Jobs No. 1 Focus for 2010, Obama Vows
    2010-01-28 12:03:36     Xinhua      Web Editor: Jiang Aitao
 

U.S. President Barack Obama (Front) waves before he delivers his first State of the Union Address since taking office, at the Capitol Hill in Washington Jan. 27, 2010. [Photo: Xinhua/Zhang Jun]

Related: China Stresses Co-op with US Following Obama's Address 

               DPRK, Iran Face Growing Pressure over Their Nuclear Issues: Obama

                All U.S. Combat Troops out of Iraq by End of August: Obama

                U.S. Captured or Killed Hundreds of Al-Qaeda Fighters and Affiliates: Obama

                Obama Calls for More Transparency in Face of "Deficit of Trust"

                Obama Reiterates His Commitment to Healthcare Reform 

                Obama Says U.S. to Double Exports in 5 Years

U.S. President Barack Obama Wednesday unveiled a set of proposals in his first State of the Union speech to reassure Americans worried about jobs and the economy.

Obama's first State of Union address, which was watched by millions, focused overwhelmingly on confronting the nation's economic challenges.

NUMBER ONE FOCUS

Obama said his top priority is to tackle double-digit, 26 year high unemployment.

"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," said the president in the speech.

But he admitted that every success story, there are other stories. There were "men and women who wake up with the anguish of not knowing where their next paycheck will come from," he said.

"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," he stressed..

To help create more jobs, Obama unveiled a 30 billion dollar credit fund to help small business.

The true engine of job creation in this country will always be Americas businesses, said the Obama, adding government can create the conditions necessary for businesses to expand and hire more workers.

"Tonight, Im proposing that we take 30 billion dollars 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," Obama said in his address.

"I am also proposing a new small business tax credit C one that will go to over one million small businesses who hire new workers or raise wages," said the president.

He also vowed to eliminate all capital gains taxes on small business investment, provide a tax incentive for all businesses, large and small, to invest in new plants and equipment.

PUSH FOR FINANCIAL REFORM

During his speech, Obama emphasized the need to rein in Wall Street's excesses and vowed he would continue financial reform to prevent a new crisis.

"I am not interested in punishing banks, Im interested in protecting our economy," said Obama.

According to him, 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," said the president. "But that can only happen if we guard against the same recklessness that nearly brought down our entire economy."

He also said the government would not allow financial institutions, including those that take deposits, to take risks that threaten the whole economy.

However, he nevertheless defended the bank bailout.

"If there's one thing that was unified Democrats and Republicans, it's that we all hated the bank bailout," he said. "I hated it. You hated it. It was about as popular as a root canal."

During the speech, the hawkish president also vowed he would veto any finance bill that does not contain "real reform."

"The House has already passed financial reform with many of these changes. And the lobbyists are already trying to kill it," he told lawmakers at the Capitol Hill.

"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," he said.

 

THREE YEAR FREEZE ON DOMESTIC SPENDING

Obama also tried to balance the need to continue to boost the economy against his commitment to cut the record budget deficit, which soared to 1.4 trillion dollars in fiscal 2009.

During the speech, Obama said he will seek a three-year freeze on domestic spending that is not related to national security.

"Starting in 2011, we are prepared to freeze government spending for three years," said Obama.

"Spending related to our national security, Medicare, Medicaid, and Social Security will not be affected," said the president. "But all other discretionary government programs will."

He promised his administration will continue to go through the budget line by line to eliminate programs that the country cant afford.

"Like any cash-strapped family, we will work within a budget to invest in what we need and sacrifice what we dont. And if I have to enforce this discipline by veto, I will," said Obama.

He said the government has already identified 20 billion dollars in savings for next year.

"To help working families, we will extend our middle-class tax cuts," he said, but adding that at a time of record deficits, the government will not continue tax cuts for oil companies, investment fund managers, and those making over 250,000 dollars a year.

However, many analysts believe the freeze carries only symbolic value for Obama because it affects only a fraction of the overall budget.

Share

               


CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. No person, organization and/or company shall reproduce, disseminate or broadcast the content in any manner whatsoever without the express written permission of CRIENGLISH.com.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

 
Correspondents' Corner more »

Review  

In Depth more »

Talk to CRI

News
China
World
Politics
Business
Sports
Showbiz
Sci-tech
Photo
Recommended
China
World
Sports
Showbiz
Travel
Video
C4
The Sound Stage
Showbiz
Travel
China Revealed
My Chinese Life
Travel
Destinations
Photo Gallery
Recommended
Learn Chinese
"In" Chinese
Chatting in Chinese
Pop Culture
Traditional Culture
Living Chinese
Chinese Studio
Chinese Class
Learn English
Special English
Pop Chart
Everyday English
Fabulous Snaps
CRI News
China.org.cn  | Xinhua  | People's Daily Online   |  CNTV.cn  | China Daily  |  Global Times  | China Job  |  China Tibet Online  | Taiwan.cn  | eBeijing  | Beijing Today  | China-Eurasia Expo  | APEC Yiwu Conference  | Chinese Embassy in S.Africa  | Chinese Embassy in Australia  | Chinese Embassy in NZ