Obama State of the Union speech focuses on ecnonmy

2013-02-13 09:59:35 GMT2013-02-13 17:59:35(Beijing Time)  Xinhua English

BEIJING, Feb. 13 (Xinhuanet) -- US President Barack Obama has just finished delivering his first State of the Union address of his second term. He called on a divided Congress to back his proposals to reduce deficit, and produce a smarter, not bigger government to repair the US economy.

Obama’s speech marks a renewed focus on the US economy as he tries to meet American concerns about a stubbornly high unemployment rate of 7.9 percent.

US President Barack Obama appealed to Congress to join him in finishing the deficit-reduction plan. He pointed out the biggest driver of long-term debt is the rising cost of health care for an aging population. But he opposed making even bigger cuts to education and job training; Medicare and Social Security benefits.

Obama spoke up for the middle class, and renewed his call for a comprehensive deficit-reduction plan that includes new tax revenue coupled with spending cuts.

Barack Obama, US President, said, "We can’t ask senior citizens and working families to shoulder the entire burden of deficit reduction while asking nothing more from the wealthiest and most powerful.They know that broad-based economic growth requires a balanced approach to deficit reduction, with spending cuts and revenue, and with everybody doing their fair share."

On Medicare, Obama proposed to reduce taxpayer subsidies to prescription drug companies and ask more from the wealthiest seniors.

He asked for bipartisan cooperation to enact tax reform. The reform will ask more from the wealthiest, help small businesses, and lowers tax rates for businesses and manufacturers that create jobs in America.

Obama says the tax reform is consistent with a budget that replaces reckless cuts with smart savings and wise investments.

Barack Obama, US President, said, "Let me repeat - nothing I’m proposing tonight should increase our deficit by a single dime. It’s not a bigger government we need, but a smarter government that sets priorities and invests in broad-based growth."

Obama is also ambitious to make America a magnet for new jobs and manufacturing, by lowering incentives to move jobs overseas.

He said the deficit reduction alone is not an economic plan. A growing economy that creates good, middle-class jobs is the ultimate goal.

(Source: CNTV.cn)

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