President Obama Addresses Joint Session of Congress, Feb. 24, 2009 . White House photo by Pete Souza See the video, read the text, and view photos here.

On Tuesday, February 24, 2009 President Obama delivered his first speech to a joint session of Congress.  This was as much a speech to the American people as to Congress, as he said in his opening sentence:  “I’ve come here tonight not only to address the distinguished men and women in this great chamber, but to speak frankly and directly to the men and women who sent us here.“

He continued: “I know that for many Americans watching right now, the state of our economy is a concern that rises above all others. And rightly so. If you haven’t been personally affected by this recession, you probably know someone who has – a friend; a neighbor; a member of your family. You don’t need to hear another list of statistics to know that our economy is in crisis, because you live it every day. It’s the worry you wake up with and the source of sleepless nights. It’s the job you thought you’d retire from but now have lost; the business you built your dreams upon that’s now hanging by a thread; the college acceptance letter your child had to put back in the envelope. The impact of this recession is real, and it is everywhere.

But while our economy may be weakened and our confidence shaken; though we are living through difficult and uncertain times, 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.”

The President talked about the recently passed stimulus/recovery plan (the American Recovery and Reinvestment Act) that he said “would put people back to work and put money in their pockets.”

And he spoke of his recently announced housing plan, saying it: “… will help responsible families facing the threat of foreclosure lower their monthly payments and re-finance their mortgages. It’s a plan that won’t help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values – Americans who will now be able to take advantage of the lower interest rates that this plan has already helped bring about. In fact, the average family who re-finances today can save nearly $2000 per year on their mortgage.”

The President then went on to say: “ … we will act with the full force of the federal government to ensure that the major banks that Americans depend on have enough confidence and enough money to lend even in more difficult times.

And then said: “I intend to hold these banks fully accountable for the assistance they receive, and this time, they will have to clearly demonstrate how taxpayer dollars result in more lending for the American taxpayer. This time, CEOs won’t be able to use taxpayer money to pad their paychecks or buy fancy drapes or disappear on a private jet. Those days are over.”

The President also promised to reform the regulatory system to "ensure that a crisis of this magnitude never happens again."

The President then turned his attention to the FY 2010 federal budget, which he will soon present to Congress, saying: “I see this document differently. I see it as a vision for America – as a blueprint for our future.”

He went on to lay out a very aggressive agenda, focusing on three priorities in the budget:  energy, health care and education, saying: "Now is the time to jump-start job creation, restart lending, and invest in areas like energy, health care and education that will grow our economy, even as we make hard choices to bring our deficit down."  

President Obama projected that the recovery plan will allow the country to double its supply of renewable energy in the next three years.  He also said the country will invest $15 billion a year to develop technology for green energy.

The President pledged a "historic commitment" to health care and said the recovery plan could lead to a cure for cancer. He also promised the "largest investment ever" in preventive care.

On education, Obama set a goal of having the highest college graduation rate in the world by 2020, pointing to the billions for education -- from early childhood education expansion to college-loan programs -- in the economic stimulus package to ensure that every child has access to education "from the day they are born to the day they begin a career."

The president also challenged Congress to take on the growing costs of Medicare and Social Security.

The President’s speech also touched on foreign policy, saying:  "We are now carefully reviewing our policies in both wars, and I will soon announce a way forward in Iraq that leaves Iraq to its people and responsibly ends this war."