The White House

Office of the Press Secretary

For Immediate Release
June 25, 2012

Letter--Russian Highly Enriched Uranium

TEXT OF A LETTER FROM THE PRESIDENT TO THE SPEAKER OF THE HOUSE OF REPRESENTATIVES AND THE PRESIDENT OF THE SENATE

June 25, 2012

Dear Mr. Speaker: (Dear Mr. President:)

Pursuant to section 204(b) of the International Emergency Economic Powers Act (IEEPA), 50 U.S.C. 1703(b), I hereby report that I have exercised my authority to declare a national emergency to deal with the threat posed to the United States by the risk of nuclear proliferation created by the accumulation in the Russian Federation of a large volume of weapons-usable fissile material.

In Executive Order 13159 of June 21, 2000, the President found that this same risk constituted an unusual and extraordinary threat to the national security and foreign policy of the United States and declared a national emergency to deal with that threat.  The United States and the Russian Federation had entered into a series of agreements that provide for the conversion of highly enriched uranium (HEU) extracted from Russian nuclear weapons into low enriched uranium (LEU) for use in commercial nuclear reactors.  There were concerns that payments due to the Russian Federation under these agreements may be subject to attachment, garnishment, or other judicial process, in the United States, which could put implementation of such agreements at risk.  In Executive Order 13159, the President therefore ordered blocked all property and interests in property of the Government of the Russian Federation directly related to the implementation of the HEU Agreements so that it would be protected from the threat of attachment, garnishment, or other judicial process.

In the Executive Order I have issued today, I find that the risk of nuclear proliferation created by the accumulation in the Russian Federation of a large volume of weapons-usable fissile material continues to constitute an unusual and extraordinary threat to the national security and foreign policy of the United States.  I therefore declared a national emergency to address this threat and to continue the blocking of all property and interests in property of the Government of the Russian Federation directly related to the implementation of the HEU Agreements.

A major national security goal of the United States is to ensure that fissile material removed from Russian nuclear weapons pursuant to various arms control and disarmament agreements is dedicated to peaceful uses, subject to transparency measures, and protected from diversion to activities of proliferation concern.  The United States and the Russian Federation entered into an international agreement in February 1993 to deal with these issues as they relate to the disposition of HEU extracted from Russian nuclear weapons (the "HEU Agreement").  The HEU Agreement provides for 500 metric tons of HEU to be converted to LEU over a 20-year period.  This is the equivalent of 20,000 nuclear warheads.

Additional agreements were put in place to effectuate the HEU Agreement, including agreements and contracts on transparency, on the appointment of executive agents to assist in implementing the agreements, and on the disposition of LEU delivered to the United States (collectively, the "HEU Agreements").  Under the HEU Agreements, the Russian Federation extracts HEU metal from nuclear weapons.  That HEU is oxidized and blended down to LEU in the Russian Federation.  The resulting LEU is shipped to the United States for fabrication into fuel for commercial reactors.

The HEU Agreements provide for the Russian Federation to receive money and uranium hexafluoride in payment for each shipment of LEU converted from the Russian nuclear weapons.  The money and uranium hexafluoride are transferred to the Russian Federation executive agent in the United States.

The executive branch and the Congress have previously recognized and continue to recognize the threat posed to the United States national security from the risk of nuclear proliferation created by the accumulation of weapons-usable fissile material in the Russian Federation.  This threat is the basis for significant programs aimed at Cooperative Threat Reduction and at controlling excess fissile material.  The HEU Agreements are essential tools to accomplish these overall national security goals.  The Congress has repeatedly demonstrated support for these agreements.

Payments made to the Russian Federation pursuant to the HEU Agreements are integral to the operation of this key national security program.  Uncertainty surrounding litigation and the possible attachment, garnishment, or other judicial process that could impede these payments could lead to a long term suspension of the HEU Agreements, which creates the risk of nuclear proliferation.  This is an unacceptable threat to the national security and foreign policy of the United States.

Accordingly, I have concluded that all property and interests in property of the Government of the Russian Federation directly related to the implementation of the HEU Agreements should remain protected from the threat of attachment, garnishment, or other judicial process.  I have, therefore, exercised my authority and issued an Executive Order that provides:

except to the extent provided in regulations, orders, directives, or licenses that may be issued pursuant to the order, or that were issued pursuant to Executive Order 13159 of June 21, 2000, all property and interests in property of the Government of the Russian Federation directly related to the implementation of the HEU Agreements that are in the United States, that hereafter come within the United States, or hereafter come within the possession or control of any United States persons, including any foreign branch, are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in;

unless licensed or authorized pursuant to the order, any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is null and void with respect to any property or interest in property blocked pursuant to the order; and

that all heads of departments and agencies of the United States Government shall continue to take all appropriate measures within their authority to further the full implementation of the HEU Agreements.

The effect of this Executive Order is limited to property that is directly related to the implementation of the HEU Agreements. Such property will be clearly defined by the regulations, orders, directives, or licenses that will be issued pursuant to this Executive Order.  I have delegated to the Secretary of the Treasury, in consultation with the Secretary of State, the authority to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by IEEPA as may be necessary to carry out the purposes of the order.  All agencies of the United States Government are directed to take all appropriate measures within their authority to carry out the provisions of the order.

I am enclosing a copy of the Executive Order I have issued.

Sincerely,

BARACK OBAMA

The White House

Office of the Press Secretary

For Immediate Release
June 25, 2012

Executive Order--Russian Highly Enriched Uranium

EXECUTIVE ORDER

BLOCKING PROPERTY OF THE GOVERNMENT OF THE RUSSIAN FEDERATION RELATING TO THE DISPOSITION OF HIGHLY ENRICHED URANIUM EXTRACTED FROM NUCLEAR WEAPONS

By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.) (NEA), and section 301 of title 3, United States Code,

I, BARACK OBAMA, President of the United States of America, in view of the policies underlying Executive Order 12938 of November 14, 1994, and Executive Order 13085 of May 26, 1998, and the restrictions put in place pursuant to Executive Order 13159 of June 21, 2000, find that the risk of nuclear proliferation created by the accumulation of a large volume of weapons-usable fissile material in the territory of the Russian Federation continues to constitute an unusual and extraordinary threat to the national security and foreign policy of the United States, and hereby declare a national emergency to deal with that threat.  I hereby order:

Section 1.  A major national security goal of the United States is to ensure that fissile material removed from Russian nuclear weapons pursuant to various arms control and disarmament agreements is dedicated to peaceful uses, subject to transparency measures, and protected from diversion to activities of proliferation concern.  As reflected in Executive Order 13085, the full implementation of the Agreement Between the Government of the United States of America and the Government of the Russian Federation Concerning the Disposition of Highly Enriched Uranium Extracted from Nuclear Weapons, dated February 18, 1993, and related contracts and agreements (collectively, the "HEU Agreements") is essential to the attainment of this goal.  The HEU Agreements provide for the conversion of approximately 500 metric tons of highly enriched uranium contained in Russian nuclear weapons into low-enriched uranium for use as fuel in commercial nuclear reactors.  In furtherance of our national security goals, all heads of departments and agencies of the United States Government shall continue to take all appropriate measures within their authority to further the full implementation of the HEU Agreements.

Sec. 2.  Government of the Russian Federation assets directly related to the implementation of the HEU Agreements currently may be subject to attachment, judgment, decree, lien, execution, garnishment, or other judicial process, thereby jeopardizing the full implementation of the HEU Agreements to the detriment of U.S. foreign policy.  In order to ensure the preservation and proper and complete transfer to the Government of the Russian Federation of all payments due to it under the HEU Agreements, and except to the extent provided in regulations, orders, directives, or licenses that may be issued pursuant to this order, or that were issued pursuant to Executive Order 13159 of June 21, 2000, all property and interests in property of the Government of the Russian Federation directly related to the implementation of the HEU Agreements that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of any United States persons, including any foreign branch, are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in. Unless licensed or authorized pursuant to this order, or Executive Order 13159 of June 21, 2000, any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is null and void with respect to any property or interest in property blocked pursuant to this order.

Sec. 3.  (a)  Any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate any of the prohibitions set forth in this order is prohibited.

(b)  Any conspiracy formed to violate any of the prohibitions set forth in this order is prohibited.

Sec. 4.  For the purposes of this order:

(a)  the term "person" means an individual or entity;

(b)  the term "entity" means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization;

(c)  the term "United States person" means any United States citizen, permanent resident alien, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person in the United States; and

(d)  the term "Government of the Russian Federation" means the Government of the Russian Federation, any political subdivision, agency, or instrumentality thereof, and any person owned or controlled by, or acting for or on behalf of, the Government of the Russian Federation.

Sec. 5.  (a)  The Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Energy, and, as appropriate, other agencies, is hereby authorized to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by IEEPA, as may be necessary to carry out the purposes of this order.  The Secretary of the Treasury may redelegate any of these functions to other officers and agencies of the United States Government consistent with applicable law.  All agencies of the United States Government are hereby directed to take all appropriate measures within their statutory authority to carry out the provisions of this order.

(b)  Nothing contained in this order shall relieve a person from any requirement to obtain a license or other authorization from any department or agency of the United States Government in compliance with applicable laws and regulations subject to the jurisdiction of the department or agency.

Sec. 6.  The Secretary of the Treasury, in consultation with the Secretary of State, is hereby authorized to submit the recurring and final reports to the Congress on the national emergency declared in this order, consistent with section 401(c) of the NEA (50 U.S.C. 1641(c)) and section 204(c) of IEEPA (50 U.S.C. 1703(c)).

Sec. 7.  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

BARACK OBAMA

THE WHITE HOUSE,
June 25, 2012.

The White House

Office of the Press Secretary

For Immediate Release
June 25, 2012

Presidential Memorandum--Presidential Determination on a U.S. Export-Import Bank Transaction with Vietnam

Presidential Determination
No. 2012-10

MEMORANDUM FOR THE SECRETARY OF STATE

SUBJECT: Presidential Determination on a U.S. Export Import Bank Transaction with Vietnam

Pursuant to section 2(b)(2)(D) of the Export Import Bank Act of 1945, as amended, I determine that it is in the national interest of the United States for the Export Import Bank of the United States to extend a loan in the amount of approximately $125,870,890 to the Vietnam Post and Telecommunications Group, a wholly state owned company, for the purchase of a U.S. manufactured telecommunications and television satellite.

You are authorized and directed to publish this determination in the Federal Register.

BARACK OBAMA

The White House

Office of the Press Secretary

For Immediate Release
June 25, 2012

Statement by the President on the Supreme Court’s Ruling on Arizona v. the United States

I am pleased that the Supreme Court has struck down key provisions of Arizona's immigration law.  What this decision makes unmistakably clear is that Congress must act on comprehensive immigration reform.  A patchwork  of state laws is not a solution to our broken immigration system – it’s part of the problem.

At the same time, I remain concerned about the practical impact of the remaining provision of the Arizona law that requires local law enforcement officials to check the immigration status of anyone they even suspect to be here illegally.  I agree with the Court that individuals cannot be detained solely to verify their immigration status.  No American should ever live under a cloud of suspicion just because of what they look like.  Going forward, we must ensure that Arizona law enforcement officials do not enforce this law in a manner that undermines the civil rights of Americans, as the Court’s decision recognizes.  Furthermore, we will continue to enforce our immigration laws by focusing on our most important priorities like border security and criminals who endanger our communities, and not, for example, students who earn their education – which is why the Department of Homeland Security announced earlier this month that it will lift the shadow of deportation from young people who were brought to the United States as children through no fault of their own.
 
I will work with anyone in Congress who’s willing to make progress on comprehensive immigration reform that addresses our economic needs and security needs, and upholds our tradition as a nation of laws and a nation of immigrants.  And in the meantime, we will continue to use every federal resource to protect the safety and civil rights of all Americans, and treat all our people with dignity and respect. We can solve these challenges not in spite of our most cherished values – but because of them.  What makes us American is not a question of what we look like or what our names are.  What makes us American is our shared belief in the enduring promise of this country – and our shared responsibility to leave it more generous and more hopeful than we found it.

The White House

Office of the Press Secretary

For Immediate Release
June 24, 2012

Readout of the President’s Call with President-Elect Morsi of Egypt

President Obama called Dr. Mohamed Morsi today to congratulate him on his victory in Egypt’s presidential election.  The President underscored that the United States will continue to support Egypt’s transition to democracy and stand by the Egyptian people as they fulfill the promise of their revolution.  He emphasized his interest in working together with President-elect Morsi, on the basis of mutual respect, to advance the many shared interests between Egypt and the United States.  President-elect Morsi expressed appreciation for the call and welcomed U.S. support for Egypt’s transition.  The two leaders affirmed their commitment to advancing the U.S.-Egypt partnership and agreed to stay in close touch in the weeks and months ahead.

The White House

Office of the Press Secretary

For Immediate Release
June 23, 2012

Op-ed by President Obama: President Obama Reflects on the Impact of Title IX

The full text of the op-ed by President Barack Obama is printed below. The piece was published today in Newsweek.

President Obama Reflects on the Impact of Title IX

By President Obama

Coaching my daughter Sasha’s basketball team is one of those times when I just get to be “Dad.” I snag rebounds, run drills, and have a little fun. More importantly, I get to watch Sasha and her teammates improve together, start thinking like a team, and develop self-confidence.

Any parent knows there are few things more fulfilling than watching your child discover a passion for something. And as a parent, you’ll do anything to make sure he or she grows up believing she can take that ambition as far as she wants; that your child will embrace that quintessentially American idea that she can go as far as her talents will take her.

But it wasn’t so long ago that something like pursuing varsity sports was an unlikely dream for young women in America. Their teams often made do with second-rate facilities, hand-me-down uniforms, and next to no funding.

What changed? Well, 40 years ago, committed women from around the country, driven by everyone who said they couldn’t do something, worked with Congress to ban gender discrimination in our public schools. Title IX was the result of their efforts, and this week, we celebrated its 40th anniversary—40 years of ensuring equal education, in and out of the classroom, regardless of gender.

I was reminded of this milestone last month, when I awarded the Presidential Medal of Freedom to Pat Summitt. When she started out as a basketball coach, Pat drove the team van to away games. She washed the uniforms in her own washing machine. One night she and her team even camped out in an opponent’s gym because they had no funding for a hotel. But she and her players kept their chins up and their heads in the game. And in 38 years at the University of Tennessee, Pat won eight national championships and tallied more than 1,000 wins—the most by any college coach, man or woman. More important, every single woman who ever played for Pat has either graduated or is on her way to a degree.

Today, thanks in no small part to the confidence and determination they developed through competitive sports and the work ethic they learned with their teammates, girls who play sports are more likely to excel in school. In fact, more women as a whole now graduate from college than men. This is a great accomplishment—not just for one sport or one college or even just for women but for America. And this is what Title IX is all about.

Let’s not forget, Title IX isn’t just about sports. From addressing inequality in math and science education to preventing sexual assault on campus to fairly funding athletic programs, Title IX ensures equality for our young people in every aspect of their education. It’s a springboard for success: it’s thanks in part to legislation like Title IX that more women graduate from college prepared to work in a much broader range of fields, including engineering and technology. I’ve said that women will shape the destiny of this country, and I mean it. The more confident, empowered women who enter our boardrooms and courtrooms, legislatures, and hospitals, the stronger we become as a country.

And that is what we are seeing today. Women are not just taking a seat at the table or sitting at the head of it, they are creating success on their own terms. The women who grew up with Title IX now pioneer scientific breakthroughs, run thriving businesses, govern states, and, yes, coach varsity teams. Because they do, today’s young women grow up hearing fewer voices that tell them “You can’t,” and more voices that tell them “You can.”

We have come so far. But there’s so much farther we can go. There are always more barriers we can break and more progress we can make. As president, I’ll do my part to keep Title IX strong and vibrant, and maintain our schools as doorways of opportunity so every child has a fair shot at success. And as a dad, I’ll do whatever it takes to make sure that this country remains the place where, no matter who you are or what you look like, you can make it if you try.

The White House

Office of the Press Secretary

For Immediate Release
June 23, 2012

WEEKLY ADDRESS: Congress Must Act on Transportation Bill and Student Loans

WASHINGTON, DC— In this week’s address, President Obama spoke about the urgent need for Congress to act now on two common sense measures to help hardworking middle class families.  Unless Congress takes action in the next week, thousands of workers will be sent home from their jobs and millions of students will see their interest rates double. At a time when hundreds of thousands of construction workers are eager to get back on the job, it makes no sense to let transportation funding run out. And at a time when a college education has never been more important to finding a good job, it makes no sense to hit 7.4 million students with the equivalent of a $1,000 tax. It’s not too late, but time is running out for Republicans and Democrats to come together on these common sense measures to help our nation recover from the worst recession since the Great Depression.

Remarks of President Barack Obama
Weekly Address
Washington, DC
June 23, 2012

Over the past three years, we’ve been clawing our way back from the worst economic crisis of our lifetimes.  And we know it will take longer than any of us would like to fully recover all the jobs and savings that have been lost.  But there are things we can do – right now – to help put people back to work and make life a little easier for middle-class families. 

For months, I’ve been pushing Congress to help us along by passing common-sense policies that would make a difference.  Democrats and Republicans have already done some important work together – like passing a tax cut that’s allowing working Americans to keep more of their paycheck every week.   But Congress has refused to act on most of the other ideas in my jobs plan that economists say could put a million more Americans back to work.

There’s no excuse for inaction.  Right now, we are seven days away from thousands of American workers having to walk off the job because Congress hasn’t passed a transportation bill.  We are eight days away from nearly seven and a half million students seeing their loan rates double because Congress hasn’t acted to stop it.
 
This makes no sense.  We know that one of the most important things we can do for our economy is to make sure that all Americans get the best education possible.  Right now, the unemployment rate for Americans with a college degree or more is about half the national average.  Their incomes are twice as high as those who don’t have a high school diploma.  So, if we know that a higher education is the clearest path to the middle class, why would we make it harder to achieve? 

So much of America needs to be repaired right now.  Bridges are deteriorating after years of neglect. Highways are choked with congestion. Transportation delays cost Americans and businesses billions of dollars every year. And there are hundreds of thousands of construction workers who have never been more eager to get back on the job.  So why would we let our transportation funding run out?  This is a time when we should be doing everything in our power – Democrats and Republicans – to keep this recovery moving forward. 

My Administration is doing its part.  On Friday, Secretary of Transportation Ray LaHood announced $500 million in competitive grants for states and communities that will create construction jobs on projects like road repair and port renovation.  And that’s an important step, but we can’t do it all on our own.  

The Senate did their part.  They passed a bipartisan transportation bill back in March.  It had the support of 52 Democrats and 22 Republicans. 

Now, it’s up to the House to follow suit; to put aside partisan posturing, end the gridlock, and do what’s right for the American people. 

It’s not lost on any of us that this is an election year.  But we’ve got responsibilities that are bigger than an election.  We answer to the American people, and they are demanding action.  Let’s make it easier for students to stay in college.  Let’s keep construction workers rebuilding our roads and bridges.  And let’s tell Congress to do their job.   Tell them it’s time to take steps that we know will create jobs now and help sustain our economy for years to come.

Weekly Address: Congress Must Act on Transportation Bill and Student Loans

Matt Compton
Matt Compton
June 23, 2012
05:30 AM EDT

President Obama discusses the urgent need for Congress to act now on two common sense measures to help middle class families: preventing interest rates on federal student loans from going up and putting hundreds of thousands of construction workers back on the job.

Transcript | Download mp4 | Download mp3

Related Topics: College Affordability, Economy, Education

Weekly Address: Congress Must Act on Transportation Bill and Student Loans

June 23, 2012 | 3:11 | Public Domain

President Obama discusses the urgent need for Congress to act now on two common sense measures to help middle class families: preventing interest rates on federal student loans from going up and putting hundreds of thousands of construction workers back on the job.

Download mp4 (113MB) | mp3 (7MB)

Read the Transcript

WEEKLY ADDRESS: Congress Must Act on Transportation Bill and Student Loans

WASHINGTON, DC— In this week’s address, President Obama spoke about the urgent need for Congress to act now on two common sense measures to help hardworking middle class families.  Unless Congress takes action in the next week, thousands of workers will be sent home from their jobs and millions of students will see their interest rates double. At a time when hundreds of thousands of construction workers are eager to get back on the job, it makes no sense to let transportation funding run out. And at a time when a college education has never been more important to finding a good job, it makes no sense to hit 7.4 million students with the equivalent of a $1,000 tax. It’s not too late, but time is running out for Republicans and Democrats to come together on these common sense measures to help our nation recover from the worst recession since the Great Depression.

Remarks of President Barack Obama
Weekly Address
Washington, DC
June 23, 2012

Over the past three years, we’ve been clawing our way back from the worst economic crisis of our lifetimes.  And we know it will take longer than any of us would like to fully recover all the jobs and savings that have been lost.  But there are things we can do – right now – to help put people back to work and make life a little easier for middle-class families. 

For months, I’ve been pushing Congress to help us along by passing common-sense policies that would make a difference.  Democrats and Republicans have already done some important work together – like passing a tax cut that’s allowing working Americans to keep more of their paycheck every week.   But Congress has refused to act on most of the other ideas in my jobs plan that economists say could put a million more Americans back to work.

There’s no excuse for inaction.  Right now, we are seven days away from thousands of American workers having to walk off the job because Congress hasn’t passed a transportation bill.  We are eight days away from nearly seven and a half million students seeing their loan rates double because Congress hasn’t acted to stop it.
 
This makes no sense.  We know that one of the most important things we can do for our economy is to make sure that all Americans get the best education possible.  Right now, the unemployment rate for Americans with a college degree or more is about half the national average.  Their incomes are twice as high as those who don’t have a high school diploma.  So, if we know that a higher education is the clearest path to the middle class, why would we make it harder to achieve? 

So much of America needs to be repaired right now.  Bridges are deteriorating after years of neglect. Highways are choked with congestion. Transportation delays cost Americans and businesses billions of dollars every year. And there are hundreds of thousands of construction workers who have never been more eager to get back on the job.  So why would we let our transportation funding run out?  This is a time when we should be doing everything in our power – Democrats and Republicans – to keep this recovery moving forward. 

My Administration is doing its part.  On Friday, Secretary of Transportation Ray LaHood announced $500 million in competitive grants for states and communities that will create construction jobs on projects like road repair and port renovation.  And that’s an important step, but we can’t do it all on our own.  

The Senate did their part.  They passed a bipartisan transportation bill back in March.  It had the support of 52 Democrats and 22 Republicans. 

Now, it’s up to the House to follow suit; to put aside partisan posturing, end the gridlock, and do what’s right for the American people. 

It’s not lost on any of us that this is an election year.  But we’ve got responsibilities that are bigger than an election.  We answer to the American people, and they are demanding action.  Let’s make it easier for students to stay in college.  Let’s keep construction workers rebuilding our roads and bridges.  And let’s tell Congress to do their job.   Tell them it’s time to take steps that we know will create jobs now and help sustain our economy for years to come.

Close Transcript

The White House

Office of the Press Secretary

For Immediate Release
June 22, 2012

Remarks by the President at a Campaign Event

Hillsborough Community College
Tampa, Florida

4:18 P.M. EDT

THE PRESIDENT:  Oh, it is good to be back in Tampa, Florida! (Applause.)  I was so fired up I missed a stair.  (Laughter.)  I couldn't wait to get out here.  (Applause.)  Well, how is everybody doing today?  (Applause.)

A couple of people I want to acknowledge -- first of all, the outstanding Mayor of your fair city, Bob Buckhorn is in the house.  (Applause.)  Florida's own, the chairwoman of the Democratic National Committee, Debbie Wasserman Shultz is here.  (Applause.)  And the chair of the Florida Democratic Party, Rod Smith is in the house.  (Applause.)

And all of you are here.  (Applause.) 

AUDIENCE:  Fired up, ready to go!  Fired up, ready to go!  Fired up, ready to go!

THE PRESIDENT:  Thank you. 

Listen, Tampa, I'm here not only because I need your help.  But I’m also here because the country needs your help.  For the last three years, we've been battling our way back from the worst economic crisis since the Great Depression.  Not only are we digging out of a hole that’s 9 million jobs deep, we’re digging out of an entire decade where manufacturing left our shores; where costs rose but incomes weren’t going up; where middle-class families fell further and further behind.  It was a decade where two wars and trillions of dollars in tax cuts were put on our nation’s credit card, turning a record surplus into a record deficit.

Now, today, our economy is growing again, but it needs to grow faster.  Our businesses have created over 4 million jobs in the last 27 months.  (Applause.)  But we need to create more, and they need to pay better.  I signed a law that will reduce our deficit by $2 trillion, but we've got to do more work on our deficit.  One of the most urgent tasks is recovering from this immediate crisis -- but the economy won’t be truly healthy until we reverse that much longer erosion of the middle class -- (applause) -- until we restore the basic American bargain that says if you work hard in this country, you can get ahead, and own a home, and send your kids to college, and retire with dignity and respect.  (Applause.)   

Now, here's the thing, Florida.  What’s holding us back from meeting these challenges is not the lack of big ideas, it's not the lack of technical solutions.  By now, just about every policy and proposal has been laid out there on the table.  What is holding us back is a stalemate between two fundamentally different views in Washington about which direction we should go in.

This isn’t just one of the run-of-the-mill political arguments you hear about in Washington sometimes.  This is the defining issue of our time.  We're in a make-or-break moment for the middle class.  And the next President and the next Congress will face a set of decisions -- on the economy, and on the deficit, and on taxes -- that will have an enormous impact on this country not just today but the country that we pass on to our children. 

And you know what, the outcome of this decision, this choice, is entirely up to you.  It's up to you -- the people of Tampa, the people of Florida, the American people.  (Applause.)  
Now, Governor Romney and his allies --

AUIDENCE:  Booo --

THE PRESIDENT:  They're patriotic Americans.  They've got wonderful families.  But they believe that we should go back to the top-down economics of the last decade.

AUDIENCE:  Nooo --

THE PRESIDENT:  They figure that if we simply eliminate regulations and cut taxes by trillions of dollars, then the market will solve all of our problems.  (Baby cries.)  You see?  You heard that?  (Applause.)  I'm just saying.  (Laughter.)   

No, wait, wait, that's their argument.  They argue that if we help corporations and wealthy investors maximize their profits by whatever means necessary -- whether through layoffs or outsourcing or union-busting -- that it will automatically translate into jobs and prosperity that benefit all of us.  That's their theory.  That's their theory. 

But I believe they’re wrong.  (Applause.)  I think they're wrong.  I believe we should do everything we can to help our entrepreneurs succeed.  (Applause.)  I want our companies to be as profitable as they can be.  But that alone is not enough.  Because the central challenge we face right now -- the challenge that we’ve faced for over a decade -- is that bigger profits haven’t led to better jobs.  Bigger profits haven’t led to higher incomes.

And the reason is, in this country, in America, prosperity has never come from the top down -- it comes from a strong and growing middle class, and all those people who are striving and working to get into the middle class.  (Applause.)  It comes from successful, thriving small businesses that grow into medium-sized businesses, and then large businesses. 

We don’t need more top-down economics.  What we need is some middle class-out economics, some bottom-up economics.  (Applause.)  We need a plan for better education and for better training, for energy independence, for innovation, for infrastructure that can rebuild America.  (Applause.)  What we need is a tax code that encourages companies to create jobs and manufacturing here in the United States -- (applause) -- and that asks the wealthiest Americans to help pay down our deficit, to do their fair share.  (Applause.) 

Tampa, that’s the way forward.  That’s where I want to take this country over these next four years.  And that’s why I’m running for a second term as President of the United States.  (Applause.)

AUDIENCE:  Four more years!  Four more years!  (Applause.)

THE PRESIDENT:  Now, listen, there’s no mystery about where the other side will take us if they win the election.  I mean, their economic plan has been voted on in Congress.  Governor Romney has it right there on his website.  So, look, first, they promise to roll back all kinds of regulations on banks and polluters and insurance companies and oil companies. 

AUDIENCE:  Booo --

THE PRESIDENT:  That’s the first part of their plan.  The second part of their plan -- they don’t just want to keep all the Bush tax cuts in place, the ones for the wealthiest Americans, they want to keep those in place; then they want to add another $5 trillion in tax cuts on top of that --

AUDIENCE:  Booo --

THE PRESIDENT:  -- including a 25 percent tax cut for every millionaire in the country.

AUDIENCE:  Booo --

THE PRESIDENT:  Now, I can tell this is a sophisticated group, so -- (laughter) -- so you might be wondering, how do they spend $5 trillion on new tax cuts and then, with a straight face, say that their plan would reduce the deficit?  How do they do that?  It's a good question.  Well, let me tell you, they start by proposing $1 trillion in cuts to things like education and training and medical research and clean energy.

AUDIENCE:  Booo --

THE PRESIDENT:  But that’s not enough.  That’s only $1 trillion; they’ve got all this -- $4 trillion to go.  So then they propose eliminating health care for about 50 million Americans --

AUDIENCE:  Nooo --

THE PRESIDENT:  And then they propose turning Medicare into a voucher program.  But you know what, that’s still not enough.  So, as it was reported in the newspaper just this week, they’ll also have to raise taxes on the middle class by taking away tax deductions for everything from health care to college, to retirement, to homeownership --

AUDIENCE:  Booo --

THE PRESIDENT:  And that could cost some families thousands of dollars.  So think about that.  To pay for another $250,000 tax cut for the average millionaire, they want you to foot the bill.

AUDIENCE:  Booo --

THE PRESIDENT:  Let me see a show of hands:  Is there anybody here who can afford to pay thousands of dollars to give people like me and Mr. Romney another tax cut?

AUDIENCE:  No!

THE PRESIDENT:  Come on, go ahead and raise your hand, don’t be shy.  (Laughter.)

Now, look, that’s their entire economic plan.  That’s it.  When Mr. Romney tells us he’s some sort of financial wizard who can fix our economy, that’s how he intends to do it.

And Bill Clinton has pointed out that this Republican agenda, it’s nothing new.  It’s nothing more than the same thing we tried during the last administration, except on steroids.  (Laughter and applause.)

Now, here’s the thing.  I have not seen a single nonpartisan expert say that the other side’s economic plan would actually reduce the deficit in the long term.  I haven’t seen a single independent economist say it would create jobs in the short-term. In fact, one said that it would push us even deeper into recession.

But, you know what, if people still think their plan sounds like a good idea -- (baby cries) -- see, somebody is depressed about this plan.  They're hearing about it -- (laughter.)  I know, it’s heartbreaking.  (Laughter.) 

But if somebody out there thinks that's a good idea, if they want to give the policies of the last decade another try, then they should vote for Mr. Romney.  That's how our democracy works. They should reelect the Republicans who've been running for Congress.  That's what our democracy is all about.

AUDIENCE:  Booo --

THE PRESIDENT:  And together, Mr. Romney and a Republican Congress will take America back down this path that we’ve tried, and it didn’t work the last time.

But if you believe we need a better plan -- (applause) -- if you believe we need a middle-class plan -- (applause) -- that grows our economy and shrinks our deficit -- (applause) -- then we need to win this election.  (Applause.)  We need to move this country forward.  (Applause.) 
 
Despite what you’ll hear from the other side, my plan isn’t based on some belief that government has the answer to all our problems.  Over the last three years, I’ve cut taxes for the typical working family by $3,600.  (Applause.)  I’ve cut taxes for small businesses 18 times.  (Applause.)  I want a government that is leaner and smarter, one that's designed for the 21st century, more responsive to the American people.

So, look, I don’t believe every regulation is smart, or that every tax dollar is spent wisely.  I don’t believe that we should be in the business of helping people who refuse to help themselves.  But I do share the belief of our first Republican President, a guy from my home state named Abraham Lincoln -- (applause) -- who said that through government, we should do together what we can’t do as well for ourselves.  (Applause.) 

That’s how we built this country -- together.  Sure, Democrats and Republicans have always disagreed on certain policies and programs.  But throughout our history, at least our modern history, there’s been a shared belief that we’re a great market economy, but the market can’t solve all its problems on our own. 

So that’s why FDR worked with Republicans and Democrats to send a generation of returning veterans to college on the GI Bill –- (applause) -- an investment that led to the largest middle-class, the most prosperous economy in our history.  (Applause.)  They understood that people succeed when they have a chance to get a decent education and learn new skills -- and the businesses that hire those people benefit, as well, and the companies they start benefit, as well.  That was not just a Democratic belief.  That was an American belief.  (Applause.) 

President Eisenhower, a Republican, he launched the Interstate Highway System and a new generation of scientific research.  He understood that for companies to grow and hire, they need access to the best transportation, and the fastest communication, the most cutting-edge innovation.  

Ronald Reagan worked with Democrats to save Social Security and pay down the deficit by, yes, asking the wealthiest Americans to pay a little bit more in taxes.  (Applause.)  They understood that our economy is stronger when we don’t balance our budget on the backs of middle-class and poor Americans.  We do it best when everybody does their fair share.  (Applause.) 

So Governor Romney and the Republican leaders in Congress, they’ve rejected what used to be this bipartisan tradition.  They’ve opted for top-down, on-your-own economics that has never succeeded in this country.  And I've got a different view.  I have an economic plan based on the shared vision that’s always worked for America’s middle class and all those striving to get there -- (applause) -- a plan focused on education and energy and innovation and infrastructure, and a tax code that is fair and responsible.  (Applause.)  That's how we’re going to build this country.  That's why I’m running for President of the United States.  (Applause.) 

So first, we’re going to make sure that every American has a chance to get the skills and training that today’s jobs require. My plan would recruit an army of new teachers -- (applause) -- pay them better, hire more teachers in areas like math and science.  (Applause.)  I want to give 2 million more Americans the chance to go to community colleges like this one, and learn skills that local businesses are looking for right now.  (Applause.)  I want to make higher education affordable for every American who’s willing to work for it -- (applause) -- not just by offering more loans and financial aid, but also by getting schools to hold down the cost of college tuition.  (Applause.)  

Second, under my plan, we’re going to move towards a future where we control our own energy.  That’s something that’s good for our economy, good for our environment, good for our national security.  (Applause.)  So we need to end government subsidies to oil companies -- they’re making a lot of money on their own.  Let’s double -- (applause) -- on wind power and solar power, biofuels and fuel-efficient cars.  (Applause.)  I want to put in place a new standard that makes clean energy the profitable kind of energy for every business in America. 

Number three -- we’re going to make sure the United States of America is the best place on Earth for innovation and science and discovery.  (Applause.)  So my plan would give companies a permanent tax credit for research and development that they do here in America.  We’ll double down on public research that laid the foundation for the Internet and GPS and Google, and all the companies and jobs that followed.  That’s who we are.  We are innovators.  We create things.  We don’t just buy things from other countries.  (Applause.)  We create things here in America, and build them here in America.  

And then we’re going to take half the money we’re no longer spending on war -- (applause) -- and we’re going to use it to do some nation-building here at home.  (Applause.)  If we want businesses to thrive here, we've got to put people back to work rebuilding our roads and our runways, our wireless networks, our ports.  And what I’m pushing for is an independent fund that will attract private dollars and issue loans for new construction projects just based on two criteria:  how badly are they needed and how much good will they do for the economy.  We don’t need bridges to nowhere.  We need bridges to help businesses move goods and services and people all across the country and all around the world.  (Applause.)

And fifth, we’re going to reduce our deficit by $4 trillion. I have a detailed plan.  We’ll cut spending we can’t afford.  We’ll strengthen programs like Medicare for the long haul.  We can reform our tax code in a way that is fair and responsible -- which, by the way, means let’s stop giving tax breaks to businesses that ship jobs and factories overseas.  (Applause.)  Let’s reward companies that create jobs in manufacturing right here in the United States of America.  (Applause.)  

My plan will stop giving tax breaks to businesses that ship jobs and factories overseas, and start rewarding companies that create jobs and manufacturing right here in the United States of America.  (Applause.)  

Now, Mr. Romney disagrees with this.  Today, it was reported in The Washington Post that the companies his firm owned were "pioneers" in the outsourcing of American jobs to places like China and India.

AUDIENCE:  Booo --

THE PRESIDENT:  Pioneers.  Let me tell you, Tampa, we do not need an outsourcing pioneer in the Oval Office.  (Applause.)  We need a President who will fight for American jobs and fight for American manufacturing.  That’s what my plan will do.  That's why I'm running for a second term as President of the United States. (Applause.)

AUDIENCE:  Four more years!  Four more years!  Four more years!  Four more years!  

THE PRESIDENT:  And, look, to get our deficit under control without sacrificing all the investments I’ve talked about -- everything that we need to grow the economy -- my plan, yes, will ask the wealthiest Americans to pay a little bit more -- just like they did when Bill Clinton was President -- (applause) -- just like they did when our economy created 23 million new jobs, and the biggest budget surplus in history, and a whole lot of millionaires to boot.  And there are -- look, there are plenty of patriotic, very successful Americans who’d be willing to make this contribution again.  (Applause.)  Because they believe in this country.  

So this is about choices.  I don’t believe that giving millionaires and billionaires a $250,000 tax cut is more valuable to our future than hiring transformative teachers, or providing financial aid to kids who need it to go to college.  (Applause.) I don’t believe that kind tax cut is more likely to create jobs than providing loans to new entrepreneurs, or tax credits to small businesses who hire veterans.  (Applause.)  I don’t think it’s more likely to spur economic growth than our investments in clean energy and medical research, in building new roads and bridges and expanding our ports and our runways.  

So Governor Romney disagrees with my vision.  And his allies in Congress disagree with my vision.  Neither of them will endorse any policy that asks the wealthiest Americans to pay even a nickel more in taxes.  Not a penny more.  It’s the reason -- that's the reason we haven't reached an agreement on how to reduce our deficit.  That's the reason my jobs bill that would put a million more people back to work has been voted down by Republicans in Congress time and time again.  It is the biggest source of gridlock in Washington, and has been over the last three years. 

So, Tampa, here's the thing.  Only you can break that stalemate.  (Applause.)  In this election, you have the final say about where we go.  After a decade of war that’s cost us thousands of lives and over a trillion dollars, you can decide whether we keep our brave men and women in Afghanistan indefinitely, like Mr. Romney wants to do, or whether we stick to the timeline that will finally bring our troops home.  (Applause.)
 
You can decide -- did something just fall down there?  That's why we need infrastructure, right there.  (Applause.)

You can decide whether we're going to have another political fight about ending a woman’s right to choose, and getting rid of Planned Parenthood, and taking away access to birth control.  Or you can decide that women should control their own health care choices.  (Applause.) 

You can decide, you choose whether to re-fight the battles we just had over financial reform and health care reform.  Or you can decide that ending taxpayer bailouts of Wall Street banks was the right thing to do, and that allowing 3 million young people to stay on their parent's health insurance is the right thing to do, and that preventing insurance companies from discriminating against people with preexisting conditions is the right thing to do.  (Applause.)  You can decide.   

You can decide whether we’re going back to the days when you could be kicked out of the United States military just because of who you are and who you love.  (Applause.) 

You can decide whether it’s time to stop denying citizenship to responsible young people just because they’re the children of undocumented immigrants.  (Applause.)

You can decide that this is -- becomes the last election where multi-million dollar donations that are undisclosed somehow speak louder than the voices of ordinary citizens.  (Applause.) 

So you know what, Tampa, this is up to you.  This is up to you.  From now until November, the other side will spend more money than we have ever seen in the history of the Republic.  And all that money is going to be spent on ads telling you that the economy is bad, it’s all my fault, and I can’t fix it because government is always the answer, according to me.  (Laughter.)  Or because I didn’t make a lot of money in the private sector, or because I’m in over my head, or because I think everybody is doing just fine.  (Laughter.)  They will have ad after ad after ad, and all them will have scary voices.  (Laughter.)  They’ll have pictures of me looking all old and -- (laughter) -- broke down.  You’ve seen those ads.  You’ve seen them.  That’s what Mr. Romney is going to say.  That’s what the Republicans in Congress will say. 

And that may be their plan to win an election, but it’s sure not a plan to create jobs.  (Applause.)  It’s not a plan to grow the economy.  It’s not a plan to pay down the debt.  It’s not a plan to restore the middle class and restore the American Dream. (Applause.)   

You deserve better than that.  (Applause.)  At such a big moment in our history, at a time when so many people are struggling, you deserve a real debate about the economic plans we’re proposing.  And then, make a choice -- if there’s anybody who believes the best way to grow our economy and create jobs is eliminating regulations and cutting $5 trillion worth of taxes, they should vote for Governor Romney and the Republicans who run Congress.  God bless them.

AUDIENCE:  Booo --

THE PRESIDENT:  Because those folks -- because that’s what they’re proposing.  They are more than qualified to take us in that direction. 

But if you believe we need a plan for education and energy, and innovation and infrastructure -- (applause) -- if you believe this economy grows best when everybody has got a fair shot, and everybody does their fair share, and everybody is playing by the same rules; if you believe that everybody should be able to succeed, if they’re working hard, no matter where they come from or what they look like, what their last name is or who they love -- then I ask that you stand with me for a second term as President of the United States.  (Applause.) 

AUDIENCE:  Four more years!  Four more years!

THE PRESIDENT:  In fact, I ask everybody -- I want you guys -- vote for anybody else -- Democrat, independent, or a Republican who shares this belief in how we grow an economy that is good for everybody and not just some.  I will work with anybody of any party who believes that we’re in this together -- (applause) -- who believes that we rise or fall as one nation and one people.  (Applause.)

Don’t let anybody tell you we lack the capacity to meet our challenges.  We’re Americans.  The only thing lacking right now is our politics.  And we can solve that.  That’s what your vote is for. 

So I need you to hit the doors.  I need you to make some phone calls.  (Applause.)  I need you to register your friends, get your family members going.  Get on Facebook, get on Twitter. (Applause.) 

I know since the last time I ran that my hair is a little grayer -- (laughter) -- and I know that we’ve been through some tough times together.  But I promised you back in 2008 that I would always tell you what I thought and I’d always tell you where I stood.  And I promised you that I would wake up every single day thinking about you and fighting for you.  (Applause.) And, Tampa, I have kept that promise.  (Applause.)  I have kept that promise.  I still believe in you.  I need you to sill believe in me.  (Applause.) 

And if we’re out there working together, we can finish what we started and remind the world how a strong economy is built, and why the United States of America is the greatest nation on Earth. 

God bless you.  God bless America.  (Applause.)

END
4:52 P.M. EDT