Obama outlines budget priorities in speech

President Obama says the United States will overcome 
its current economic struggles.
In his first speech to a joint session of Congress, President Obama outlined the three priorities of the budget he will present later this week: energy, health care, and education.

The president said he sees his budget as a “vision for America — as a blueprint for our future,” but not something that will solve every problem or address every issue. “It reflects the stark reality of what we’ve inherited — a trillion-dollar deficit, a financial crisis, and a costly recession. Given these realities, everyone in this chamber — Democrats and Republicans — will have to sacrifice some worthy priorities for which there are no dollars. And that includes me,” he said. On producing clean energy, Obama said the United States has “fallen behind” other countries. “New plug-in hybrids roll off our assembly lines, but they will run on batteries made in Korea. Well, I do not accept a future where the jobs and industries of tomorrow take root beyond our borders — and I know you don’t either. It is time for America to lead again,” he said. Obama said that thanks to the recovery plan signed into law last week, the United States will double its supply of renewable energy in the next three years. Obama asked Congress to send him legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America.

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He said to support that innovation, the country will invest $15 billion a year to develop new technologies. Join the conversation with CNN.com and Facebook Obama also said that “we can no longer afford to put health care reform on hold.” Again touting the $787 billion stimulus package, Obama said “already, we have done more to advance the cause of health care reform in the last 30 days than we have in the last decade.” Obama on Tuesday called for all Americans to commit to at least one year of higher education or career training. “This can be community college or a four-year school; vocational training or an apprenticeship,” he said. “But whatever the training may be, every American will need to get more than a high school diploma.” He pointed to the billions for education — from early childhood education expansion to college-loan programs — in his recently approved economic stimulus package and set a goal of having the highest college graduation rate in the world by 2020. Obama opened his speech by telling the nation “we will rebuild, we will recover, and the United States of America will emerge stronger than before.” Obama urged Americans to “confront boldly the challenges we face,” saying that the answers to the country’s problems “don’t lie beyond our reach.” “They exist in our laboratories and our universities; in our fields and our factories; in the imaginations of our entrepreneurs and the pride of the hardest-working people on Earth,” he said. Obama described the nation’s financial woes as a “reckoning” for poor decisions made by both government and individuals. “A surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future,” Obama said. “Regulations were gutted for the sake of a quick profit at the expense of a healthy market. “People bought homes they knew they couldn’t afford from banks and lenders who pushed those bad loans anyway. And all the while, critical debates and difficult decisions were put off for some other time on some other day.” Watch what Obama says about the ‘day of reckoning’ ยป “Now is the time to act boldly and wisely to not only revive this economy, but to build a new foundation for lasting prosperity,” Obama said. Obama also sought to assure people that their money is safe in the banks. “Your insurance is secure; and you can rely on the continued operation of our financial system. That is not the source of concern,” he said. Instead, the source of concern is that “if we do not re-start lending in this country, our recovery will be choked off before it even begins,” he said. Making sure the nation’s lending industry is strong is crucial to jump-starting its economy, Obama said, even as he acknowledged anger over the government banking bailout Congress approved last year. “I know how unpopular it is to be seen as helping banks right now, especially when everyone is suffering in part from their bad decisions. I promise you — I get it,” Obama said. iReport.com: How are you coping with the economy “But I also know that in a time of crisis, we cannot afford to govern out of anger, or yield to the politics of the moment.” He said he plans a new lending fund to provide college, auto and small-business loans and a housing plan that will help struggling families refinance and pay smaller mortgages. He said he wants to continue propping up the nation’s largest banks when they’re in danger, but will hold them accountable for how the money is spent. “This time, CEOs won’t be able to use taxpayer money to pad their paychecks or buy fancy drapes or disappear on a private jet,” Obama said. “Those days are over.” Because Obama’s presidency is a month old, the speech is not technically considered a State of the Union address. The annual State of the Union speech is delivered in the House of Representatives before members of both the House and the Senate as well as the justices of the Supreme Court, the president’s Cabinet and international dignitaries. A president’s first speech before a joint session of Congress is often referred to as an “annual message” or a message on a particular topic, such as an “economic message.” Louisiana Gov. Bobby Jindal will deliver the Republican response to Obama’s speech. Jindal is expected to say that Republicans are ready to work with Obama for the good of the country. “So where we agree, Republicans must be the president’s strongest partners. And where we disagree, Republicans have a responsibility to be candid and offer better ideas for a path forward,” he will say, according to excerpts of his address. Jindal also is expected to criticize the stimulus legislation, saying Democrats passed a bill that is “irresponsible” and “no way to strengthen our economy.” Despite the challenges ahead, the official said top aides believe Obama is in a stronger position than any of his recent predecessors because he has a “different set of wins under his belt” this early in his presidency. iReport.com: What do you want to hear from Obama The official noted that when Clinton delivered his first speech to a joint session of Congress he had only passed the Family and Medical Leave Act and was struggling politically because of the gays in the military flap. President Reagan, the official recalled, did not get his economic agenda passed until the summer of 1981.

In contrast, Obama already has signed into law the sweeping economic plan, an expansion of children’s health insurance coverage and pay equity legislation. The senior official boasted that Obama has “gotten more done in 30 days … than any modern president.”