Obama's Speech: It's an Urgent Time

President Obama has unveiled his $447 billion jobs proposal President Obama is now speaking. "It's an urgent time." Live blog follows: Having to watch Boehner behind him ruins it from the outset. Obama says something speechy and gets a standing ovation. He's sending Congress the American Jobs Act. There's nothing controversial about it. Everything in it will be paid for. Everything. It will create more jobs teachers, construction workers. It will cut payroll taxes in half for every worker and every small business. It will provide a jolt or a stalled economy. You should pass this jobs plan right away.[More..] Small business owners will get a tax break if they hire new workers. Four times in first five minutes he says "You should pass it right away." He plays on animosity to China. We're gonna let China build new roads and bridges when we have thousands of construction workers waiting for jobs here. This is America. Every child deserves a great school and we can give it to them if we act now. The Act will repair 35,000 schools right now. It will jumpstart thousands of transportation projects all across the country. No more earmarks, boondoggles or bridges to nowhere. It's bipartisan. "You should pass it right away." Thousands of teachers in every state will go back to work. We will issue loans on two criteria: How much a project is needed and what it will do for the economy. Businesses will get extra tax credits if they hire veterans. "The last thing they should have to do is fight for a job when they come home." Standing ovation. Even Boehner this time. Low income Americans will have more ladders out of poverty. Business owners will get a $4,000. tax credit if they hire someone who has been out work six months or more. It extends unemployment insurance for another year. "You should pass it, right away." The typical working family will get a $1,500 tax credit next year. Now is not the time to raise middle class taxes. You should pass it right away. The American Jobs Act will not add to the deficit. The deficit reduction act He's asking Congress to cut more than the trillion dollar in spending cuts already passed in July. He'll be releasing a more ambitious plan on Monday. He will "propose modest adjustments to Medicare and Medicaid." The new spending cuts won't happen abruptly. He recognizes there are some in his party who don't want any changes to Medicare or Medicaid. We must reform it. We have to reform medicare to strengthen it." All the Republicans stand and cheer. Then the Dems join them. We must reform the corporate tax code. We should give breaks to companies that create jobs in the U.S. We can reduce the deficit and pay for the job plan in the process. But we have to decide what our priorities are. This isn't political grandstanding or class warfare. It's simple math. These are real choices. He's pretty sure he knows what most Americans would choose and it's not even close. We'll speed up payments to companies. Cut the red tape for start-ups that want to go public. Help more people refinance their homes at rates that are now nearly 4%. We're going to speed up the patent process so people can turn their ideas into money faster. We'll make trade agreements that make it easier to sell goods in Panama. He wants to see people in South Korea driving Fords. He created a job council to come up with ideas for building new jobs. We're going to make sure the next phase of manufacturing takes place here, not in China. He realizes some have a different theory for how to build the economy — cut government spending and eliminate most government regulations. He'll work with Congress to reduce wasteful spending. He's ordered a review of all government regulations. We should have no more regulation than the health safety and public welfare require. What he won't do is allow this economic downturn to wipe out the protections Americans have counted on for decades. He rejects that people have to choose between jobs and their safety. We don't have to chip away collective bargaining rights to compete in a global economy. Obama moves to talking about history. Now he's advocating spending on research and education. "Where would we be if [students] hadn't had that chance." "Members of Congress it is time for us to meet our responsibilities." Standing ovation. He repeats his jobs act is a proposal that is bipartisan and will be paid for. The next election is 14 months away. The people who sent us here don't have the luxury of waiting 14 months. Biden now stands to applaud. People need help now. "I won't pretend that this plan will solve all our problems." Regardless of the arguments we've had in the past, you should should pass this bill. "I intend to take this message to every corner of this country. I ask every American who agrees to raise their voice." (What about those who don't agree, should they stay silent?) Let's meet the moment, let's get to work. He's done, ends with a standing ovation. ABC news cuts out to cover a new terror threat.

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