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President Emphasizes Business, Economic Issues in Address

Posted on 1/26/2011

Greater effort is needed to spur job creation and bolster sustained growth despite signs of an economic recovery, President Obama said last night in his second State of the Union Address.

Obama proposed extending to five years the partial spending freeze he proposed last year. He said the freeze, which would not affect entitlement and national security programs, would save $400 billion. Obama also proposed a corporate tax cut, retooling the tax code and banning earmarks in congressional legislation.

He also urged Congress to make targeted investments in education and technology to help the nation compete in the global marketplace. "At stake is whether new jobs and industries will take root in this country or somewhere else," Obama said.

The president emphasized that to win the future, the nation needs to take on new challenges. "We need to out-innovate, out-educate and out-build the rest of the world. We have to make America the best place on Earth to do business," Obama said. Read or watch the address.

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