Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis.  It was not easy to do.  And if there's one thing that has unified Democrats and Republicans, it's that we all hated the bank bailout.  I hated it.  You hated it.  It was about as popular as a root canal.
 
But when I ran for President, I promised I wouldn't just do what was popular - I would do what was necessary.  And if we had allowed the meltdown of the financial system, unemployment might be double what it is today.  More businesses would certainly have closed.  More homes would have surely been lost.
 
So I supported the last administration's efforts to create the financial rescue program.  And when we took the program over, we made it more transparent and accountable.  As a result, the markets are now stabilized, and we have recovered most of the money we spent on the banks.
 
To recover the rest, 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.
 
As we stabilized the financial system, we also took steps to get our economy growing again, save as many jobs as possible, and help Americans who had become unemployed.
 
That's why we extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65% cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.
 
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.
 
Because of the steps we took, there are about two million Americans working right now who would otherwise be unemployed.  200,000 work in construction and clean energy.  300,000 are teachers and other education workers.  Tens of thousands are cops, firefighters, correctional officers, and first responders.  And we are on track to add another one and a half million jobs to this total by the end of the year.
 
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.  But you don't have to take their word for it.
 
Talk to the small business in Phoenix that will triple its workforce because of the Recovery Act.
 
Talk to the window manufacturer in Philadelphia who said he used to be skeptical about the Recovery Act, until he had to add two more work shifts just because of the business it created.
 
Talk to the single teacher raising two kids who was told by her principal in the last week of school that because of the Recovery Act, she wouldn't be laid off after all.
 
There are stories like this all across America.  And after two years of recession, the economy is growing again.  Retirement funds have started to gain back some of their value.  Businesses are beginning to invest again, and slowly some are starting to hire again. 
 
But I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response.  That is why jobs must be our number one focus in 2010, and that is why I am calling for a new jobs bill tonight.
 
Now, the true engine of job creation in this country will always be America's businesses.  But government can create the conditions necessary for businesses to expand and hire more workers.
 
We should start where most new jobs do - in small businesses, companies that begin when an entrepreneur takes a chance on a dream, or a worker decides its time she became her own boss.
 
Through sheer grit and determination, these companies have weathered the recession and are ready to grow.  But when you talk to small business owners in places like Allentown, Pennsylvania or Elyria, Ohio, you find out that even though banks on Wall Street are lending again, they are mostly lending to bigger companies.  But financing remains difficult for small business owners across the country.
 
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.
 
Next, we can put Americans to work today building the infrastructure of tomorrow.  From the first railroads to the interstate highway system, our nation has always been built to compete.  There's no reason Europe or China should have the fastest trains, or the new factories that manufacture clean energy products.
 
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.  And to encourage these and other businesses to stay within our borders, it's time to finally slash the tax breaks for companies that ship our jobs overseas and give those tax breaks to companies that create jobs in the United States of America.
 
The House has passed a jobs bill that includes some of these steps.  As the first order of business this year, I urge the Senate to do the same.  People are out of work.  They are hurting.  They need our help.  And I want a jobs bill on my desk without delay. 
 
But the truth is, these steps still won't make up for the seven million jobs we've lost over the last two years.  The only way to move to full employment is to lay a new foundation for long-term economic growth, and finally address the problems that America's families have confronted for years.
 
We cannot afford another so-called economic "expansion" like the one from last decade - what some call the "lost decade" - where jobs grew more slowly than during any prior expansion; where the income of the average American household declined while the cost of health care and tuition reached record highs; where prosperity was built on a housing bubble and financial speculation.
 
From the day I took office, I have been told that addressing our larger challenges is too ambitious - that such efforts would be too contentious, that our political system is too gridlocked, and that we should just put things on hold for awhile.
 
For those who make these claims, I have one simple question:
 
How long should we wait?  How long should America put its future on hold?
 
You see, Washington has been telling us to wait for decades, even as the problems have grown worse.  Meanwhile, China's not waiting to revamp its economy.  Germany's not waiting.  India's not waiting.  These nations aren't standing still.  These nations aren't playing for second place.  They're putting more emphasis on math and science. They're rebuilding their infrastructure.  They are making serious investments in clean energy because they want those jobs.
 
Well I do not accept second-place for the United States of America.  As hard as it may be, as uncomfortable and contentious as the debates may be, it's time to get serious about fixing the problems that are hampering our growth.
 
One place to start is serious financial reform.  Look, I am not interested in punishing banks, I'm interested in protecting our economy.  A strong, healthy financial market makes it possible for businesses to access credit and create new jobs.  It channels the savings of families into investments that raise incomes.  But that can only happen if we guard against the same recklessness that nearly brought down our entire economy.
 
We need to make sure consumers and middle-class families have the information they need to make financial decisions.  We can't allow financial institutions, including those that take your deposits, to take risks that threaten the whole 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.
 
Next, we need to encourage American innovation.  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.
 
But to create more of these clean energy jobs, we need more production, more efficiency, more incentives.  That means building a new generation of safe, clean nuclear power plants in this country.  It means making tough decisions about opening new offshore areas for oil and gas development. It means continued investment in advanced biofuels and clean coal technologies.  And yes, it means passing a comprehensive energy and climate bill with incentives that will finally make clean energy the profitable kind of energy in America.
 
I am grateful to the House for passing such a bill last year.  This year, I am eager to help advance the bipartisan effort in the Senate.  I know there have been questions about whether we can afford such changes in a tough economy; and I know that there are those who disagree with the overwhelming scientific evidence on climate change.  But even if you doubt the evidence, providing incentives for energy efficiency and clean energy are the right thing to do for our future - because the nation that leads the clean energy economy will be the nation that leads the global economy.  And America must be that nation.
 
Third, we need to export more of our goods.  Because the more products we make and sell to other countries, the more jobs we support right here in America.  So tonight, we set a new goal:  We will double our exports over the next five years, an increase that will support two million jobs in America.  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.
 
We have to seek new markets aggressively, just as our competitors are. If America sits on the sidelines while other nations sign trade deals, we will lose the chance to create jobs on our shores. But realizing those benefits also means enforcing those agreements so our trading partners play by the rules. And that's why we will continue to shape a Doha trade agreement that opens global markets, and why we will strengthen our trade relations in Asia and with key partners like South Korea, Panama, and Colombia.
 
Fourth, we need to invest in the skills and education of our people.
 
This year, we have broken through the stalemate between left and right by launching a national competition to improve our schools.  The idea here is simple:  instead of rewarding failure, we only reward success.  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.
 
When we renew the Elementary and Secondary Education Act, we will work with Congress to expand these reforms to all fifty states.   Still, in this economy, a high school diploma no longer guarantees a good job.  I urge the Senate to follow the House and pass a bill that will revitalize our community colleges, which are a career pathway to the children of so many working families.  To make college more affordable, this bill will finally end the unwarranted taxpayer-subsidies that go to banks for student loans.  Instead, let's take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants.  And let's tell another one million students that when they graduate, they will be required to pay only ten percent of their income on student loans, and all of their debt will be forgiven after twenty years - and forgiven after ten years if they choose a career in public service.  Because in the United States of America, no one should go broke because they chose to go to college.  And it's time for colleges and universities to get serious about cutting their own costs - because they too have a responsibility to help solve this problem.

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