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Tuesday,F(xiàn)ebruary24th,2009]kCRemarksofPresidentBarackObama——AddresstoJointSessionofCongressMadameSpeaker,Mr.VicePresident,MembersofCongress,andtheFirstLadyoftheUnitedStates:I‘vecomeheretonightnotonlytoaddressthedistinguishedmenandwomeninthisgreatchamber,buttospeakfranklyanddirectlytothemenandwomenwhosentushere.IknowthatformanyAmericanswatchingrightnow,thestateofoureconomyisaconcernthatrisesaboveallothers.Andrightlyso.Ifyouhaven’tbeenpersonallyaffectedbythisrecession,youprobablyknowsomeonewhohas–-afriend;aneighbor;amemberofyourfamily.Youdon‘tneedtohearanotherlistofstatisticstoknowthatoureconomyisincrisis,becauseyouliveiteveryday.It’stheworryyouwakeupwithandthesourceofsleeplessnights.It‘sthejobyouthoughtyou’dretirefrombutnowhavelost;thebusinessyoubuiltyourdreamsuponthat‘snowhangingbyathread;thecollegeacceptanceletteryourchildhadtoputbackintheenvelope.Theimpactofthisrecessionisreal,anditiseverywhere.Butwhileoureconomymaybeweakenedandourconfidenceshaken;thoughwearelivingthroughdifficultanduncertaintimes,tonightIwanteveryAmericantoknowthis:Wewillrebuild,wewillrecover,andtheUnitedStatesofAmericawillemergestrongerthanbefore.Theweightofthiscrisiswillnotdeterminethedestinyofthisnation.Theanswerstoourproblemsdon‘tliebeyondourreach.Theyexistinourlaboratoriesanduniversities;inourfieldsandourfactories;intheimaginationsofourentrepreneursandtheprideofthehardest-workingpeopleonEarth.ThosequalitiesthathavemadeAmericathegreatestforceofprogressandprosperityinhumanhistorywestillpossessinamplemeasure.Whatisrequirednowisforthiscountrytopulltogether,confrontboldlythechallengesweface,andtakeresponsibilityforourfutureoncemore.Now,ifwe‘rehonestwithourselves,we’lladmitthatfortoolong,wehavenotalwaysmettheseresponsibilities-–asagovernmentorasapeople.Isaythisnotto…………layblameorlookbackwards,butbecauseitisonlybyunderstandinghowwearrivedatthismomentthatwe‘llbeabletoliftourselvesoutofthispredicament.Thefactis,oureconomydidnotfallintodeclineovernight.Nordidallofourproblemsbeginwhenthehousingmarketcollapsedorthestockmarketsank.Wehaveknownfordecadesthatoursurvivaldependsonfindingnewsourcesofenergy.Yetweimportmoreoiltodaythaneverbefore.Thecostofhealthcareeatsupmoreandmoreofoursavingseachyear,yetwekeepdelayingreform.Ourchildrenwillcompeteforjobsinaglobaleconomythattoomanyofourschoolsdonotpreparethemfor.Andthoughallthesechallengeswentunsolved,westillmanagedtospendmoremoneyandpileupmoredebt,bothasindividualsandthroughourgovernment,thaneverbefore.Inotherwords,wehavelivedthroughanerawheretoooften,short-termgainswereprizedoverlong-termprosperity;wherewefailedtolookbeyondthenextpayment,thenextquarter,orthenextelection.Asurplusbecameanexcusetotransferwealthtothewealthyinsteadofanopportunitytoinvestinourfuture.Regulationswereguttedforthesakeofaquickprofitattheexpenseofahealthymarket.Peopleboughthomestheyknewtheycouldn‘taffordfrombanksandlenderswhopushedthosebadloansanyway.Andallthewhile,criticaldebatesanddifficultdecisionswereputoffforsomeothertimeonsomeotherday.Wellthatdayofreckoninghasarrived,andthetimetotakechargeofourfutureishere.Nowisthetimetoactboldlyandwisely–tonotonlyrevivethiseconomy,buttobuildanewfoundationforlastingprosperity.Nowisthetimetojumpstartjobcreation,re-startlending,andinvestinareaslikeenergy,healthcare,andeducationthatwillgrowoureconomy,evenaswemakehardchoicestobringourdeficitdown.Thatiswhatmyeconomicagendaisdesignedtodo,andthat‘swhatI’dliketotalktoyouabouttonight.It‘sanagendathatbeginswithjobs.AssoonasItookoffice,IaskedthisCongresstosendmearecoveryplanbyPresident‘sDaythatwouldputpeoplebacktoworkandputmoneyintheirpockets.NotbecauseIbelieveinbiggergovernment–Idon’t.NotbecauseI‘mnotmindfulofthemassivedebtwe’veinherited-–Iam.Icalledforactionbecausethefailuretodosowouldhavecostmorejobsandcausedmorehardships.Infact,afailuretoactwouldhaveworsenedourlong-termdeficitbyassuringweakeconomicgrowthforyears.That‘swhyIpushedforquickaction.Andtonight,IamgratefulthatthisCongressdelivered,andpleasedtosaythattheAmericanRecoveryandReinvestmentActisnowlaw.Overthenexttwoyears,thisplanwillsaveorcreate3.5millionjobs.Morethan90%ofthesejobswillbeintheprivatesector–jobsrebuildingourroadsandbridges;constructingwindturbinesandsolarpanels;layingbroadbandandexpandingmasstransit.Becauseofthisplan,thereareteacherswhocannowkeeptheirjobsandeducateourkids.Healthcareprofessionalscancontinuecaringforoursick.Thereare57policeofficerswhoarestillonthestreetsofMinneapolistonightbecausethisplanpreventedthelayoffstheirdepartmentwasabouttomake.Becauseofthisplan,95%oftheworkinghouseholdsinAmericawillreceiveataxcut–-ataxcutthatyouwillseeinyourpaychecksbeginningonApril1st.Becauseofthisplan,familieswhoarestrugglingtopaytuitioncostswillreceivea$2,500taxcreditforallfouryearsofcollege.AndAmericanswhohavelosttheirjobsinthisrecessionwillbeabletoreceiveextendedunemploymentbenefitsandcontinuedhealthcarecoveragetohelpthemweatherthisstorm.Iknowtherearesomeinthischamberandwatchingathomewhoareskepticalofwhetherthisplanwillwork.Iunderstandthatskepticism.HereinWashington,we‘veallseenhowquicklygoodintentionscanturnintobrokenpromisesandwastefulspending.Andwithaplanofthisscalecomesenormousresponsibilitytogetitright.ThatiswhyIhaveaskedVicePresidentBidentoleadatough,unprecedentedoversighteffort–becausenobodymesseswithJoe.IhavetoldeachmemberofmyCabinetaswellasmayorsandgovernorsacrossthecountrythattheywillbeheldaccountablebymeandtheAmericanpeopleforeverydollartheyspend.IhaveappointedaprovenandaggressiveInspectorGeneraltoferretoutanyandallcasesofwasteandfraud.AndwehavecreatedanewwebsitecalledsothateveryAmericancanfindouthowandwheretheirmoneyisbeingspent.Sotherecoveryplanwepassedisthefirststepingettingoureconomybackontrack.Butitisjustthefirststep.Becauseevenifwemanagethisplanflawlessly,therewillbenorealrecoveryunlesswecleanupthecreditcrisisthathasseverelyweakenedourfinancialsystem.Iwanttospeakplainlyandcandidlyaboutthisissuetonight,becauseeveryAmericanshouldknowthatitdirectlyaffectsyouandyourfamily‘swell-being.Youshouldalsoknowthatthemoneyyou’vedepositedinbanksacrossthecountryissafe;yourinsuranceissecure;andyoucanrelyonthecontinuedoperationofourfinancialsystem.Thatisnotthesourceofconcern.Theconcernisthatifwedonotre-startlendinginthiscountry,ourrecoverywillbechokedoffbeforeitevenbegins.Yousee,theflowofcreditisthelifebloodofoureconomy.Theabilitytogetaloanishowyoufinancethepurchaseofeverythingfromahometoacartoacollegeeducation;howstoresstocktheirshelves,farmsbuyequipment,andbusinessesmakepayroll.Butcredithasstoppedflowingthewayitshould.Toomanybadloansfromthehousingcrisishavemadetheirwayontothebooksoftoomanybanks.Withsomuchdebtandsolittleconfidence,thesebanksarenowfearfuloflendingoutanymoremoneytohouseholds,tobusinesses,ortoeachother.Whenthereisnolending,familiescan‘taffordtobuyhomesorcars.Sobusinessesareforcedtomakelayoffs.Oureconomysuffersevenmore,andcreditdriesupevenfurther.Thatiswhythisadministrationismovingswiftlyandaggressivelytobreakthisdestructivecycle,restoreconfidence,andre-startlending.Wewilldosoinseveralways.First,wearecreatinganewlendingfundthatrepresentsthelargesteffortevertohelpprovideautoloans,collegeloans,andsmallbusinessloanstotheconsumersandentrepreneurswhokeepthiseconomyrunning.Second,wehavelaunchedahousingplanthatwillhelpresponsiblefamiliesfacingthethreatofforeclosurelowertheirmonthlypaymentsandre-financetheirmortgages.It‘saplanthatwon’thelpspeculatorsorthatneighbordownthestreetwhoboughtahousehecouldneverhopetoafford,butitwillhelpmillionsofAmericanswhoarestrugglingwithdeclininghomevalues-–Americanswhowillnowbeabletotakeadvantageofthelowerinterestratesthatthisplanhasalreadyhelpedbringabout.Infact,theaveragefamilywhore-financestodaycansavenearly$2000peryearontheirmortgage.Third,wewillactwiththefullforceofthefederalgovernmenttoensurethatthemajorbanksthatAmericansdependonhaveenoughconfidenceandenoughmoneytolendeveninmoredifficulttimes.Andwhenwelearnthatamajorbankhasseriousproblems,wewillholdaccountablethoseresponsible,forcethenecessaryadjustments,providethesupporttocleanuptheirbalancesheets,andassurethecontinuityofastrong,viableinstitutionthatcanserveourpeopleandoureconomy.Iunderstandthatonanygivenday,WallStreetmaybemorecomfortedbyanapproachthatgivesbanksbailoutswithnostringsattached,andthatholdsnobodyaccountablefortheirrecklessdecisions.Butsuchanapproachwon‘tsolvetheproblem.Andourgoalistoquickenthedaywhenwere-startlendingtotheAmericanpeopleandAmericanbusinessandendthiscrisisonceandforall.Iintendtoholdthesebanksfullyaccountablefortheassistancetheyreceive,andthistime,theywillhavetoclearlydemonstratehowtaxpayerdollarsresultinmorelendingfortheAmericantaxpayer.Thistime,CEOswon‘tbeabletousetaxpayermoneytopadtheirpaychecksorbuyfancydrapesordisappearonaprivatejet.Thosedaysareover.Still,thisplanwillrequiresignificantresourcesfromthefederalgovernment——andyes,probablymorethanwe*vealreadysetaside.Butwhilethecostofactionwillbegreat,Icanassureyouthatthecostofinactionwillbefargreater,foritcouldresultinaneconomythatsputtersalongfornotmonthsoryears,butperhapsadecade.Thatwouldbeworseforourdeficit,worseforbusiness,worseforyou,andworseforthenextgeneration.AndIrefusetoletthathappen.IunderstandthatwhenthelastadministrationaskedthisCongresstoprovideassistanceforstrugglingbanks,DemocratsandRepublicansalikewereinfuriatedbythemismanagementandresultsthatfollowed.SoweretheAmericantaxpayers.SowasI.SoIknowhowunpopularitistobeseenashelpingbanksrightnow,especiallywheneveryoneissufferinginpartfromtheirbaddecisions.Ipromiseyou——Igetit.ButIalsoknowthatinatimeofcrisis,wecannotaffordtogovernoutofanger,oryieldtothepoliticsofthemoment.Myjob——ourjob——istosolvetheproblem.Ourjobistogovernwithasenseofresponsibility.IwillnotspendasinglepennyforthepurposeofrewardingasingleWallStreetexecutive,butIwilldowhateverittakestohelpthesmallbusinessthatcan*tpayitsworkersorthefamilythathassavedandstillcan*tgetamortgage.That'swhatthisisabout.It'snotabouthelpingbanks--it*sabouthelpingpeople.Becausewhencreditisavailableagain,thatyoungfamilycanfinallybuyanewhome.Andthensomecompanywillhireworkerstobuildit.Andthenthoseworkerswillhavemoneytospend,andiftheycangetaloantoo,maybethey'llfinallybuythatcar,oropentheirownbusiness.Investorswillreturntothemarket,andAmericanfamilieswillseetheirretirementsecuredoncemore.Slowly,butsurely,confidencewillreturn,andoureconomywillrecover.SoIaskthisCongresstojoinmeindoingwhateverprovesnecessary.Becausewecannotconsignournationtoanopen-endedrecession.Andtoensurethatacrisisofthismagnitudeneverhappensagain,IaskCongresstomovequicklyonlegislationthatwillfinallyreformouroutdatedregulatorysystem.Itistimetoputinplacetough,newcommon-senserulesoftheroadsothatourfinancialmarketrewardsdriveandinnovation,andpunishesshort-cutsandabuse.Therecoveryplanandthefinancialstabilityplanaretheimmediatestepswe‘retakingtoreviveoureconomyintheshort-term.ButtheonlywaytofullyrestoreAmerica’seconomicstrengthistomakethelong-terminvestmentsthatwillleadtonewjobs,newindustries,andarenewedabilitytocompetewiththerestoftheworld.TheonlywaythiscenturywillbeanotherAmericancenturyisifweconfrontatlastthepriceofourdependenceonoilandthehighcostofhealthcare;theschoolsthataren‘tpreparingourchildrenandthemountainofdebttheystandtoinherit.Thatisourresponsibility.Inthenextfewdays,IwillsubmitabudgettoCongress.Sooften,wehavecometoviewthesedocumentsassimplynumbersonapageorlaundrylistsofprograms.Iseethisdocumentdifferently.IseeitasavisionforAmericaasablueprintforourfuture.Mybudgetdoesnotattempttosolveeveryproblemoraddresseveryissue.Itreflectsthestarkrealityofwhatwe‘veinherited–atrilliondollardeficit,afinancialcrisis,andacostlyrecession.Giventheserealities,everyoneinthischamber–-DemocratsandRepublicans–willhavetosacrificesomeworthyprioritiesforwhichtherearenodollars.Andthatincludesme.Butthatdoesnotmeanwecanaffordtoignoreourlong-termchallenges.Irejecttheviewthatsaysourproblemswillsimplytakecareofthemselves;thatsaysgovernmenthasnoroleinlayingthefoundationforourcommonprosperity.Forhistorytellsadifferentstory.Historyremindsusthatateverymomentofeconomicupheavalandtransformation,thisnationhasrespondedwithboldactionandbigideas.Inthemidstofcivilwar,welaidrailroadtracksfromonecoasttoanotherthatspurredcommerceandindustry.FromtheturmoiloftheIndustrialRevolutioncameasystemofpublichighschoolsthatpreparedourcitizensforanewage.Inthewakeofwaranddepression,theGIBillsentagenerationtocollegeandcreatedthelargestmiddle-classinhistory.Andatwilightstruggleforfreedomledtoanationofhighways,anAmericanonthemoon,andanexplosionoftechnologythatstillshapesourworld.Ineachcase,governmentdidn‘tsupplantprivateenterprise;itcatalyzedprivateenterprise.Itcreatedtheconditionsforthousandsofentrepreneursandnewbusinessestoadaptandtothrive.Weareanationthathasseenpromiseamidperil,andclaimedopportunityfromordeal.Nowwemustbethatnationagain.Thatiswhy,evenasitcutsbackontheprogramswedon‘tneed,thebudgetIsubmitwillinvestinthethreeareasthatareabsolutelycriticaltooureconomicfuture:energy,healthcare,andeducation.Itbeginswithenergy.Weknowthecountrythatharnessesthepowerofclean,renewableenergywillleadthe21stcentury.Andyet,itisChinathathaslaunchedthelargesteffortinhistorytomaketheireconomyenergyefficient.Weinventedsolartechnology,butwe‘vefallenbehindcountrieslikeGermanyandJapaninproducingit.Newplug-inhybridsrolloffourassemblylines,buttheywillrunonbatteriesmadeinKorea.WellIdonotacceptafuturewherethejobsandindustriesoftomorrowtakerootbeyondourborders–andIknowyoudon‘teither.ItistimeforAmericatoleadagain.Thankstoourrecoveryplan,wewilldoublethisnation‘ssupplyofrenewableenergyinthenextthreeyears.WehavealsomadethelargestinvestmentinbasicresearchfundinginAmericanhistory-–aninvestmentthatwillspurnotonlynewdiscoveriesinenergy,butbreakthroughsinmedicine,science,andtechnology.Wewillsoonlaydownthousandsofmilesofpowerlinesthatcancarrynewenergytocitiesandtownsacrossthiscountry.AndwewillputAmericanstoworkmakingourhomesandbuildingsmoreefficientsothatwecansavebillionsofdollarsonourenergybills.Buttotrulytransformoureconomy,protectoursecurity,andsaveourplanetfromtheravagesofclimatechange,weneedtoultimatelymakeclean,renewableenergytheprofitablekindofenergy.SoIaskthisCongresstosendmelegislationthatplacesamarket-basedcaponcarbonpollutionanddrivestheproductionofmorerenewableenergyinAmerica.Andtosupportthatinnovation,wewillinvestfifteenbilliondollarsayeartodeveloptechnologieslikewindpowerandsolarpower;advancedbiofuels,cleancoal,andmorefuel-efficientcarsandtrucksbuiltrighthereinAmerica.Asforourautoindustry,everyonerecognizesthatyearsofbaddecision-makingandaglobalrecessionhavepushedourautomakerstothebrink.Weshouldnot,andwillnot,protectthemfromtheirownbadpractices.Butwearecommittedtothegoalofare-tooled,re-imaginedautoindustrythatcancompeteandwin.Millionsofjobsdependonit.Scoresofcommunitiesdependonit.AndIbelievethenationthatinventedtheautomobilecannotwalkawayfromit.Noneofthiswillcomewithoutcost,norwillitbeeasy.ButthisisAmerica.Wedon‘tdowhat’seasy.Wedowhatisnecessarytomovethiscountryforward.Forthatsamereason,wemustalsoaddressthecrushingcostofhealthcare.ThisisacostthatnowcausesabankruptcyinAmericaeverythirtyseconds.Bytheendoftheyear,itcouldcause1.5millionAmericanstolosetheirhomes.Inthelasteightyears,premiumshavegrownfourtimesfasterthanwages.Andineachoftheseyears,onemillionmoreAmericanshavelosttheirhealthinsurance.Itisoneofthemajorreasonswhysmallbusinessesclosetheirdoorsandcorporationsshipjobsoverseas.Andit‘soneofthelargestandfastest-growingpartsofourbudget.Giventhesefacts,wecannolongeraffordtoputhealthcarereformonhold.Already,wehavedonemoretoadvancethecauseofhealthcarereforminthelastthirtydaysthanwehaveinthelastdecade.Whenitwasdaysold,thisCongresspassedalawtoprovideandprotecthealthinsuranceforelevenmillionAmericanchildrenwhoseparentsworkfull-time.Ourrecoveryplanwillinvestinelectronichealthrecordsandnewtechnologythatwillreduceerrors,bringdowncosts,ensureprivacy,andsavelives.ItwilllaunchanewefforttoconqueradiseasethathastouchedthelifeofnearlyeveryAmericanbyseekingacureforcancerinourtime.Anditmakesthelargestinvestmenteverinpreventivecare,becausethatisoneofthebestwaystokeepourpeoplehealthyandourcostsundercontrol.Thisbudgetbuildsonthesereforms.Itincludesanhistoriccommitmenttocomprehensivehealthcarereform–-adown-paymentontheprinciplethatwemusthavequality,affordablehealthcareforeveryAmerican.It‘sacommitmentthat’spaidforinpartbyefficienciesinoursystemthatarelongoverdue.Andit‘sastepwemusttakeifwehopetobringdownourdeficitintheyearstocome.Now,therewillbemanydifferentopinionsandideasabouthowtoachievereform,andthatiswhyI‘mbringingtogetherbusinessesandworkers,doctorsandhealthcareproviders,DemocratsandRepublicanstobeginworkonthisissuenextweek.Isuffernoillusionsthatthiswillbeaneasyprocess.Itwillbehard.ButIalsoknowthatnearlyacenturyafterTeddyRooseveltfirstcalledforreform,thecostofourhealthcarehasweigheddownoureconomyandtheconscienceofournationlongenough.Solettherebenodoubt:healthcarereformcannotwait,itmustnotwait,anditwillnotwaitanotheryear.ThethirdchallengewemustaddressistheurgentneedtoexpandthepromiseofeducationinAmerica.Inaglobaleconomywherethemostvaluableskillyoucansellisyourknowledge,agoodeducationisnolongerjustapathwaytoopportunity–-itisapre-requisite.Rightnow,three-quartersofthefastest-growingoccupationsrequiremorethanahighschooldiploma.Andyet,justoverhalfofourcitizenshavethatlevelofeducation.Wehaveoneofthehighesthighschooldropoutratesofanyindustrializednation.Andhalfofthestudentswhobegincollegeneverfinish.Thisisaprescriptionforeconomicdecline,becauseweknowthecountriesthatout-teachustodaywillout-competeustomorrow.Thatiswhyitwillbethegoalofthisadministrationtoensurethateverychildhasaccesstoacompleteandcompetitiveeducation–fromthedaytheyareborntothedaytheybeginacareer.Already,wehavemadeanhistoricinvestmentineducationthroughtheeconomicrecoveryplan.Wehavedramaticallyexpandedearlychildhoodeducationandwillcontinuetoimproveitsquality,becauseweknowthatthemostformativelearningcomesinthosefirstyearsoflife.Wehavemadecollegeaffordablefornearlysevenmillionmorestudents.Andwehaveprovidedtheresourcesnecessarytopreventpainfulcutsandteacherlayoffsthatwouldsetbackourchildren‘sprogress.Butweknowthatourschoolsdon‘tjustneedmoreresources.Theyneedmorereform.Thatiswhythisbudgetcreatesnewincentivesforteacherperformance;pathwaysforadvancement,andrewardsforsuccess.We’llinvestininnovativeprogramsthatarealreadyhelpingschoolsmeethighstandardsandcloseachievementgaps.Andwewillexpandourcommitmenttocharterschools.Itisourresponsibilityaslawmakersandeducatorstomakethissystemwork.Butitistheresponsibilityofeverycitizentoparticipateinit.Andsotonight,IaskeveryAmericantocommittoatleastoneyearormoreofhighereducationorcareertraining.Thiscanbecommunitycollegeorafour-yearschool;vocationaltrainingoranapprenticeship.Butwhateverthetrainingmaybe,everyAmericanwillneedtogetmorethanahighschooldiploma.Anddroppingoutofhighschoolisnolongeranoption.It‘snotjustquittingonyourself,it’squittingonyourcountry–-andthiscountryneedsandvaluesthetalentsofeveryAmerican.Thatiswhywewillprovidethesupportnecessaryforyoutocompletecollegeandmeetanewgoal:by2020,Americawillonceagainhavethehighestproportionofcollegegraduatesintheworld.Iknowthatthepriceoftuitionishigherthanever,whichiswhyifyouarewillingtovolunteerinyourneighborhoodorgivebacktoyourcommunityorserveyourcountry,wewillmakesurethatyoucanaffordahighereducation.Andtoencouragearenewedspiritofnationalserviceforthisandfuturegenerations,IaskthisCongresstosendmethebipartisanlegislationthatbearsthenameofSenatorOrrinHatchaswellasanAmericanwhohasneverstoppedaskingwhathecandoforhiscountry–SenatorEdwardKennedy.Theseeducationpolicieswillopenthedoorsofopportunityforourchildren.Butitisuptoustoensuretheywalkthroughthem.Intheend,thereisnoprogramorpolicythatcansubstituteforamotherorfatherwhowillattendthoseparent/teacherconferences,orhelpwithhomeworkafterdinner,orturnofftheTV,putawaythevideogames,andreadtotheirchild.IspeaktoyounotjustasaPresident,butasafatherwhenIsaythatresponsibilityforourchildren'seducationmustbeginathome.Thereis,ofcourse,anotherresponsibilitywehavetoourchildren.Andthatistheresponsibilitytoensurethatwedonotpassontothemadebttheycannotpay.Withthedeficitweinherited,thecostofthecrisisweface,andthelong-termchallengeswemustmeet,ithasneverbeenmoreimportanttoensurethatasoureconomyrecovers,wedowhatittakestobringthisdeficitdown.I‘mproudthatwepassedtherecoveryplanfreeofearmarks,andIwanttopassabudgetnextyearthatensuresthateachdollarwespendreflectsonlyourmostimportantnationalpriorities.Yesterday,IheldafiscalsummitwhereIpledgedtocutthedeficitinhalfbytheendofmyfirstterminoffice.Myadministrationhasalsobeguntogolinebylinethroughthefederalbudgetinordertoeliminatewastefulandineffectiveprograms.Asyoucanimagine,thisisaprocessthatwilltakesometime.Butwe‘restartingwiththebiggestlines.Wehavealreadyidentifiedtwotrilliondollarsinsavingsoverthenextdecade.Inthisbudget,wewillendeducationprogramsthatdon‘tworkandenddirectpaymentstolargeagribusinessesthatdon’tneedthem.We‘lleliminatetheno-bidcontractsthathavewastedbillionsinIraq,andreformourdefensebudgetsothatwe’renotpayingforColdWar-eraweaponssystemswedon‘tuse.Wewillrootoutthewaste,fraud,andabuseinourMedicareprogramthatdoesn’tmakeourseniorsanyhealthier,andwewillrestoreasenseoffairnessandbalancetoourtaxcodebyfinallyendingthetaxbreaksforcorporationsthatshipourjobsoverseas.Inordertosaveourchildrenfromafutureofdebt,wewillalsoendthetaxbreaksforthewealthiest2%ofAmericans.Butletmeperfectlyclear,becauseIknowyou‘llhearthesameoldclaimsthatrollingbackthesetaxbreaksmeansamassivetaxincreaseontheAmericanpeople:ifyourfamilyearnslessthan$250,000ayear,youwillnotseeyourtaxesincreasedasingledime.Irepeat:notonesingledime.Infact,therecoveryplanprovidesataxcut–that’sright,ataxcut–for95%ofworkingfamilies.Andthesechecksareontheway.Topreserveourlong-termfiscalhealth,wemustalsoaddressthegrowingcostsinMedicareandSocialSecurity.ComprehensivehealthcarereformisthebestwaytostrengthenMedicareforyearstocome.AndwemustalsobeginaconversationonhowtodothesameforSocialSecurity,whilecreatingtax-freeuniversalsavingsaccountsforallAmericans.Finally,becausewe‘realsosufferingfromadeficitoftrust,Iamcommittedtorestoringasenseofhonestyandaccountabilitytoourbudget.Thatiswhythisbudgetlooksaheadtenyearsandaccountsforspendingthatwasleftoutundertheoldrules–andforthefirsttime,thatincludesthefullcostoffightinginIraqandAfghanistan.Forsevenyears,wehavebeenanationatwar.Nolongerwillwehideitsprice.Wearenowcarefullyreviewingourpoliciesinbothwars,andIwillsoonannounceawayforwardinIraqthatleavesIraqt
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