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Obama delivers 1st State of Union address
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Obama pledges support for business
Barack Obama, US President, said,"So tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat. I am also proposing a new small business tax credit. One that will go to over one million small businesses who hire new workers or raise wages. While we're at it, let's
also eliminate all capital gains taxes on small business investment; and provide a tax incentive for all businesses, large and small, to invest in new plants and equipment."
To further improve the economy, Obama said the country needs to export more goods.
Barack Obama, US President, said,"So tonight, we set a new goal. We will double our exports over the next five years, an increase that will support two million jobs in America. To
help meet this goal, we're launching a National Export Initiative that will help farmers and small businesses increase their exports, and reform export controls consistent with national security."
US debt has more than doubled over the past decade to about 12.3 trillion US dollars.
Some have attacked Obama's health care reform, saying it will only increase the deficit. He defended his policy, but also welcomed new suggestions to bring down premiums, and the deficit.
Obama also proposed a three-year spending freeze on some government programs, and identified 20 billion US dollars in budget savings for next year.
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