The president argued that he's laying out a "blueprint for an economy that's built to last" based on four main themes: American manufacturing, American energy, skills for American workers and "a renewal of American values."
Among other things, Obama called for a rollback for tax breaks for American companies that outsource jobs overseas and proposed new tax cuts for manufacturers that build their products stateside--a proposal that generated muted applause among Republican lawmakers in the House chamber. He also announced the creation of a "trade enforcement unit" that would investigate unfair trade practices in counties including China--an issue that has been a big issue on the 2012 campaign trail.
"Our workers are the most productive on Earth, and if the playing field is level, I promise you--America will always win," Obama declared.
Tackling an issue that will be big in the general election, Obama called on Republicans to pass immigration reform, including the DREAM Act. "If election-year politics keeps Congress from acting on a comprehensive plan, let's at least agree to stop expelling responsible young people who want to staff our labs, start new businesses, and defend this country," Obama said. "Send me a law that gives them the chance to earn their citizenship. I will sign it right away."
Obama also called for aid to boost the nation's struggling housing market--proposing new tax incentives to help homeowners save $3,000 a year on their mortgages. He also announced the creation of a federal task force to monitor banks, mortgage lenders and credit card companies for fraud.
"Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that do the same," Obama said. "It's time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody."
Obama sounded familiar themes on energy--calling for a rollback of tax cuts on oil companies in favor of investments in clean energy sources. He announced a federal incentive to build clean energy projects on government land.