'Jobs must be our number one focus in 2010'
Jan. 28.─ In a 70-minute speech that was interrupted some 65 times by applause from Democratic ranks, including many standing ovations, Mr Obama described plans to foster employment and help the middle classes, but spent little time on foreign policy issues.
Military commanders, seated in full dress uniform, looked solemn when Mr Obama announced to loud cheering that he will end the "don't ask, don't tell" policy on homosexuals serving in the US military this year.
Mr Obama began his speech by evoking America's past trials, from the 19th century War of Secession to the Great Depression, the second World War and the civil rights movement. "America prevailed because we chose to move forward as one nation, and one people," he said.
The president said he stood for office to help Americans in their struggles to find work, educate their children and retire. He repeatedly expressed understanding for public digust with the bailout of Wall Street, provoking laughter when he said: "We all hated the bank bailout. I hated it. You hated it. It was about as popular as a root canal."
He had bailed out the banks because it was necessary to avoid a meltdown of the financial system. "The markets are now stabilised, and we have recovered most of the money we spent on the banks." Mr Obama said he will impose a fee on the biggest banks to recover the rest of the bailout money.
"I'm proposing that we take $30 billion 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," the US leader said. He also promised a small business tax credit for businesses who hire new workers or raise wages, and an end to capital gains tax on investments by small businesses.
Mr Obama said the Recovery Act or Stimulus Bill, which he admitted added $1 trillion to the US deficit, has saved two million US jobs ...
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