Highlights of Obama's State of the Union address
WASHINGTON
ECONOMY/JOBS
--Urged the Senate to follow the House and pass a second jobs
bill as its first order of business this year.
--Proposed using $30 billion repaid by Wall Street banks to help
community banks lend money to small businesses so they can stay
afloat.
--Proposed new tax credit for small business that hire workers or
raise the wages of current employees.
--Proposed eliminating all capital gains taxes on small-business
investment and providing tax incentives for all businesses to
invest in new plants and equipment.
--Said it's time to slash tax breaks for companies that move jobs
overseas and extend them to companies that create jobs in the U.S.
--Set a goal of doubling exports over the next five years,
contending it will support 2 million jobs at home. Announced an
initiative to help farmers and small businesses increase their
exports. Promised to reform export rules.
FINANCIAL OVERHAUL
--Urged Senate to follow the House and pass a financial overhaul
bill to protect consumers from industry abuses and make sure they
have the information they need to make decisions about what to do
with their money.
HEALTH CARE
--Urged Democrats dispirited by the loss of their 60-vote Senate
majority not to abandon the yearlong effort to overhaul the health
care system.
FEDERAL SPENDING
--Proposed a three-year freeze on most domestic spending,
beginning in 2011. Spending on national security, Medicare,
Medicaid and Social Security would be exempt.
--Announced he will issue an executive order creating a
bipartisan task force to recommend ways to reduce the deficit.
OPEN GOVERNMENT
--Called for requiring lobbyists to report each contact with his
administration or Congress.
--Called for 'strict limits' on lobbyist contributions to
candidates for federal office.
--Urged lawmakers to pass a bill to undo a recent Supreme Court
ruling that allows companies and labor unions to spend freely on
campaign ads that promote or target particular candidates by name.
--Called on Congress to publish on one Web site all
special-interest spending known as "earmarks" before bills are
voted on.
IRAQ
--Reiterated pledge to remove all U.S. combat troops from Iraq by
the end of August.
GAYS IN THE MILITARY
--Pledged to work with Congress and the military to allow gays to
serve openly in the military.
EDUCATION
--Urged Congress to eliminate taxpayer subsidies for banks that
provide student loans.
--Proposed $10,000 tax credit for four years of college, along
with higher Pell Grants.
--Proposed capping student loan repayments at 10 percent of
income and forgiving all student loan debt after 20 years, or after
10 years if the student enters public service.
IMMIGRATION
--Said the government should continue working to fix a broken
system by securing borders and enforcing laws.
ENERGY
--Urged Senate passage of comprehensive energy and climate
legislation to help the country shift toward cleaner energy
sources.
BIPARTISANSHIP
--Proposed monthly meetings with both the Democratic and
Republican leadership in Congress.