Extend the tuition tax credit we started that saves millions of middle-class families thousands of dollars, and give more young people the chance to earn their way through college by doubling the number of work-study jobs in the next five years. (Applause.)
Of course, it's not enough for us to increase student aid. We can't just keep subsidizing skyrocketing tuition;
we'll run out of money. States also need to do their part, by making higher education a higher priority in their budgets. And colleges and universities have to do their part by working to keep costs down.
Recently, I spoke with a group of college presidents who've done just that. Some schools redesign courses to help students finish more quickly. Some use better technology. The point is,
it's possible. So let me put colleges and universities on notice: If you can't stop tuition from going up, the funding you get from taxpayers will go down. (Applause.) Higher education
can't be a luxury -- it is an economic imperative that every family in America should be able to afford.
Let's also remember that hundreds of thousands of talented, hardworking students in this country face another challenge: the fact that they
aren't yet American citizens. Many were brought here as small children, are American through and through, yet they live every day with the threat of deportation. Others came more recently, to study business and science and engineering, but as soon as they get their degree, we send them home to invent new products and create new jobs somewhere else.
That doesn't make sense.
I believe as strongly as ever that we should take on illegal immigration. That's why my administration has put more boots on the border than ever before.
That's why there are fewer illegal crossings than when I took office. The opponents of action are out of excuses. We should be working on comprehensive immigration reform right now. (Applause.)
But if election-year politics keeps Congress from acting on a comprehensive plan,
let's at least agree to stop expelling responsible young people who want to staff our labs, start new businesses, defend this country. Send me a law that gives them the chance to earn their citizenship. I will sign it right away. (Applause.)
You see, an economy built to last is one where we encourage the talent and ingenuity of every person in this country. That means women should earn equal pay for equal work. (Applause.) It means we should support everyone
who's willing to work, and every risk-taker and entrepreneur who aspires to become the next Steve Jobs.
After all, innovation is what America has always been about. Most new jobs are created in start-ups and small businesses. So
let's pass an agenda that helps them succeed. Tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow. (Applause.) Expand tax relief to small businesses that are raising wages and creating good jobs. Both parties agree on these ideas. So put them in a bill, and get it on my desk this year. (Applause.)
Innovation also demands basic research. Today, the discoveries taking place in our federally financed labs and universities could lead to new treatments that kill cancer cells but leave healthy ones untouched. New lightweight vests for cops and soldiers that can stop any bullet.
Don't gut these investments in our budget. Don't let other countries win the race for the future. Support the same kind of research and innovation that led to the computer chip and the Internet; to new American jobs and new American industries.
And nowhere is the promise of innovation greater than in American-made energy. Over the last three years,
we've opened millions of new acres for oil and gas exploration, and tonight, I'm directing my administration to open more than 75 percent of our potential offshore oil and gas resources. (Applause.) Right now -- right now -- American oil production is the highest that
it's been in eight years. That's right -- eight years. Not only that -- last year, we relied less on foreign oil than in any of the past 16 years. (Applause.)
But with only 2 percent of the world's oil reserves, oil isn't enough. This country needs an all-out, all-of-the-above strategy that develops every available source of American energy. (Applause.) A strategy
that's cleaner, cheaper, and full of new jobs.
We have a supply of natural gas that can last America nearly 100 years. (Applause.) And my administration will take every possible action to safely develop this energy. Experts believe this will support more than 600,000 jobs by the end of the decade. And
I'm requiring all companies that drill for gas on public lands to disclose the chemicals they use. (Applause.) Because America will develop this resource without putting the health and safety of our citizens at risk.
The development of natural gas will create jobs and power trucks and factories that are cleaner and cheaper, proving that we
don't have to choose between our environment and our economy. (Applause.) And by the way, it was public research dollars, over the course of 30 years, that helped develop the technologies to extract all this natural gas out of shale rock
-- reminding us that government support is critical in helping businesses get new energy ideas off the ground. (Applause.)
Now, what's true for natural gas is just as true for clean energy. In three years, our partnership with the private sector has already positioned America to be the
world's leading manufacturer of high-tech batteries. Because of federal investments, renewable energy use has nearly doubled, and thousands of Americans have jobs because of it.
When Bryan Ritterby was laid off from his job making furniture, he said he worried that at 55, no one would give him a second chance. But he found work at Energetx, a wind turbine manufacturer in Michigan. Before the recession, the factory only made luxury yachts. Today,
it's hiring workers like Bryan, who said, "I'm proud to be working in the industry of the
Our experience with shale gas, our experience with natural gas, shows us that the payoffs on these public investments
don't always come right away. Some technologies don't pan out; some companies fail. But I will not walk away from the promise of clean energy. I will not walk away from workers like Bryan. (Applause.) I will not cede the wind or solar or battery industry to China or Germany because we refuse to make the same commitment here.
We've subsidized oil companies for a century. That's long enough. (Applause.)
It's time to end the taxpayer giveaways to an industry that rarely has been more profitable, and double-down on a clean energy industry that never has been more promising. Pass clean energy tax credits. Create these jobs. (Applause.)
We can also spur energy innovation with new incentives. The differences in this chamber may be too deep right now to pass a comprehensive plan to fight climate change. But
there's no reason why Congress shouldn't at least set a clean energy standard that creates a market for innovation. So far, you
haven't acted. Well, tonight, I will. I'm directing my administration to allow the development of clean energy on enough public land to power 3 million homes. And
I'm proud to announce that the Department of Defense, working with us, the world's largest consumer of energy, will make one of the largest commitments to clean energy in history
-- with the Navy purchasing enough capacity to power a quarter of a million homes a year. (Applause.)
Of course, the easiest way to save money is to waste less energy. So here's a proposal: Help manufacturers eliminate energy waste in their factories and give businesses incentives to upgrade their buildings. Their energy bills will be $100 billion lower over the next decade, and America will have less pollution, more manufacturing, more jobs for construction workers who need them. Send me a bill that creates these jobs. (Applause.)
Building this new energy future should be just one part of a broader agenda to repair
America's infrastructure. So much of America needs to be rebuilt. We've got crumbling roads and bridges; a power grid that wastes too much energy; an incomplete high-speed broadband network that prevents a small business owner in rural America from selling her products all over the world.
During the Great Depression, America built the Hoover Dam and the Golden Gate Bridge. After World War II, we connected our states with a system of highways. Democratic and Republican administrations invested in great projects that benefited everybody, from the workers who built them to the businesses that still use them today.
In the next few weeks, I will sign an executive order clearing away the red tape that slows down too many construction projects. But you need to fund these projects. Take the money
we're no longer spending at war, use half of it to pay down our debt, and use the rest to do some nation-building right here at home. (Applause.)
There's never been a better time to build, especially since the construction industry was one of the hardest hit when the housing bubble burst. Of course, construction workers
weren't the only ones who were hurt. So were millions of innocent Americans who've seen their home values decline. And while government
can't fix the problem on its own, responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief.
And that's why I'm sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates. (Applause.) No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it
won't add to the deficit and will give those banks that were rescued by taxpayers a chance to repay a deficit of trust. (Applause.)
Let's never forget: Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that do the same.
It's time to apply the same rules from top to bottom. No bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody.
We've all paid the price for lenders who sold mortgages to people who couldn't afford them, and buyers who knew they
couldn't afford them. That's why we need smart regulations to prevent irresponsible behavior. (Applause.) Rules to prevent financial fraud or toxic dumping or faulty medical devices -- these
don't destroy the free market. They make the free market work better.
There's no question that some regulations are outdated, unnecessary, or too costly. In fact,
I've approved fewer regulations in the first three years of my presidency than my Republican predecessor did in his. (Applause.)
I've ordered every federal agency to eliminate rules that don't make sense. We've already announced over 500 reforms, and just a fraction of them will save business and citizens more than $10 billion over the next five years. We got rid of one rule from 40 years ago that could have forced some dairy farmers to spend $10,000 a year proving that they could contain a spill -- because milk was somehow classified as an oil. With a rule like that, I guess it was worth crying over spilled milk. (Laughter and applause.)
Now, I'm confident a farmer can contain a milk spill without a federal agency looking over his shoulder. (Applause.) Absolutely. But I will not back down from making sure an oil company can contain the kind of oil spill we saw in the Gulf two years ago. (Applause.) I will not back down from protecting our kids from mercury poisoning, or making sure that our food is safe and our water is clean. I will not go back to the days when health insurance companies had unchecked power to cancel your policy, deny your coverage, or charge women differently than men. (Applause.)
And I will not go back to the days when Wall Street was allowed to play by its own set of rules. The new rules we passed restore what should be any financial
system's core purpose: Getting funding to entrepreneurs with the best ideas, and getting loans to responsible families who want to buy a home, or start a business, or send their kids to college.
So if you are a big bank or financial institution, you're no longer allowed to make risky bets with your
customers' deposits. You're required to write out a "living will" that details exactly how
you'll pay the bills if you fail -- because the rest of us are not bailing you out ever again. (Applause.) And if
you're a mortgage lender or a payday lender or a credit card company, the days of signing people up for products they
can't afford with confusing forms and deceptive practices -- those days are over. Today, American consumers finally have a watchdog in Richard Cordray with one job: To look out for them. (Applause.)
We'll also establish a Financial Crimes Unit of highly trained investigators to crack down on large-scale fraud and protect
people's investments. Some financial firms violate major anti-fraud laws because
there's no real penalty for being a repeat offender. That's bad for consumers, and
it's bad for the vast majority of bankers and financial service professionals who do the right thing. So pass legislation that makes the penalties for fraud count.
And tonight, I'm asking my Attorney General to create a special unit of federal prosecutors and leading state attorney general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis. (Applause.) This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.
Now, a return to the American values of fair play and shared responsibility will help protect our people and our economy. But it should also guide us as we look to pay down our debt and invest in our future.
Right now, our most immediate priority is stopping a tax hike on 160 million working Americans while the recovery is still fragile. (Applause.) People cannot afford losing $40 out of each paycheck this year. There are plenty of ways to get this done. So
let's agree right here, right now: No side issues. No drama. Pass the payroll tax cut without delay.
Let's get it done. (Applause.)
When it comes to the deficit, we've already agreed to more than $2 trillion in cuts and savings. But we need to do more, and that means making choices. Right now,
we're poised to spend nearly $1 trillion more on what was supposed to be a temporary tax break for the wealthiest 2 percent of Americans. Right now, because of loopholes and shelters in the tax code, a quarter of all millionaires pay lower tax rates than millions of middle-class households. Right now, Warren Buffett pays a lower tax rate than his secretary.
Do we want to keep these tax cuts for the wealthiest Americans? Or do we want to keep our investments in everything else
-- like education and medical research; a strong military and care for our veterans? Because if
we're serious about paying down our debt, we can't do both.
The American people know what the right choice is. So do I. As I told the Speaker this summer,
I'm prepared to make more reforms that rein in the long-term costs of Medicare and Medicaid, and strengthen Social Security, so long as those programs remain a guarantee of security for seniors.
But in return, we need to change our tax code so that people like me, and an awful lot of members of Congress, pay our fair share of taxes. (Applause.)
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