" If you -- America's history. There have been some years that simply rolled into the next without much notice or fanfare. And then there the -- that come along once in a generation. The kind of market clean break from a troubled past. And set a new course for our nation. This is one of those years. We start 2009 in the midst of a crisis unlike. Any we have seen in our lifetime. A crisis that is only deepened over the last few weeks. Nearly two million jobs have been now lost. -- on Friday were likely to learn that we lost more jobs last year than anytime since World War II. Just in the past year another two point eight million Americans. Who want and need full time work. It had to settle for part time jobs. Manufacturing has hit a 28 year long. Many businesses cannot borrow -- make payroll. Many families. Cannot pay their bills or their mortgage. Many workers are watching their life savings disappear. Many many Americans of both anxious and uncertain. Of what the future will hold. I don't believe it's too late to change course but it will be if we don't take dramatic action. As soon as possible. If nothing is done this recession could linger for years. The unemployment rate could reach double digits. Our economy could fall one trillion dollars short of its full capacity which translates into more. Than 12000 dollars in lost income. For a family of four. We could lose a generation of potential problems as more young Americans are forced to -- dreams of college. Or the chance to train for the jobs of the future. And our nation could lose the competitive edge that is served as the foundation. For our strength and our standing in the world. In short a bad situation. Could become dramatically worse. This crisis did not happen solely by some accident of history or. Normal turn of the business like and we won't get out of it by simply waiting. For better data com. Or relying on the worn out dogma of the past. We arrived at this point due to an era of profound irresponsibility. That stretched from corporate boardrooms to the halls of power in Washington DC. Four years too many Wall Street executives made imprudent and dangerous decisions seeking profits with too little regard for risk. Too little regulatory scrutiny. And too little look how to build. Banks made loans without concern for whether borrowers could repayment. And some borrowers took advantage of cheap credit to take on that they couldn't afford. Politicians spend taxpayer money that wisdom or discipline. And too often focused on scoring political points instead of problems. They were sent here to salt. The result has been a devastating loss of trust and confidence in our -- our financial markets. And our government. Now the very fact that this crisis is largely of our own making. Means that it's not beyond our ability to solve. Our problems are rooted in past mistakes not our capacity for future greatness. -- Perhaps many years. But we can rebuild that lost trust and confidence. We can restore opportunity and prosperity. We should never forget that our workers are still more productive than any on our. Our universities. Are still the envy of the world. We are still home to the most brilliant minds the most creative arts opened doors. The most advanced technology and innovation that history has ever known. We are still the nation that has overcome great fears. An improbable lives. If we act with the urgency and seriousness. Of this moment requires. I know that we can do it again. That is why I have moved quickly. To work what my economic team and leaders of both parties. On an American recovery and reinvestment plan that will immediately jumpstart job creation and long term growth. To plan that represents not just new policy. But a whole new approach to meeting our most urgent challenges. For if we hope to end this crisis we must and the culture of anything goes that helped create. And this change must begin in Washington. Time to trade old habits for a new spirit of responsibility. It's time to finally change the ways of Washington so that we can set a new and better course for America. There is no doubt that the cost of this plan will be considered. It will certainly add to the budget deficit in the short term. But equally certain are the consequences of doing too little or nothing at all. For that will lead to an even greater depths of jobs incomes. And got our future. That's why we need to restart the flow of credit and restore the rules of the -- that would -- a crisis like this. This plan begins. -- this plan must begin today. A plan I'm confident we'll save or create at least three million jobs over the next few years. It's not just another public works program. To plan that recognizes both the paradox and promise of this moment the fact that there are millions of Americans trying to find work. Even as all around the country -- so much work to be done. And that's why will invest in priorities like energy and education. Health care and the new infrastructure that are necessary to keep us strong and competitive in the 21 century. That's why the overwhelming majority of the jobs created will be in the private sector. While our plan will save the public sector jobs teachers. Police officers firefighters. And others who provide vital services. To finally sparked the creation of a clean energy economy we won't double the production of alternative energy in the next three years. We will modernized more than 75%. Of federal buildings. And improving energy efficiency of two million American homes saving consumers and taxpayers. Billions on our energy bills. In the process we will put Americans to work in new jobs that pay well and can't be outsource. Jobs building solar panels and wind turbines. Constructing fuel efficient cars and buildings. And developing the new energy technologies that will lead to even more jobs more savings. And a cleaner safer planet in the market."

" To improve the quality of our health care while lowering its cost we won't make. The immediate investments necessary to ensure that within five years all of America's medical records are computerized. This will cut waste eliminate red tape and reduce the need to repeat. Expensive medical tests. But it just won't save billions of dollars and thousands of jobs will save lives. By reducing the deadly but preventable medical errors the pervade our health care system. To give our children the chance to live out their dreams and a world that's never been more competitive. We will -- tens of thousands of schools community colleges and public universities. With 21 century classrooms labs and libraries. Will provide new computers new technology. And new training for teachers of the students in Chicago and Boston can compete -- children in Beijing for the high tech high wage jobs of the future. To build economy -- can leave this future we will begin to rebuild America. Yes we'll put people to work repairing crumbling roads. Bridges and schools by eliminating the backlog of well planned worthy and needed infrastructure projects. War also do more to retrofit America for global economy. That means updating the way we get our electricity by starting to build a new smart grid. That will save us money protect our power sources from black out or attack. And deliver clean alternative forms of energy to every corner of our nation. It means expanding broadband lines across America so that a small business and rural town could connect to compete with their counterparts anywhere in the world. It means investing in the science research and technology will lead to new medical breakthroughs. New discoveries. And entire new industries. Finally this recovery and reinvestment plan will provide immediate relief to states workers and families were bearing the brunt of this recession. To get people spending again 95%. Of working families will receive 8000 dollar tax cut. The first stage of a middle class tax cut but I promised during the campaign and will include in our next budget. To help Americans who have lost their jobs and can't find new ones. We'll continue the bipartisan extension of unemployment insurance and health care coverage to help them through this crisis. Government at every level. We'll have to tighten its belt but won't help struggling states avoid but harmful budget cuts. As long as they take responsibility and use the money to maintain essential services like police fire. Education and help to."

" Oh I understand that some might be skeptical of this. Our government has already spent a good deal of money but we haven't yet seen that translated more jobs are hiring comes -- renewed confidence in our economy. That's why the American recovery of reinvestment plan won't just throw money at our problems. We'll invest in what works. The true test of policies won't pursue won't be whether they're democratic. Or Republican ideas. Whether they're conservative or liberal ideas but whether they create jobs. Rural economy and put the American dream within the reach of the American people. Instead of politicians. Doling out money behind a veil of secrecy. Decisions about where we invest will be made transparent. And informed by independent experts wherever possible. Every American will be able to hold Washington accountable for these decisions by going online to see how and where they're taxpayer dollars are spent. And as I announced yesterday we will launch an unprecedented effort to eliminate unwise and unnecessary spending. That has never been more on affordable for our nation. And our children's future than it is right now. We have to make tough choices and smart investments today. So that as the economy recovers the deficits start coming down. We cannot have a solid recovery if our people our businesses don't have confidence that we're getting our fiscal house in order. That's why our goal is not to create a slew of new government programs. But it foundation for long term economic well. That also means an economic recovery plan this brief from earmarks. And pet projects. I understand that every member of congress has ideas about how to spend money. Many of these projects are worth. They benefit local communities. But this emergency legislation. Must not be the vehicle for those aspirations. This must be a time when leaders in both -- put the urgent needs of our nation above our own narrow interests. Now this recovery plan alone will not solve all the problems that led us into this crisis. We must also work with the same sense of urgency. To stabilize and repair. The financial system we all depend. That means using our full arsenal of tools to get credit flowing again to families and businesses while restored confidence in our markets. It means launching a sweeping up to address the foreclosure crisis so that we can keep responsible families and their homes. It means preventing the catastrophic failure financial institutions whose collapse could endanger the entire economy. But only with the maximum protections for taxpayers and a clear understanding. The government's support for any company is an extraordinary action. The must come with -- significant restrictions on the firms that receive support. And it means we're forming a week and outdated regulatory system so that we can better withstand financial shocks. And better protect consumers investors and businesses from the reckless greed and risk taking that must never. In danger of prosperity again. No longer can we allow Wall Street wrongdoers to slip through regulatory cracks. No longer could allow special interests to put their thumbs on the economic scales. No longer can we allow the unscrupulous lending and borrowing that leads only to destructive cycles of bubble and bust. It is time to set a new course for this economy and that change. Must begin now. We should have an open and honest discussion about this recovery plan in the days ahead. But I urge congress to move as quickly as possible on behalf of the American people. For every day we wait point fingers or drag our feet. More Americans will lose their jobs. More families will lose their sites. More dreams will be deferred in the night. And our nation will sink deeper into a crisis that at some point we may not be able to reverse. That is not the country I know. It is not the future except as president of the United States. A world that depends on the strength of our economy is now watching and waiting for America to lead once more and that is what we will do. Will not come easy or happen overnight. And his altogether likely that things may get worse before they get better. But that is all the more reason for congress to act without delay. I know the scale of this plan is unprecedented. But so is the severity of our situation. We have already tried the wait and see approach to our problems and it is the same approach that helped lead us to this day of reckoning. That is why the time has come to build a 21 century economy in which hard work and responsibility are once again work. That's why I'm asking congress to work with me and my team day and night on weekends if necessary to get the plan passed in the next few weeks. That's why I'm calling on all Americans Democrats and Republicans and independents to put to put good ideas ahead of the old ideological battles. The sense of common purpose above the same narrow partisanship. And insist that the first question each of us asks. Is what's good for me. But what's good for the country. My children won't -- More than any program or policy. It is the spirit the will enable us to confront these challenges. With the same spirit that is what previous generations to faced down war and depression. And fear itself. And if we do. If we are able to summon that spirit again. If we are able to look out for one another and listened to one another and do our part for our nation and for posterity. I have no doubt that years from now we will look back on 2009 is one of those years that marked another. New and hopeful beginning for the United States -- Thank you god bless you and may god bless the United States where."