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Remarks of President Barack ObamaAs prepared for deliverySaturday, October 16, 2010Washington, DC

After a decade of hardship for middle class families, and a recession that wiped away millions of jobs, we are in the middle of a tough fight to rebuild this economy and put folks back to work.

Winning this fight will not depend on government alone. It will depend on the innovation of American entrepreneurs; on the drive of American small business owners; on the skills andtalents of American workers. These are the people who will help us grow our economy andcreate jobs.

But government still has an important responsibility. And thats to create an environment inwhich someone can raise capital to start a new company; where a business can get a loan toexpand; where ingenuity is prized and folks are rewarded for their hard work.

Thats why I fought so hard to pass a jobs bill to cut taxes and make more loans available for entrepreneurs. It eliminated the capital gains taxes for key investments in small businesses. Itincreased the deduction to defray the costs of starting a company. And its freeing up credit for folks who need it. In fact, in just the first two weeks since I signed the bill, thousands of

business owners have been able to get new loans through the SBA.

But we need to do more. So Ive proposed additional steps to grow the economy and spur hiring by businesses across America. Now, one of the keys to job creation is to encourage companiesto invest more in the United States. But for years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries.

I want to close these tax loopholes. Instead, I want to give every business in America a tax break so they can write off the cost of all new equipment they buy next year. Thats going to make iteasier for folks to expand and hire new people. I want to make the research and experimentationtax credit permanent. Because promoting new ideas and technologies is how well create jobsand retain our edge as the worlds engine of discovery and innovation. And I want to provide atax cut for clean energy manufacturing right here in America. Because thats how well lead theworld in this growing industry.

These are commonsense ideas. When more things are made in America, more families make itin America; more jobs are created in America; more businesses thrive in America. ButRepublicans in Washington have consistently fought to keep these corporate loopholes open.Over the last four years alone, Republicans in the House voted 11 times to continue rewardingcorporations that create jobs and profits overseas a policy that costs taxpayers billions of dollars every year.

That doesnt make a lot sense. It doesnt make sense for American workers, American businesses, or Americas economy. A lot of companies that do business internationally make animportant contribution to our economy here at home. Thats a good thing. But there is no reason

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why our tax code should actively reward them for creating jobs overseas. Instead, we should beusing our tax dollars to reward companies that create jobs and businesses within our borders.

We should give tax breaks to American small businesses and manufacturers. We should rewardthe people who are helping us lead in the industries of the future, like clean energy. Thats how

well ensure that American innovation and ingenuity are what drive the next century. Thats howwell put our people back to work and lead the global economy. And thats what Ill be fightingfor in the coming months.

Thank you.

[PRESIDENTIAL WEEKLY ADDRESS ASSESMENT PHASE A START OF]

After a decade of hardship for middle class families, and a recession that wiped away millionsof jobs , we are in the middle[ ? ] of a tough fight to rebuild this economy and put folks back towork.

Winning this fight will not depend on government alone. It will depend on the innovation of

American entrepreneurs; on the drive of American small business owners; on the skills andtalents of American workers. These are the people who will help us grow our economy andcreate jobs.

hardship [h rd shp] (plural hardships)noun 1. difficulties: difficulty or suffering caused by a lack

of something, especially money2. cause of suffering: something that causes difficulty

or suffering

task: something that remains to be done or dealtwithy I have a couple jobs to do this afternoon.y several jobs around the house

[ Old English feohtan "to fight"

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But government still has an important responsibility . And thats to create an environment inwhich someone can raise capital to start a new company; where a business can get a loan toexpand; where ingenuity is prized and folks are rewarded for their hard work.

Thats why I fought so hard to pass a jobs bill to cut taxes and make more loans available for entrepreneurs. It eliminated the capital gains taxes for key investments in small businesses. It

increased the deduction to defray the costs of starting a company. And its freeing up credit for folks who need it. In fact, in just the first two weeks since I signed the bill, thousands of business owners have been able to get new loans through the SBA .

responsibility [ri spnss bll tee] (plural responsibilities)noun 1. accountability: the state, fact, or position of

being accountable to somebody or forsomething

2. something to be responsible for: somebody orsomething for which a person or organization is responsible

3. blame: the blame for something that hashappenedy took full responsibility for the mix-up

4. authority to act: authority to make decisionsindependently

[12th century. Via French< Latin capitalis "of thehead" < caput "head"]

[12th century. < Old Norse ln]

loan [l n] noun (plural loans)1. money lent: an amount of money given to somebody

on the condition that it will be paid back later

2. lending: the act of letting somebody use somethingtemporarily

3. LINGUISTICS Same as loanword

Small BusinessAdministration business [bzn ss]

noun (plural businesses)1. line of work: a particular trade or profession

y the retail business

2. commercial organization: a company or otherorganization that buys and sells goods,makes products, or provides servicesy take over an ailing business

[15th century. Via French < Latin ingeniosus< ingenium "mind"]

energetically: with vigor and energy orindustriousnessy worked hard

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But we need to do more. So Ive proposed additional steps to grow the economy and spur hiring by businesses across America. Now, one of the keys to job creation is to encourage companiesto invest more in the United States. But for years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries.

I want to close these tax loopholes. Instead, I want to give every business in America a tax break so they can write off the cost of all new equipment they buy next year. Thats going to

make it easier for folks to expand and hire new people.

need [need] verb (past a nd past participleneeded, prese nt par ticip le need ing,3rd p erso n pr ese nt singula r needs)tr a nsiti ve a nd intr a nsiti ve ve rb r equ ir es ome t h ing: r equ ir e s ome t h ing in o r de r t o haves u cc e ss o r a c h i eve a goal y Do you need a ny mo ne y? y He t old me t ha t I d i dn't n eed t o k now.y This s h irt need s ir o nin g.

modal ve rb (p ast a nd p a st p a rticip leneeded, pr e s ent p a rticip le need ing,3 r d p ers o n pr e s e nt sin gula r need s )b e ne c e ss a ry : u s ed t o ind ic a t e t ha t a c ou rs e of a cti o n is de sir a b le o r ne c e ss a ry (u s ed in nega ti ve st a t eme nts )y You do n't need t o t ha nk me; I ' m ha ppy t o hel p whe n eve r I c a n .y Go ing t o med sc hool need n o t mea n y ou c a n't st ud y a rc h it e ct u r e la t e r .

[14th ce n tury. Directly or viaFre nch < Lati n additio n -