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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Bold Obama demands new age of austerity AFP - Wednesday, February 25 WASHINGTON, (AFP) - - President Barack Obama vowed America would emerge from its economic storm stronger than ever, but declared a "day of reckoning" for a reckless get-rich-quick age of profligate spending. ADVERTISEMENT In his debut address to a joint session of Congress, Obama demanded national sacrifice and responsibility and put on a calculated show of confidence, meant to reassure a shaken nation and revive its moribund economy. "Tonight, I want every American to know this: We will rebuild, we will recover, and the United States of America will emerge stronger than before," Obama said in advance excerpts of the speech released by the White House. "Those qualities that have made America the greatest force of progress and prosperity in human history we still possess in ample measure," he said. With the United States in its deepest slump since the 1930s, Obama was due to step up to a podium in the US Capitol amid pageantry at 9 pm (0200 GMT), for the most important speech yet of his dramatic five-week-old presidency. In the excerpts, he said the price for recovery would be a new economy in which people and companies spent within their means, and ditched a selfish chase for easy wealth and quick profits. In a sharp critique of former president George W. Bush, and even his Democratic predecessor Bill Clinton, Obama warned Americans had for too long been prizing short term materialism over over long-term security. "We failed to look beyond the next payment, the next quarter, or the next election," Obama said. "All the while, critical debates and difficult decisions were put off for some other time on some other day -- well that day of reckoning has arrived, and the time to take charge of our future is here." Obama promised that he would lead the fight for savings, saying his aides had been combing the federal budget in line with his vow to halve the deficit, forecast to reach 1.3 trillion dollars this year, in half by 2013. "We have already identified two trillion dollars in savings over the next decade," Obama said. "In this budget, we will end education programs that dont work and end direct payments to large agribusinesses that dont need them," Obama said. "Well eliminate the no-bid contracts that have wasted billions in Iraq, and reform our defense budget so that were not paying for Cold War-era weapons systems we dont use." The joint address to Congress, similar to a State of the Union speech, which presidents traditionally give in subsequent years of their administration, was also Obama's first chance for a formal roll-out of nuts-and-bolts policy. He vowed to make long-term investments in "new jobs, new industries, and a renewed ability to compete with the rest of the world." "The only way this century will be another American century is if we confront at last the price of our dependence on oil and the high cost of health care, the schools that arent preparing our children and the mountain of debt they stand to inherit. "That is our responsibility." In his short time in power, Obama has already driven a 787-billion-dollar stimulus plan through Congress, unveiled a 275-billion-dollar foreclosure plan and tried, so far unsuccessfully, to steady the banking industry. At present, Obama's high approval ratings are surviving the economic tumult and he seems to have the public behind him. Sixty-eight percent of those asked in a Washington Post/ABC News poll out Monday approved of the president's job performance, and 60 percent were happy with the way he is dealing with the economy. Overseas, US foes like Iran and North Korea will sift Obama's words for diplomatic signals, while US allies will follow emerging policy in Iraq, Afghanistan, the Middle East and Asia. Obama will also likely talk in the speech of bridging the partisan divide, even though few Republican legislators voted for his economic stimulus plan. Rising Republican star Bobby Jindal, the Indian-American governor of Louisiana, and a possible future presidential candidate, will deliver the Republican response to Obama's speech. In excerpts released by the Republican National Committee, Jindal took sharp issue with the president's recovery program, branding it "irresponsible." "Democratic leaders say their legislation will grow the economy," he said. "What it will do is grow the government, increase our taxes down the line, and saddle future generations with debt. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Obama's Presidency Obama vows to lead US from dire 'day of reckoning'AP - Wednesday, February 25 Bold Obama vows America will recoverAFP - Wednesday, February 25 Pakistan vows to 'defeat terror' with ObamaAFP - Wednesday, February 25 Obama says clean energy key to US leadershipAP - Wednesday, February 25 Related Articles: World Obama gets unity on principles, but details divideAFP - 1 hour 58 minutes ago Bing, Cockrel advance to Detroit mayoral runoffAP - 2 hours 8 minutes ago Autistic son charged in death of professor in OhioAP - 2 hours 20 minutes ago Schools thin long-term a.As college donating fallsAP - 2 hours 36 minutes ago Top 20 university fundraisersAP - 2 hours 44 minutes ago Enlarge Photo US President Barack Obama speaks during the closing of the Fiscal Responsibility Summit in Washington February 23. Obama vowed America would emerge from its economic storm stronger than ever, but declared a "day of reckoning" for a reckless get-rich-quick age of profligate spending. Related Photos Slideshow US elections 2008 Related Full Coverage Obama's Presidency What change will Obama bring? Will it affect the rest of us globally? All Full Coverage Most Popular – World Viewed First Chinese-American governor likely Obama commerce pick Iraqi police shoot dead four US soldiers: ministry 34,000 apply for 'the best job in the world' Bernanke eyes recovery, Japan PM call for dollar confidence World stocks mostly rally on Citigroup report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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