This approach is basically the one I’ve been advocating for months.  In addition to the trillion dollars of spending cuts I’ve already signed into law, it’s a balanced plan that would reduce the deficit¹ by making additional spending cuts, by making modest adjustments to health care programs like Medicare and Medicaid, and by reforming our tax code in a way that asks the wealthiest Americans and biggest corporations to pay their fair share.  (Applause.)  What’s more, the spending cuts wouldn’t happen so abruptly² that they’d be a drag on our economy, or prevent us from helping³ small businesses and middle-class families get back on their feet right away. 

Now, I realize there are some in my party who don’t think we should make any changes at all to Medicare and Medicaid, and I understand their concerns.  But here’s the truth:  Millions of Americans rely on Medicare in their retirement⁴.  And millions more will do so in the future.  They pay for this benefit during their working years.  They earn it.  But with an aging population and rising health care costs, we are spending too fast to sustain the program.  And if we don’t gradually reform the system while protecting current beneficiaries, it won’t be there when future retirees need it.  We have to reform Medicare to strengthen it.  (Applause.)

I am also -- I’m also well aware that there are many Republicans who don’t believe we should raise taxes on those who are most fortunate and can best afford it.  But here is what every American knows:  While most people in this country struggle to make ends meet, a few of the most affluent⁵ citizens and most profitable corporations enjoy tax breaks and loopholes that nobody else gets.  Right now, Warren Buffett pays a lower tax rate than his secretary -- an outrage⁶（愤怒） he has asked us to fix.  (Laughter.)  We need a tax code where everyone gets a fair shake and where everybody pays their fair share.  (Applause.)  And by the way, I believe the vast majority of wealthy Americans and CEOs are willing to do just that if it helps the economy grow and gets our fiscal⁷ house in order.  

I’ll also offer ideas to reform a corporate⁸ tax code that stands as a monument to special interest influence in Washington.  By eliminating pages of loopholes and deductions⁹, we can lower one of the highest corporate tax rates in the world.  (Applause.)  Our tax code should not give an advantage to companies that can afford the best-connected lobbyists.  It should give an advantage to companies that invest and create jobs right here in the United States of America.  (Applause.)  

So we can reduce this deficit, pay down our debt, and pay for this jobs plan in the process.  But in order to do this, we have to decide what our priorities are.  We have to ask ourselves, “What’s the best way to grow the economy and create jobs?”

Should we keep tax loopholes for oil companies?  Or should we use that money to give small business owners a tax credit when they hire new workers?  Because we can’t afford to do both.  Should we keep tax breaks for millionaires and billionaires?  Or should we put teachers back to work so our kids can graduate ready for college and good jobs?  (Applause.)  Right now, we can’t afford to do both. 

This isn’t political grandstanding.  This isn’t class warfare¹⁰.  This is simple math.  (Laughter.)  This is simple math.  These are real choices.  These are real choices that we’ve got to make.  And I’m pretty sure I know what most Americans would choose.  It’s not even close.  And it’s time for us to do what’s right for our future.  (Applause.)     

Now, the American Jobs Act answers the urgent need to create jobs right away.  But we can’t stop there.  As I’ve argued since I ran for this office, we have to look beyond the immediate¹¹ crisis and start building an economy that lasts into the future -- an economy that creates good, middle-class jobs that pay well and offer security.  We now live in a world where technology has made it possible for companies to take their business anywhere.  If we want them to start here and stay here and hire here, we have to be able to out-build and out-educate and out-innovate every other country on Earth.  (Applause.)

And this task of making America more competitive for the long haul, that’s a job for all of us.  For government and for private companies.  For states and for local communities -- and for every American citizen.  All of us will have to up our game.  All of us will have to change the way we do business.

My administration can and will take some steps to improve our competitiveness on our own.  For example, if you’re a small business owner who has a contract with the federal government, we’re going to make sure you get paid a lot faster than you do right now.  (Applause.)  We’re also planning to cut away the red tape that prevents too many rapidly growing startup companies from raising capital and going public.  And to help responsible homeowners, we’re going to work with federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4 percent.  That’s a step -- (applause) -- I know you guys must be for this, because that’s a step that can put more than $2,000 a year in a family’s pocket, and give a lift to an economy still burdened by the drop in housing prices.