US Politics Video and Transcript: President Obama's State of the Union Address

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PRESIDENT OBAMA: Mr. Speaker, Mr. Vice President, members of Congress, fellow Americans, 51 years ago, John F. Kennedy declared to this chamber that “the Constitution makes us not rivals for power, but partners for progress.”

(APPLAUSE)

“It is my task,” he said, “to report the state of the union. To improve it is the task of us all.”

Tonight, thanks to the grit and determination of the American people, there is much progress to report. After a decade of grinding war, our brave men and women in uniform are coming home.

(APPLAUSE)

After years of grueling recession, our businesses have created over 6 million new jobs. We buy more American cars than we have in five years and less foreign oil than we have in 20.

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US Politics: A Beginner's Guide to the Plans to Cut Government Spending

On Monday, the Tea Party Caucus held a meeting in Washington to discuss their potential approaches to a forthcoming vote, probably in June, on raising America's debt ceiling. No definite conclusion was reached by the Caucus, but here are the headline numbers, from the President's deficit reduction commission, that illustrate how the the debt burden in in the United States is forcing the political conversation in Washington....

In 2010, Federal Government spending was nearly 24% of the nation's GDP; a level not seen since the days of WWII. To cover this spending, the government raised tax revenues of 15% of GDP. In total, the difference between spending and revenue in 2010 –-- the deficit –-- stood at 9% of the value of all the goods and services produced in the economy, or GDP.

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