The text is here. Some excerpts follow, prefaced with my summary.
We live in hard times, but it’s Bush’s fault.
One year ago, I took office amid two wars, an economy rocked by severe recession, a financial system on the verge of collapse, and a government deeply in debt. Experts from across the political spectrum warned that if we did not act, we might face a second depression. So we acted – immediately and aggressively. And one year later, the worst of the storm has passed. But the devastation remains. ….
So let me start the discussion of government spending by setting the record straight. At the beginning of the last decade, America had a budget surplus of over $200 billion. By the time I took office, we had a one year deficit of over $1 trillion and projected deficits of $8 trillion over the next decade. Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program. On top of that, the effects of the recession put a $3 trillion hole in our budget. That was before I walked in the door.
I am helping now and help can come faster, if only the wreckers and saboteurs get out of the way. Let me tell what things this administration has been doing to solve the nation’s problems.
For these Americans and so many others, change has not come fast enough. Some are frustrated; some are angry. They don’t understand why it seems like bad behavior on Wall Street is rewarded but hard work on Main Street isn’t; or why Washington has been unable or unwilling to solve any of our problems. They are tired of the partisanship and the shouting and the pettiness. … We cannot wage a perpetual campaign where the only goal is to see who can get the most embarrassing headlines about their opponent – a belief that if you lose, I win. Neither party should delay or obstruct every single bill just because they can.
But their day is ending. First thing is we’re getting money back from Wall Street.
I have proposed a fee on the biggest banks. I know Wall Street isn’t keen on this idea, but if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need.
You should have more money in your pocket now, or more than otherwise because of tax cuts and the economic stimulus.
Let me repeat: we cut taxes. We cut taxes for 95% of working families. We cut taxes for small businesses. We cut taxes for first-time homebuyers. We cut taxes for parents trying to care for their children. We cut taxes for 8 million Americans paying for college. As a result, millions of Americans had more to spend on gas, and food, and other necessities, all of which helped businesses keep more workers. And we haven’t raised income taxes by a single dime on a single person. Not a single dime. …
The plan that has made all of this possible, from the tax cuts to the jobs, is the Recovery Act. That’s right – the Recovery Act, also known as the Stimulus Bill. Economists on the left and the right say that this bill has helped saved jobs and avert disaster.
And in case that’s not enough we’re taking money from the fat cats and giving it to you. For example, through government created community banks.
So tonight, I’m proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat. I am also proposing a new small business tax credit – one that will go to over one million small businesses who hire new workers or raise wages. While we’re at it, let’s also eliminate all capital gains taxes on small business investment; and provide a tax incentive for all businesses, large and small, to invest in new plants and equipment.
To make America like other advanced nations it will build high-speed rail, create green energy. It will put people to work building the future.
Tomorrow, I’ll visit Tampa, Florida, where workers will soon break ground on a new high-speed railroad funded by the Recovery Act. There are projects like that all across this country that will create jobs and help our nation move goods, services, and information. We should put more Americans to work building clean energy facilities, and give rebates to Americans who make their homes more energy efficient, which supports clean energy jobs.
But that’s not enough because to be successful America needs fundamental change. Really basic changes. Not just the niggling stuff mentioned above. First, it needs financial reform. Government is going to watch over Wall Street to make sure they don’t do anything risky.
But that can only happen if we guard against the same recklessness that nearly brought down our entire economy. … The House has already passed financial reform with many of these changes. And the lobbyists are already trying to kill it. Well, we cannot let them win this fight. And if the bill that ends up on my desk does not meet the test of real reform, I will send it back.
Second, government is going to invest in more research.
Last year, we made the largest investment in basic research funding in history – an investment that could lead to the world’s cheapest solar cells or treatment that kills cancer cells but leaves healthy ones untouched. And no area is more ripe for such innovation than energy. You can see the results of last year’s investment in clean energy – in the North Carolina company that will create 1200 jobs nationwide helping to make advanced batteries; or in the California business that will put 1,000 people to work making solar panels.
Third, government is going to help America export more of our goods. There’s even a plan for it.
To help meet this goal, we’re launching a National Export Initiative that will help farmers and small businesses increase their exports, and reform export controls consistent with national security.
Fourth, it’s going to spend more on schools.
Instead of funding the status quo, we only invest in reform – reform that raises student achievement, inspires students to excel in math and science, and turns around failing schools that steal the future of too many young Americans, from rural communities to inner-cities. In the 21st century, one of the best anti-poverty programs is a world-class education. In this country, the success of our children cannot depend more on where they live than their potential.
And above all, America is going to get Health Care so it won’t have to spend so much in the future.
By the time I’m finished speaking tonight, more Americans will have lost their health insurance. Millions will lose it this year. Our deficit will grow. Premiums will go up. Patients will be denied the care they need. Small business owners will continue to drop coverage altogether. I will not walk away from these Americans, and neither should the people in this chamber.
As temperatures cool, I want everyone to take another look at the plan we’ve proposed. There’s a reason why many doctors, nurses, and health care experts who know our system best consider this approach a vast improvement over the status quo.
And all this will happen under the umbrella of an enlightened security and foreign policy. America is winning the War on Terror, whatever it is called now.
Tonight, all of our men and women in uniform — in Iraq, Afghanistan, and around the world – must know that they have our respect, our gratitude, and our full support. And just as they must have the resources they need in war, we all have a responsibility to support them when they come home. That is why we made the largest increase in investments for veterans in decades. That is why we are building a 21st century VA. And that is why Michelle has joined with Jill Biden to forge a national commitment to support military families.
And since the current administration is doing all these good things, it will stay the course. It won’t let the aforementioned saboteurs and wreckers stand in the way.
So no, I will not give up on changing the tone of our politics. I know it’s an election year. And after last week, it is clear that campaign fever has come even earlier than usual. But we still need to govern. To Democrats, I would remind you that we still have the largest majority in decades, and the people expect us to solve some problems, not run for the hills. And if the Republican leadership is going to insist that sixty votes in the Senate are required to do any business at all in this town, then the responsibility to govern is now yours as well. Just saying no to everything may be good short-term politics, but it’s not leadership. … A new decade stretches before us. We don’t quit. I don’t quit. Let’s seize this moment – to start anew, to carry the dream forward, and to strengthen our union once more.
So in summary, though we are still in bad shape remember George Bush caused that problem. We are fixing things now in little ways, but we’ll soon get to the big ways. We’ll bring the banks to heel, create jobs, give you health care, keep you safe. Don’t you believe those who say differently, because they’re just getting in the way. We have the largest majority in decades. We won. And we are going to stay the course.