rules that

579
00:38:05,800 --> 00:38:07,700
don't make sense.

580
00:38:07,700 --> 00:38:11,165
We've already announced
over 500 reforms,

581
00:38:11,166 --> 00:38:14,667
and just a fraction of them will
save business and citizens more

582
00:38:14,667 --> 00:38:16,467
than $10 billion over
the next five years.

583
00:38:16,467 --> 00:38:21,166
We got rid of one rule from 40
years ago that could have forced

584
00:38:21,166 --> 00:38:25,166
some dairy farmers to spend
$10,000 a year proving that they

585
00:38:25,166 --> 00:38:29,133
could contain a spill -- because milk was somehow classified

586
00:38:29,133 --> 00:38:31,933
as an oil.

587
00:38:31,934 --> 00:38:34,066
With a rule like that, I
guess it was worth crying

588
00:38:34,066 --> 00:38:35,834
over spilled milk.

589
00:38:35,834 --> 00:38:41,332
(laughter and applause)

590
00:38:41,333 --> 00:38:48,800
Now, I'm confident a farmer can
contain a milk spill without a

591
00:38:48,800 --> 00:38:51,400
federal agency looking
over his shoulder.

592
00:38:51,400 --> 00:39:00,633
(applause)

593
00:39:00,633 --> 00:39:01,633
Absolutely.

594
00:39:01,633 --> 00:39:08,165
(applause)

595
00:39:08,166 --> 00:39:12,433
But I will not back down from
making sure an oil company can

596
00:39:12,433 --> 00:39:16,100
contain the kind of oil spill we
saw in the Gulf two years ago.

597
00:39:16,100 --> 00:39:26,900
(cheering and applause)

598
00:39:26,900 --> 00:39:30,066
I will not back down from
protecting our kids from mercury

599
00:39:30,066 --> 00:39:34,332
poisoning, or making sure
that our food is safe and our

600
00:39:34,333 --> 00:39:37,033
water is clean.

601
00:39:37,033 --> 00:39:40,533
I will not go back to the days
when health insurance companies

602
00:39:40,533 --> 00:39:44,700
had unchecked power to cancel
your policy, deny your coverage,

603
00:39:44,700 --> 00:39:46,767
or charge women
differently than men.

604
00:39:46,767 --> 00:39:58,200
(cheering and applause)

605
00:39:58,200 --> 00:40:00,734
And I will not go back to
the days when Wall Street was

606
00:40:00,734 --> 00:40:04,734
allowed to play by
its own set of rules.

607
00:40:04,734 --> 00:40:09,600
The new rules we passed restore
what should be any financial

608
00:40:09,600 --> 00:40:14,200
system's core purpose: Getting funding to entrepreneurs with

609
00:40:14,200 --> 00:40:17,767
the best ideas, and getting
loans to responsible families

610
00:40:17,767 --> 00:40:20,834
who want to buy a home,
or start a business,

611
00:40:20,834 --> 00:40:24,033
or send their kids to college.

612
00:40:24,033 --> 00:40:28,133
So if you are a big bank
or financial institution,

613
00:40:28,133 --> 00:40:30,500
you're no longer allowed to
make risky bets with your

614
00:40:30,500 --> 00:40:32,767
customers' deposits.

615
00:40:32,767 --> 00:40:35,533
You're required to write out
a "living will" that details

616
00:40:35,533 --> 00:40:38,533
exactly how you'll pay
the bills if you fail --

617
00:40:38,533 --> 00:40:41,533
because the rest of us are not
bailing you out ever again.

618
00:40:41,533 --> 00:40:51,700
(applause)

619
00:40:51,700 --> 00:40:55,066
And if you're a mortgage lender
or a payday lender or a credit

620
00:40:55,066 --> 00:40:58,100
card company, the days of
signing people up for products

621
00:40:58,100 --> 00:41:01,467
they can't afford with confusing
forms and deceptive practices --

622
00:41:01,467 --> 00:41:03,667
those days are over.

623
00:41:03,667 --> 00:41:07,266
Today, American consumers
finally have a watchdog in

624
00:41:07,266 --> 00:41:10,500
Richard Cordray with one
job: To look out for them.

625
00:41:10,500 --> 00:41:23,533
(cheering and applause)

626
00:41:23,533 --> 00:41:26,834
We'll also establish a Financial
Crimes Unit of highly trained

627
00:41:26,834 --> 00:41:30,533
investigators to crack down on
large-scale fraud and protect

628
00:41:30,533 --> 00:41:32,734
people's investments.

629
00:41:32,734 --> 00:41:36,066
Some financial firms violate
major anti-fraud laws because

630
00:41:36,066 --> 00:41:39,966
there's no real penalty for
being a repeat offender.

631
00:41:39,967 --> 00:41:43,700
That's bad for consumers, and
it's bad for the vast majority

632
00:41:43,700 --> 00:41:47,133
of bankers and financial
service professionals who do

633
00:41:47,133 --> 00:41:48,966
the right thing.

634
00:41:48,967 --> 00:41:53,600
So pass legislation that makes
the penalties for fraud count.

635
00:41:53,600 --> 00:41:56,232
And tonight, I'm asking my
Attorney General to create a

636
00:41:56,233 --> 00:41:59,266
special unit of federal
prosecutors and leading state

637
00:41:59,266 --> 00:42:03,433
attorney general to expand our
investigations into the abusive

638
00:42:03,433 --> 00:42:05,800
lending and packaging of risky
mortgages that led to the

639
00:42:05,800 --> 00:42:07,500
housing crisis.

640
00:42:07,500 --> 00:42:10,533
This new unit will hold
accountable those who broke the

641
00:42:10,533 --> 00:42:13,700
law, speed assistance
to homeowners,

642
00:42:13,700 --> 00:42:16,633
and help turn the page on an
era of recklessness that hurt so

643
00:42:16,633 --> 00:42:20,433
many Americans.

644
00:42:20,433 --> 00:42:25,734
Now, a return to the American
values of fair play and shared

645
00:42:25,734 --> 00:42:32,400
responsibility will help protect
our people and our economy.

646
00:42:32,400 --> 00:42:35,767
But it should also guide us as
we look to pay down our debt and

647
00:42:35,767 --> 00:42:39,265
invest in our future.

648
00:42:39,266 --> 00:42:42,767
Right now, our most immediate
priority is stopping a tax hike

649
00:42:42,767 --> 00:42:46,567
on 160 million working
Americans while the recovery is

650
00:42:46,567 --> 00:42:47,500
still fragile.

651
00:42:47,500 --> 00:43:02,667
(applause)

652
00:43:02,667 --> 00:43:06,467
People cannot afford losing $40
out of each paycheck this year.

653
00:43:06,467 --> 00:43:10,967
There are plenty of
ways to get this done.

654
00:43:10,967 --> 00:43:14,867
So let's agree right here,
right now: No side issues.

655
00:43:14,867 --> 00:43:16,533
No drama.

656
00:43:16,533 --> 00:43:20,232
Pass the payroll tax
cut without delay.

657
00:43:20,233 --> 00:43:21,166
Let's get it done.

658
00:43:21,166 --> 00:43:31,567
(applause)

659
00:43:31,567 --> 00:43:34,600
When it comes to the deficit,
we've already agreed to more

660
00:43:34,600 --> 00:43:36,600
than $2 trillion in
cuts and savings.

661
00:43:36,600 --> 00:43:44,567
But we need to do more, and
that means making choices.

662
00:43:44,567 --> 00:43:49,500
Right now, we're poised to spend
nearly $1 trillion more on what

663
00:43:49,500 --> 00:43:53,133
was supposed to be a temporary
tax break for the wealthiest 2%

664
00:43:53,133 --> 00:43:55,567
of Americans.

665
00:43:55,567 --> 00:44:00,300
Right now, because of loopholes
and shelters in the tax code,

666
00:44:00,300 --> 00:44:04,100
a quarter of all millionaires
pay lower tax rates than

667
00:44:04,100 --> 00:44:08,200
millions of
middle-class households.

668
00:44:08,200 --> 00:44:11,165
Right now, Warren Buffett
pays a lower tax rate than

669
00:44:11,166 --> 00:44:14,633
his secretary.

670
00:44:14,633 --> 00:44:16,366
Do we want to keep
these tax cuts for the

671
00:44:16,367 --> 00:44:17,633
wealthiest Americans?

672
00:44:17,633 --> 00:44:23,100
Or do we want to keep our
investments in everything else

673
00:44:23,100 --> 00:44:26,567
-- like education
and medical research;

674
00:44:26,567 --> 00:44:31,467
a strong military and
care for our veterans?

675
00:44:31,467 --> 00:44:33,900
Because if we're serious
about paying down our debt,

676
00:44:33,900 --> 00:44:38,166
we can't do both.

677
00:44:38,166 --> 00:44:42,433
The American people know
what the right choice is.

678
00:44:42,433 --> 00:44:45,033
So do I.

679
00:44:45,033 --> 00:44:46,767
As I told the
Speaker this summer,

680
00:44:46,767 --> 00:44:49,399
I'm prepared to make more
reforms that rein in the

681
00:44:49,400 --> 00:44:51,834
long-term costs of
Medicare and Medicaid,

682
00:44:51,834 --> 00:44:55,500
and strengthen Social Security,
so long as those programs remain

683
00:44:55,500 --> 00:44:58,834
a guarantee of
security for seniors.

684
00:44:58,834 --> 00:45:03,567
But in return, we need to change
our tax code so that people like

685
00:45:03,567 --> 00:45:06,667
me, and an awful lot
of members of Congress,

686
00:45:06,667 --> 00:45:08,533
pay our fair share of taxes.

687
00:45:08,533 --> 00:45:25,500
(applause)

688
00:45:25,500 --> 00:45:28,133
Tax reform should
follow the Buffett Rule.

689
00:45:28,133 --> 00:45:31,500
If you make more than
$1 million a year,

690
00:45:31,500 --> 00:45:33,700
you should not pay
less than 30% in taxes.

691
00:45:33,700 --> 00:45:37,533
And my Republican friend
Tom Coburn is right:

692
00:45:37,533 --> 00:45:41,567
Washington should stop
subsidizing millionaires.

693
00:45:41,567 --> 00:45:44,200
In fact, if you're earning
a million dollars a year,

694
00:45:44,200 --> 00:45:49,232
you shouldn't get special
tax subsidies or deductions.

695
00:45:49,233 --> 00:45:53,433
On the other hand, if you
make under $250,000 a year,

696
00:45:53,433 --> 00:45:59,834
like 98% of American families,
your taxes shouldn't go up.

697
00:45:59,834 --> 00:46:05,165
You're the ones struggling with
rising costs and stagnant wages.

698
00:46:05,166 --> 00:46:07,433
(applause)

699
00:46:07,433 --> 00:46:11,400
You're the ones who need relief.

700
00:46:11,400 --> 00:46:15,533
Now, you can call this
class warfare all you want.

701
00:46:15,533 --> 00:46:17,900
But asking a billionaire to
pay at least as much as his

702
00:46:17,900 --> 00:46:20,667
secretary in taxes?

703
00:46:20,667 --> 00:46:25,133
Most Americans would
call that common sense.

704
00:46:25,133 --> 00:46:29,834
We don't begrudge financial
success in this country.

705
00:46:29,834 --> 00:46:32,633
We admire it.

706
00:46:32,633 --> 00:46:35,366
When Americans talk about folks
like me paying my fair share of

707
00:46:35,367 --> 00:46:39,600
taxes, it's not because
they envy the rich.

708
00:46:39,600 --> 00:46:42,967
It's because they understand
that when I get a tax break I

709
00:46:42,967 --> 00:46:46,500
don't need and the
country can't afford,

710
00:46:46,500 --> 00:46:51,467
it either adds to the deficit,
or somebody else has to make up

711
00:46:51,467 --> 00:46:56,000
the difference -- like a
senior on a fixed income,

712
00:46:56,000 --> 00:46:58,367
or a student trying
to get through school,

713
00:46:58,367 --> 00:47:01,767
or a family trying
to make ends meet.

714
00:47:01,767 --> 00:47:03,700
That's not right.

715
00:47:03,700 --> 00:47:06,700
Americans know that's not right.

716
00:47:06,700 --> 00:47:10,667
They know that this generation's
success is only possible because

717
00:47:10,667 --> 00:47:14,333
past generations felt a
responsibility to each other,

718
00:47:14,333 --> 00:47:16,500
and to the future
of their country,

719
00:47:16,500 --> 00:47:21,467
and they know our way of life
will only endure if we feel that

720
00:47:21,467 --> 00:47:25,867
same sense of shared
responsibility.

721
00:47:25,867 --> 00:47:29,033
That's how we'll
reduce our deficit.

722
00:47:29,033 --> 00:47:31,567
That's an America built to last.

723
00:47:31,567 --> 00:47:41,000
(applause)

724
00:47:41,000 --> 00:47:44,400
Now, I recognize that people
watching tonight have differing

725
00:47:44,400 --> 00:47:51,266
views about taxes and debt,
energy and health care.

726
00:47:51,266 --> 00:47:54,233
But no matter what
party they belong to,

727
00:47:54,233 --> 00:47:56,967
I bet most Americans are
thinking the same thing right

728
00:47:56,967 --> 00:48:02,934
about now: Nothing will get
done in Washington this year,

729
00:48:02,934 --> 00:48:07,567
or next year, or maybe
even the year after that,

730
00:48:07,567 --> 00:48:11,834
because Washington is broken.

731
00:48:11,834 --> 00:48:17,100
Can you blame them for
feeling a little cynical?

732
00:48:17,100 --> 00:48:21,400
The greatest blow to our
confidence in our economy last

733
00:48:21,400 --> 00:48:25,133
year didn't come from
events beyond our control.

734
00:48:25,133 --> 00:48:28,066
It came from a debate in
Washington over whether the

735
00:48:28,066 --> 00:48:32,799
United States would
pay its bills or not.

736
00:48:32,800 --> 00:48:37,533
Who benefited from that fiasco?

737
00:48:37,533 --> 00:48:40,066
I've talked tonight about the
deficit of trust between Main

738
00:48:40,066 --> 00:48:41,533
Street and Wall Street.

739
00:48:41,533 --> 00:48:44,200
But the divide between this city
and the rest of the country is

740
00:48:44,200 --> 00:48:51,133
at least as bad -- and it
seems to get worse every year.

741
00:48:51,133 --> 00:48:53,633
Some of this has to do with the
corrosive influence of money

742
00:48:53,633 --> 00:48:55,966
in politics.

743
00:48:55,967 --> 00:48:58,667
So together, let's take
some steps to fix that.

744
00:48:58,667 --> 00:49:02,600
Send me a bill that bans insider
trading by members of Congress;

745
00:49:02,600 --> 00:49:03,799
I will sign it tomorrow.

746
00:49:03,800 --> 00:49:18,600
(cheering and applause)

747
00:49:18,600 --> 00:49:22,500
Let's limit any elected official
from owning stocks in industries

748
00:49:22,500 --> 00:49:24,667
they impact.

749
00:49:24,667 --> 00:49:27,933
Let's make sure people who
bundle campaign contributions

750
00:49:27,934 --> 00:49:32,533
for Congress can't lobby
Congress, and vice versa --

751
00:49:32,533 --> 00:49:35,200
an idea that has
bipartisan support,

752
00:49:35,200 --> 00:49:39,734
at least outside of Washington.

753
00:49:39,734 --> 00:49:42,866
Some of what's broken has to do
with the way Congress does its

754
00:49:42,867 --> 00:49:45,600
business these days.

755
00:49:45,600 --> 00:49:49,967
A simple majority is no longer
enough to get anything --

756
00:49:49,967 --> 00:49:52,700
even routine business --
passed through the Senate.

757
00:49:52,700 --> 00:49:56,600
(applause)

758
00:49:56,600 --> 00:50:00,467
Neither party has been
blameless in these tactics.

759
00:50:00,467 --> 00:50:03,800
Now both parties should
put an end to it.

760
00:50:03,800 --> 00:50:11,100
(applause)

761
00:50:11,100 --> 00:50:15,866
For starters, I ask the Senate
to pass a simple rule that all

762
00:50:15,867 --> 00:50:20,066
judicial and public service
nominations receive a simple up

763
00:50:20,066 --> 00:50:22,433
or down vote within 90 days.

764
00:50:22,433 --> 00:50:35,300
(applause)

765
00:50:35,300 --> 00:50:38,633
The executive branch
also needs to change.

766
00:50:38,633 --> 00:50:42,299
Too often, it's inefficient,
outdated and remote.

767
00:50:42,300 --> 00:50:46,233
(applause)

768
00:50:46,233 --> 00:50:48,300
That's why I've asked this
Congress to grant me the

769
00:50:48,300 --> 00:50:50,533
authority to consolidate
the federal bureaucracy,

770
00:50:50,533 --> 00:50:53,133
so that our government
is leaner, quicker,

771
00:50:53,133 --> 00:50:56,265
and more responsive to the
needs of the American people.

772
00:50:56,266 --> 00:51:03,934
(applause)

773
00:51:03,934 --> 00:51:08,900
Finally, none of this can
happen unless we also lower the

774
00:51:08,900 --> 00:51:11,767
temperature in this town.

775
00:51:11,767 --> 00:51:15,366
We need to end the notion that
the two parties must be locked

776
00:51:15,367 --> 00:51:19,467
in a perpetual campaign
of mutual destruction;

777
00:51:19,467 --> 00:51:23,533
that politics is about clinging
to rigid ideologies instead of

778
00:51:23,533 --> 00:51:27,900
building consensus around
common-sense ideas.

779
00:51:27,900 --> 00:51:29,834
I'm a Democrat.

780
00:51:29,834 --> 00:51:33,600
But I believe what Republican
Abraham Lincoln believed:

781
00:51:33,600 --> 00:51:36,767
That government should do for
people only what they cannot do

782
00:51:36,767 --> 00:51:39,100
better by themselves,
and no more.

783
00:51:39,100 --> 00:51:59,799
(applause)

784
00:51:59,800 --> 00:52:02,533
That's why my education reform
offers more competition,

785
00:52:02,533 --> 00:52:06,299
and more control for
schools and states.

786
00:52:06,300 --> 00:52:09,500
That's why we're getting rid
of regulations that don't work.

787
00:52:09,500 --> 00:52:12,767
That's why our health care law
relies on a reformed private

788
00:52:12,767 --> 00:52:16,533
market, not a
government program.

789
00:52:16,533 --> 00:52:19,133
On the other hand, even my
Republican friends who complain

790
00:52:19,133 --> 00:52:21,834
the most about government
spending have supported

791
00:52:21,834 --> 00:52:25,000
federally financed roads,
and clean energy projects,

792
00:52:25,000 --> 00:52:30,133
and federal offices for
the folks back home.

793
00:52:30,133 --> 00:52:33,299
The point is, we should
all want a smarter,

794
00:52:33,300 --> 00:52:34,834
more effective government.

795
00:52:34,834 --> 00:52:39,667
And while we may not be able to
bridge our biggest philosophical

796
00:52:39,667 --> 00:52:44,799
differences this year, we
can make real progress.

797
00:52:44,800 --> 00:52:48,934
With or without this Congress,
I will keep taking actions that

798
00:52:48,934 --> 00:52:51,533
help the economy grow.

799
00:52:51,533 --> 00:52:55,500
But I can do a whole
lot more with your help.

800
00:52:55,500 --> 00:52:58,600
Because when we act together,
there's nothing the United

801
00:52:58,600 --> 00:53:00,633
States of America can't achieve.

802
00:53:00,633 --> 00:53:18,433
(applause)

803
00:53:18,433 --> 00:53:21,133
That's the lesson we've learned
from our actions abroad over the

804
00:53:21,133 --> 00:53:24,000
last few years.

805
00:53:24,000 --> 00:53:27,300
Ending the Iraq war has allowed
us to strike decisive blows

806
00:53:27,300 --> 00:53:29,734
against our enemies.

807
00:53:29,734 --> 00:53:34,033
From Pakistan to Yemen, the al
Qaeda operatives who remain are

808
00:53:34,033 --> 00:53:37,667
scrambling, knowing that they
can't escape the reach of the

809
00:53:37,667 --> 00:53:39,266
United States of America.

810
00:53:39,266 --> 00:53:45,900
(applause)

811
00:53:45,900 --> 00:53:49,667
From this position of strength,
we've begun to wind down the war

812
00:53:49,667 --> 00:53:51,866
in Afghanistan.

813
00:53:51,867 --> 00:53:55,433
Ten thousand of our
troops have come home.

814
00:53:55,433 --> 00:53:59,567
Twenty-three thousand more will
leave by the end of this summer.

815
00:53:59,567 --> 00:54:01,767
This transition to Afghan
lead will continue,

816
00:54:01,767 --> 00:54:05,332
and we will build an enduring
partnership with Afghanistan,

817
00:54:05,333 --> 00:54:08,300
so that it is never
again a source of attacks

818
00:54:08,300 --> 00:54:09,367
against America.

819
00:54:09,367 --> 00:54:16,000
(applause)

820
00:54:16,000 --> 00:54:19,900
As the tide of war recedes, a
wave of change has washed across

821
00:54:19,900 --> 00:54:24,233
the Middle East and North
Africa, from Tunis to Cairo;

822
00:54:24,233 --> 00:54:27,600
from Sana'a to Tripoli.

823
00:54:27,600 --> 00:54:31,000
A year ago, Qaddafi was one
of the world's longest-serving

824
00:54:31,000 --> 00:54:36,400
dictators -- a murderer with
American blood on his hands.

825
00:54:36,400 --> 00:54:37,767
Today, he is gone.

826
00:54:37,767 --> 00:54:42,265
And in Syria, I have no doubt
that the Assad regime will soon

827
00:54:42,266 --> 00:54:45,734
discover that the forces of
change cannot be reversed,

828
00:54:45,734 --> 00:54:48,533
and that human dignity
cannot be denied.

829
00:54:48,533 --> 00:55:04,799
(applause)

830
00:55:04,800 --> 00:55:08,233
How this incredible
transformation will end

831
00:55:08,233 --> 00:55:10,567
remains uncertain.

832
00:55:10,567 --> 00:55:13,800
But we have a huge
stake in the outcome.

833
00:55:13,800 --> 00:55:16,667
And while it's ultimately up
to the people of the region to

834
00:55:16,667 --> 00:55:21,165
decide their fate, we will
advocate for those values that

835
00:55:21,166 --> 00:55:24,500
have served our own
country so well.

836
00:55:24,500 --> 00:55:27,834
We will stand against
violence and intimidation.

837
00:55:27,834 --> 00:55:31,700
We will stand for the rights and
dignity of all human beings --

838
00:55:31,700 --> 00:55:35,667
men and women; Christians,
Muslims and Jews.

839
00:55:35,667 --> 00:55:39,066
We will support policies that
lead to strong and stable

840
00:55:39,066 --> 00:55:42,500
democracies and open markets,
because tyranny is no match

841
00:55:42,500 --> 00:55:44,867
for liberty.

842
00:55:44,867 --> 00:55:47,533
And we will safeguard America's
own security against those who

843
00:55:47,533 --> 00:55:52,600
threaten our citizens, our
friends, and our interests.

844
00:55:52,600 --> 00:55:53,600
Look at Iran.

845
00:55:53,600 --> 00:55:56,133
Through the power
of our diplomacy,

846
00:55:56,133 --> 00:55:59,734
a world that was once divided
about how to deal with Iran's

847
00:55:59,734 --> 00:56:03,667
nuclear program
now stands as one.

848
00:56:03,667 --> 00:56:08,000
The regime is more
isolated than ever before;

849
00:56:08,000 --> 00:56:11,166
its leaders are faced
with crippling sanctions,

850
00:56:11,166 --> 00:56:14,033
and as long as they shirk
their responsibilities,

851
00:56:14,033 --> 00:56:17,165
this pressure will not relent.

852
00:56:17,166 --> 00:56:21,834
Let there be no doubt: America
is determined to prevent Iran

853
00:56:21,834 --> 00:56:24,667
from getting a nuclear weapon,
and I will take no options off

854
00:56:24,667 --> 00:56:26,533
the table to achieve that goal.

855
00:56:26,533 --> 00:56:41,734
(applause)

856
00:56:41,734 --> 00:56:45,567
But a peaceful resolution of
this issue is still possible,

857
00:56:45,567 --> 00:56:50,233
and far better, and if Iran
changes course and meets its

858
00:56:50,233 --> 00:56:55,667
obligations, it can rejoin
the community of nations.

859
00:56:55,667 --> 00:56:57,567
The renewal of American
leadership can be felt

860
00:56:57,567 --> 00:56:59,967
across the globe.

861
00:56:59,967 --> 00:57:06,033
Our oldest alliances in Europe
and Asia are stronger than ever.

862
00:57:06,033 --> 00:57:09,467
Our ties to the
Americas are deeper.

863
00:57:09,467 --> 00:57:12,367
Our ironclad commitment
-- and I mean ironclad --

864
00:57:12,367 --> 00:57:16,200
to Israel's security has meant
the closest military cooperation

865
00:57:16,200 --> 00:57:18,767
between our two
countries in history.

866
00:57:18,767 --> 00:57:32,100
(applause)

867
00:57:32,100 --> 00:57:34,567
We've made it clear that
America is a Pacific power,

868
00:57:34,567 --> 00:57:40,367
and a new beginning in
Burma has lit a new hope.

869
00:57:40,367 --> 00:57:43,800
From the coalitions we've built
to secure nuclear materials,

870
00:57:43,800 --> 00:57:47,400
to the missions we've led
against hunger and disease;

871
00:57:47,400 --> 00:57:50,000
from the blows we've
dealt to our enemies,

872
00:57:50,000 --> 00:57:56,100
to the enduring power of our
moral example, America is back.

873
00:57:56,100 --> 00:57:59,933
Anyone who tells you otherwise,
anyone who tells you that

874
00:57:59,934 --> 00:58:03,734
America is in decline or
that our influence has waned,

875
00:58:03,734 --> 00:58:05,667
doesn't know what
they're talking about.

876
00:58:05,667 --> 00:58:21,133
(cheering and applause)

877
00:58:21,133 --> 00:58:23,466
That's not the message we get
from leaders around the world

878
00:58:23,467 --> 00:58:26,200
who are eager to work with us.

879
00:58:26,200 --> 00:58:29,466
That's not how people
feel from Tokyo to Berlin,

880
00:58:29,467 --> 00:58:33,266
from Cape Town to Rio, where
opinions of America are higher

881
00:58:33,266 --> 00:58:36,500
than they've been in years.

882
00:58:36,500 --> 00:58:38,934
Yes, the world is changing.

883
00:58:38,934 --> 00:58:42,300
No, we can't
control every event.

884
00:58:42,300 --> 00:58:46,066
But America remains the one
indispensable nation in world

885
00:58:46,066 --> 00:58:49,332
affairs -- and as long as I'm President, I intend to keep

886
00:58:49,333 --> 00:58:50,200
it that way.

887
00:58:50,200 --> 00:59:02,299
(applause)

888
00:59:02,300 --> 00:59:05,467
That's why, working with
our military leaders,

889
00:59:05,467 --> 00:59:08,567
I've proposed a new defense
strategy that ensures we

890
00:59:08,567 --> 00:59:11,700
maintain the finest
military in the world,

891
00:59:11,700 --> 00:59:15,933
while saving nearly half a
trillion dollars in our budget.

892
00:59:15,934 --> 00:59:18,700
To stay one step ahead
of our adversaries,

893
00:59:18,700 --> 00:59:21,232
I've already sent this Congress
legislation that will secure our

894
00:59:21,233 --> 00:59:24,033
country from the growing
dangers of cyber-threats.

895
00:59:24,033 --> 00:59:29,133
(applause)

896
00:59:29,133 --> 00:59:33,799
Above all, our freedom endures
because of the men and women in

897
00:59:33,800 --> 00:59:35,967
uniform who defend it.

898
00:59:35,967 --> 01:00:12,934
(applause)

899
01:00:12,934 --> 01:00:15,867
As they come home, we
must serve them as well as

900
01:00:15,867 --> 01:00:18,200
they've served us.

901
01:00:18,200 --> 01:00:21,133
That includes giving them the
care and the benefits they have

902
01:00:21,133 --> 01:00:25,200
earned -- which is why we've
increased annual VA spending

903
01:00:25,200 --> 01:00:27,165
every year I've been President.

904
01:00:27,166 --> 01:00:33,567
(applause)

905
01:00:33,567 --> 01:00:36,400
And it means enlisting our
veterans in the work of

906
01:00:36,400 --> 01:00:39,333
rebuilding our nation.

907
01:00:39,333 --> 01:00:41,800
With the bipartisan
support of this Congress,

908
01:00:41,800 --> 01:00:46,233
we're providing new tax credits
to companies that hire vets.

909
01:00:46,233 --> 01:00:48,834
Michelle and Jill Biden have
worked with American businesses

910
01:00:48,834 --> 01:00:53,000
to secure a pledge of
135,000 jobs for veterans and

911
01:00:53,000 --> 01:00:54,834
their families.

912
01:00:54,834 --> 01:00:58,332
And tonight, I'm proposing a
Veterans Jobs Corps that will

913
01:00:58,333 --> 01:01:01,333
help our communities
hire veterans as cops and

914
01:01:01,333 --> 01:01:04,700
firefighters, so that America
is as strong as those who

915
01:01:04,700 --> 01:01:05,633
defend her.

916
01:01:05,633 --> 01:01:21,533
(applause)

917
01:01:21,533 --> 01:01:27,133
Which brings me back
to where I began.

918
01:01:27,133 --> 01:01:32,165
Those of us who've been sent
here to serve can learn a thing

919
01:01:32,166 --> 01:01:37,133
or two from the
service of our troops.

920
01:01:37,133 --> 01:01:40,834
When you put on that uniform, it
doesn't matter if you're black

921
01:01:40,834 --> 01:01:47,366
or white; Asian, Latino, Native
American; conservative, liberal;

922
01:01:47,367 --> 01:01:53,033
rich, poor; gay, straight.

923
01:01:53,033 --> 01:01:55,500
When you're marching
into battle,

924
01:01:55,500 --> 01:02:02,233
you look out for the person next
to you, or the mission fails.

925
01:02:02,233 --> 01:02:05,133
When you're in the
thick of the fight,

926
01:02:05,133 --> 01:02:11,066
you rise or fall as one
unit, serving one nation,

927
01:02:11,066 --> 01:02:15,667
leaving no one behind.

928
01:02:15,667 --> 01:02:20,133
One of my proudest possessions
is the flag that the SEAL Team

929
01:02:20,133 --> 01:02:24,734
took with them on the
mission to get bin Laden.

930
01:02:24,734 --> 01:02:28,567
On it are each of their names.

931
01:02:28,567 --> 01:02:31,066
Some may be Democrats.

932
01:02:31,066 --> 01:02:33,966
Some may be Republicans.

933
01:02:33,967 --> 01:02:36,600
But that doesn't matter.

934
01:02:36,600 --> 01:02:38,967
Just like it didn't matter
that day in the Situation Room,

935
01:02:38,967 --> 01:02:44,200
when I sat next to Bob Gates
-- a man who was George Bush's

936
01:02:44,200 --> 01:02:47,667
defense secretary --
and Hillary Clinton --

937
01:02:47,667 --> 01:02:52,033
a woman who ran against
me for president.

938
01:02:52,033 --> 01:02:54,900
All that mattered that
day was the mission.

939
01:02:54,900 --> 01:03:00,433
No one thought about politics.

940
01:03:00,433 --> 01:03:04,567
No one thought about themselves.

941
01:03:04,567 --> 01:03:07,300
One of the young men involved in
the raid later told me that he

942
01:03:07,300 --> 01:03:10,233
didn't deserve credit
for the mission.

943
01:03:10,233 --> 01:03:13,567
It only succeeded, he said,
because every single member of

944
01:03:13,567 --> 01:03:18,834
that unit did their job -- the
pilot who landed the helicopter

945
01:03:18,834 --> 01:03:23,133
that spun out of control; the
translator who kept others from

946
01:03:23,133 --> 01:03:27,834
entering the compound; the
troops who separated the women

947
01:03:27,834 --> 01:03:35,533
and children from the fight; the
SEALs who charged up the stairs.

948
01:03:35,533 --> 01:03:39,200
More than that, the mission only
succeeded because every member

949
01:03:39,200 --> 01:03:42,734
of that unit trusted
each other --

950
01:03:42,734 --> 01:03:45,066
because you can't
charge up those stairs,

951
01:03:45,066 --> 01:03:50,799
into darkness and danger, unless
you know that there's somebody

952
01:03:50,800 --> 01:03:57,000
behind you, watching your back.

953
01:03:57,000 --> 01:03:59,967
So it is with America.

954
01:03:59,967 --> 01:04:03,934
Each time I look at that flag,
I'm reminded that our destiny is

955
01:04:03,934 --> 01:04:09,500
stitched together like those
50 stars and those 13 stripes.

956
01:04:09,500 --> 01:04:12,834
No one built this
country on their own.

957
01:04:12,834 --> 01:04:16,834
This nation is great because
we built it together.

958
01:04:16,834 --> 01:04:21,633
This nation is great
because we worked as a team.

959
01:04:21,633 --> 01:04:24,799
This nation is great because
we get each other's backs.

960
01:04:24,800 --> 01:04:29,767
And if we hold fast to that
truth, in this moment of trial,

961
01:04:29,767 --> 01:04:34,265
there is no challenge too
great; no mission too hard.

962
01:04:34,266 --> 01:04:37,400
As long as we are joined
in common purpose,

963
01:04:37,400 --> 01:04:40,667
as long as we maintain
our common resolve,

964
01:04:40,667 --> 01:04:43,700
our journey moves forward,
and our future is hopeful,

965
01:04:43,700 --> 01:04:47,667
and the state of our Union
will always be strong.

966
01:04:47,667 --> 01:04:50,100
Thank you, God bless you, and
God bless the United States

967
01:04:50,100 --> 01:04:51,033
of America.

968
01:04:51,033 --> 01:04:52,533
(cheering and applause)