President Bush Discusses Climate Change VIDEO

President Bush Discusses Climate Change FULL STREAMING VIDEO Rose Garden Fact Sheet: Taking Additional Action to Confront Climate Change and In Focus: Environment 2:45 P.M. EDT.

THE PRESIDENT: Thank you. Welcome. Thank you all for coming. I particularly want to thank members of my Cabinet for joining me here today in the Rose Garden.

Tomorrow represents -- representatives of the world's major economies will gather in Paris to discuss climate change. Here in Washington, the debate about climate change is intensifying. Today, I'll share some views on this important issue to advance discussions both at home and abroad.

Climate change involves complicated science and generates vigorous debate. Many are concerned about the effect of climate change on our environment. Many are concerned about the effect of climate change policies on our economy. I share these concerns, and I believe they can be sensibly reconciled.

Over the past seven years, my administration has taken a rational, balanced approach to these serious challenges. We believe we need to protect our environment. We believe we need to strengthen our energy security. We believe we need to grow our economy. And we believe the only way to achieve these goals is through continued advances in technology. So we've pursued a series of policies aimed at encouraging the rise of innovative as well as more cost-effective clean energy technologies that can help America and developing nations reduce greenhouse gases, reduce our dependence on oil, and keep our economies vibrant and strong for decades to come.

I have put our nation on a path to slow, stop, and eventually reverse the growth of our greenhouse gas emissions. In 2002, I announced our first step: to reduce America's greenhouse gas intensity by 18 percent through 2012. I'm pleased to say that we remain on track to meet this goal even as our economy has grown 17 percent.

As we take these steps here at home, we're also working internationally on a rational path to addressing global climate change. When I took office seven years ago, we faced a problem. A number of nations around the world were preparing to implement the flawed approach of Kyoto Protocol. In 1997, the United States Senate took a look at the Kyoto approach and passed a resolution opposing this approach by a 95 to nothing vote.

The Kyoto Protocol would have required the United States to drastically reduce greenhouse gas emissions. The impact of this agreement, however, would have been to limit our economic growth and to shift American jobs to other countries -- while allowing major developing nations to increase their emissions. Countries like China and India are experiencing rapid economic growth -- and that's good for their people and it's good for the world. This also means that they are emitting increasingly large quantities of greenhouse gases -- which has consequences for the entire global climate.

So the United States has launched -- and the G8 has embraced -- a new process that brings together the countries responsible for most of the world's emissions. We're working toward a climate agreement that includes the meaningful participation of every major economy -- and gives none a free ride.

In support of this process, and based on technology advances and strong new policy, it is now time for the U.S. to look beyond 2012 and to take the next step. We've shown that we can slow emissions growth. Today, I'm announcing a new national goal: to stop the growth of U.S. greenhouse gas emissions by 2025.

To reach this goal, we will pursue an economy-wide strategy that builds on the solid foundation that we have in place. As part of this strategy, we worked with Congress to pass energy legislation that specifies a new fuel economy standard of 35 miles per gallon by 2020, and requires fuel producers to supply at least 36 billion gallons of renewable fuel by 2022. This should provide an incentive for shifting to a new generation of fuels like cellulosic ethanol that will reduce concerns about food prices and the environment.

We also mandated new objectives for the coming decade to increase the efficiency of lighting and appliances. We're helping states achieve their goals for increasing renewable power and building code efficiency by sharing new technologies and providing tax incentives. We're working to implement a new international agreement that will accelerate cuts in potent HCFC emissions. Taken together, these landmark actions will prevent billions of metric tons of greenhouse gas emissions from entering the atmosphere.

These objectives are backed by a combination of new market-based regulations, new government incentives, and new funding for technology research. We've provided billions of dollars for next generation nuclear energy technologies. Along with the private sector, we've invested billions more to research, develop and commercially deploy renewable fuels, hydrogen fuel cells, advanced batteries, and other technologies to enable a new generation of vehicles and more reliable renewable power systems.

In 2009 alone, the government and the private sector plan to dedicate nearly a billion dollars to clean coal research and development. Our incentives for power production from wind and solar energy have helped to more than quadruple its use. We have worked with Congress to make available more than $40 billion in loan guarantees to support investments that will avoid, reduce, or sequester greenhouse gas emissions or air pollutants. And our farmers can now compete for substantial new conservation incentives to restore land and forests in ways that help cut greenhouse gases.

We're doing a lot to protect this environment. We've laid a solid foundation for further progress. But these measures -- while these measures will bring us a long way to achieving our new goal, we've got to do more in the power generation sector. To reach our 2025 goal, we'll need to more rapidly slow the growth of power sector greenhouse gas emissions so they peak within 10 to 15 years, and decline thereafter. By doing so, we'll reduce emission levels in the power sector well below where they were projected to be when we first announced our climate strategy in 2002.

There are a number of ways to achieve these reductions, but all responsible approaches depend on accelerating the development and deployment of new technologies.

As we approach this challenge, we face a growing problem here at home. Some courts are taking laws written more than 30 years ago -- to primarily address local and regional environmental effects -- and applying them to global climate change. The Clean Air Act, the Endangered Species Act, and the National Environmental Policy Act were never meant to regulate global climate. For example, under a Supreme Court decision last year, the Clean Air Act could be applied to regulate greenhouse gas emissions from vehicles. This would automatically trigger regulation under the Clean Air Act of greenhouse gases all across our economy -- leading to what Energy and Commerce Committee Chairman John Dingell last week called, "a glorious mess."

If these laws are stretched beyond their original intent, they could override the programs Congress just adopted, and force the government to regulate more than just power plant emissions. They could also force the government to regulate smaller users and producers of energy -- from schools and stores to hospitals and apartment buildings. This would make the federal government act like a local planning and zoning board, have crippling effects on our entire economy.

Decisions with such far-reaching impact should not be left to unelected regulators and judges. Such decisions should be opened -- debated openly; such decisions should be made by the elected representatives of the people they affect. The American people deserve an honest assessment of the costs, benefits and feasibility of any proposed solution.

This is the approach Congress properly took last year on mandatory policies that will reduce emissions from cars and trucks, and improve the efficiency of lighting and appliances. This year, Congress will soon be considering additional legislation that will affect global climate change. I believe that Congressional debate should be guided by certain core principles and a clear appreciation that there is a wrong way and a right way to approach reducing greenhouse gas emissions. Bad legislation would impose tremendous costs on our economy and on American families without accomplishing the important climate change goals we share.

The wrong way is to raise taxes, duplicate mandates, or demand sudden and drastic emissions cuts that have no chance of being realized and every chance of hurting our economy. The right way is to set realistic goals for reducing emissions consistent with advances in technology, while increasing our energy security and ensuring our economy can continue to prosper and grow.

The wrong way is to sharply increase gasoline prices, home heating bills for American families and the cost of energy for American businesses.

The right way is to adopt policies that spur investment in the new technologies needed to reduce greenhouse gas emissions more cost-effectively in the longer term without placing unreasonable burdens on American consumers and workers in the short term.

The wrong way is to jeopardize our energy and economic security by abandoning nuclear power and our nation's huge reserves of coal. The right way is to promote more emission-free nuclear power and encourage the investments necessary to produce electricity from coal without releasing carbon into the air.

The wrong way is to unilaterally impose regulatory costs that put American businesses at a disadvantage with their competitors abroad -- which would simply drive American jobs overseas and increase emissions there. The right way is to ensure that all major economies are bound to take action and to work cooperatively with our partners for a fair and effective international climate agreement.

The wrong way is to threaten punitive tariffs and protectionist barriers, start a carbon-based global trade war, and to stifle the diffusion of new technologies. The right way is to work to make advanced technology affordable and available in the developing world -- by lowering trade barriers, creating a global free market for clean energy technologies, and enhancing international cooperation and technology investment.

We must all recognize that in the long run, new technologies are the key to addressing climate change. But in the short run, they can be more expensive. And that is why I believe part of any solution means reforming today's complicated mix of incentives to make the commercialization and use of new, lower emission technologies more competitive. Today we have different incentives for different technologies -- from nuclear power, to clean coal, to wind and solar energy. What we need to do is consolidate them into a single, expanded program with the following features.

First, the incentive should be carbon-weighted to make lower emission power sources less expensive relative to higher emissions sources -- and it should take into account our nation's energy security needs.

Second, the incentive should be technology-neutral because the government should not be picking winners and losers in this emerging market.

Third, the incentive should be long-lasting. It should provide a positive and reliable market signal not only for the investment in a technology, but also for the investments in domestic manufacturing capacity and infrastructure that will help lower costs and scale up availability.

Even with strong new incentives, many new technologies face regulatory and political barriers. To pave the way for a new generation of nuclear power plants, we must provide greater certainty on issues from licensing to responsible management of spent fuel. The promise of carbon capture and storage depends on new pipelines and liability rules. Large-scale renewable energy installations are most likely to be built in sparsely populated areas -- which will require advanced, interstate transmission systems to deliver this power to major population centers. If we're serious about confronting climate change, then we have to be serious about addressing these obstacles.

If we fully implement our new strong laws, adhere to the principles that I've outlined, and adopt appropriate incentives, we will put America on an ambitious new track for greenhouse gas reductions. The growth in emissions will slow over the next decade, stop by 2025, and begin to reverse thereafter, so long as technology continues to advance.

Our new 2025 goal marks a major step forward in America's efforts to address climate change. Yet even if we reduced our own emissions to zero tomorrow, we would not make a meaningful dent in solving the problem without concerted action by all major economies. So in connection with the major economies process we launched, we're urging each country to develop its own national goals and plans to reduce greenhouse gas emissions.

Like many other countries, America's national plan will be a comprehensive blend of market incentives and regulations to reduce emissions by encouraging clean and efficient energy technologies. We're willing to include this plan in a binding international agreement, so long as our fellow major economies are prepared to include their plans in such an agreement. We recognize that different nations will design different strategies, with goals and policies that reflect their unique energy resources and economic circumstances. But we can only make progress if their plans will make a real difference as well.

The next step in the major economies process is a meeting this week in Paris -- and I want to thank my friend, President Sarkozy, for hosting it. There, representatives of all participating nations will lay the groundwork for a leaders' meeting in conjunction with the G8 summit in July. Our objective is to come together on a common approach that will contribute to the negotiations under the U.N. Framework Convention of global climate once the Kyoto Protocol expires in 2012. This approach must be environmentally effective and economically sustainable.

To be effective, this approach will -- this approach will require commitments by all major economies to slow, stop, and eventually reverse the growth of greenhouse gas emissions. To be economically sustainable, this approach must foster the economic growth necessary to pay for investments in new technology and to raise living standards. We must help countries in the developing world gain access to the technologies, as well as financing that will enable them to take a lower carbon path to economic growth.

And then there will be the major economies leader meeting in July -- that's the one I'll be going to -- where we will seek agreement on a long-term global goal for emissions reductions, as well as an agreement on how national plans will be part of the post-2012 approach. We'll also seek to increase international cooperation among private firms and governments in key sectors such as power generation, auto manufacturing, renewable fuels, and aluminum and steel.

We will work toward the creation of an international clean technology fund that will help finance low-emissions energy projects in the developing world. We'll call on all nations to help spark a global clean energy revolution by agreeing immediately to eliminate trade barriers on clean energy goods and services.

The strategy I have laid out today shows faith in the ingenuity and enterprise of the American people -- and that's a resource that will never run out. I'm confident that with sensible and balanced policies from Washington, American innovators and entrepreneurs will pioneer a new generation of technology that improves our environment, strengthens our economy, and continues to amaze the world.

Thanks for coming. (Applause.)

END 3:03 P.M. EDT For Immediate Release Office of the Press Secretary April 16, 2008

Tags: President Bush and Climate Change or greenhouse gases

John McCain On The Economy Carnegie Mellon VIDEO

John McCain On The Economy Carnegie Mellon VIDEO - FULL STREAMING VIDEO

ARLINGTON, VA -- U.S. Senator John McCain delivered the following remarks as prepared at Carnegie Mellon University in Pittsburgh, PA, April 15, 2008 at 9:45 a.m. EDT: Thank you. I appreciate the hospitality of the Allegheny Business Conference... the Pittsburgh Tech Council... and the students and faculty of Carnegie Mellon University.

We have a strong showing this morning from the Carnegie Mellon Naval ROTC unit as well. And I'm happy to be with all of you.

This university has a fine reputation for its programs in business, finance, and other disciplines in the field of economics. And it's always worth recalling that economics is not a subject that can be wrenched apart from all the rest of life, or from the values that give life direction. When we debate economic policy, we are talking, after all, about the deepest hopes that carry us each along in the work we do... about all the things we wish for ourselves and for each other. And these cannot be measured by simply running the numbers.

In our free society, it is left to each one of us to make our own way in the world -- and our jobs, businesses, savings, pensions, farms, and homes are the work of years. Take these away and you are diminishing a lot more than the GDP, or the final tally on the Big Board on Wall Street. Take these away, and a million dreams are undone. The gains of hard work and sacrifice are lost. And something can be lost that is very crucial in our economy, and very slow to return -- confidence.

Every so often in our nation's capital, we relearn this lesson when the excesses of traders and speculators, and the poor planning of politicians, catches up with them, and the troubles spread far beyond Wall Street and Washington. This has happened in recent months, at great cost to workers, small businesses, families, and homeowners across our nation. And calling these serious problems a "correction" in the market, or a "cycle" of the economy, doesn't make their situation any better, their jobs and homes any safer, their lives any easier.

Economic policy is not just some academic exercise, and we in Washington are not just passive spectators. We have a responsibility to act -- and if I am elected president I intend to act quickly and decisively. We need reforms that promote growth and opportunity. We need rules that assure fairness and punish wrongdoing in the market. We need tax policies that respect the wage-earners and job creators who make this economy run, and help them to succeed in a global economy. In all of this, it will not be enough to simply dust off the economic policies of four, eight, or twenty-eight years ago. We have our own work to do. We have our own challenges to meet.

Millions of working men and women in Pennsylvania, Ohio, Michigan and beyond can tell you how urgent is the work before us. One man put it this way to a reporter not long ago, in reply to a question about the job he had just lost. He said, "I told my wife that I'll always keep a roof over her head. Now, I worry about keeping that promise." In the monthly reports of our Labor Department, nearly 250,000 Americans like this man were let go recently and suddenly from jobs they thought were safe.

A woman in the town of Trainer, in Delaware County, also captured the feeling of many when she described what it's like to work and save for years, and, at the age of 47, still struggle for the basics of life. The family has had medical problems, and as she puts it: "Trust me, no one wants to be in our shoes. And lots of people are just a sick husband away from where we are." For citizens like these -- doing their best to keep promises and meet obligations, there is no comfort knowing their problems are common and their worries are shared.

Meanwhile, the people we expect to be most sober and level-headed in their economic decisions -- bankers and other home lenders -- forgot some of the basic standards of their own profession. Hard-working homeowners are learning for the first time about the endlessly complicated borrowing, bundling, and betting that has been going on in our capital markets. Americans worry about a system that allows 4 million bad loans to affect 51 million good ones. They wonder how assets can so quickly become liabilities, and why the high-risk schemes of a few were permitted to inflict such grievous harm on our entire financial system.

Americans are also right to be offended when the extravagant salaries and severance deals of CEO's -- in some cases, the very same CEO's who helped to bring on these market troubles -- bear no relation to the success of the company or the wishes of shareholders. Something is seriously wrong when the American people are left to bear the consequences of reckless corporate conduct, while Mr. Cayne of Bear Stearns, Mr. Mozilo of Countrywide, and others are packed off with another forty- or fifty million for the road.

I leave it for others to speculate on the technical definition of a recession. It's all a little beside the point, if it's your plant that's closing and your job that's gone... when you are facing foreclosure, or back in debt after years of hard effort, or hardly able to buy food, gas, or heating for your home. In the end, the truest measure of prosperity in America is the success and financial security of those who earn wages and meet payrolls in this country. Many are waiting for their first homes... their first big break... their first shot at financial security. And helping them will be my first priority in setting the economic policies of this nation.

In so many ways, even now, the workers and entrepreneurs of America are taken for granted by their government, while the lobbyists and special pleaders are seldom turned away. By the tens of billions of dollars, our tax money is routinely squandered by the Congress on less than useless pork-barrel projects -- projects having nothing to do with the purposes of government, and everything to do with the preservation of power.

In the same way, many in Congress think Americans are under-taxed. They speak as if letting you keep your own earnings were an act of charity, and now they have decided you've had enough. By allowing many of the current low tax rates to expire, they would impose -- overnight -- the single largest tax increase since the Second World War. Among supporters of a tax increase are Senators Obama and Clinton. Both promise big "change." And a trillion dollars in new taxes over the next decade would certainly fit that description.

Of course, they would like you to think that only the very wealthy will pay more in taxes, but the reality is quite different. Under my opponents' various tax plans, Americans of every background would see their taxes rise -- seniors, parents, small business owners, and just about everyone who has even a modest investment in the market. All these tax increases are the fine print under the slogan of "hope": They're going to raise your taxes by thousands of dollars per year -- and they have the audacity to hope you don't mind.

They and others argue that the tax increase is necessary in part to finance Social Security and Medicare. Unfortunately, this claim only serves to remind us of Congress' consistent failure to repair both of these programs even under the best of circumstances. For years, Congress has been buying time, and leaving the great challenge of entitlement reform for others to deal with. And now the two contenders in the other party have even proposed enormous new federal commitments before the old commitments have been kept -- trusting that others, somewhere down the road, will handle the financing and make all the numbers come out right.

But there will come a day when the road dead-ends, and the old excuses seem even more hollow. And it won't be the politicians who bear the consequences. It will be American workers and their children who are left with worthless promises and trillion-dollar debts. We cannot let that happen. And you have my pledge: as president I will work with every member of Congress -- Republican, Democrat, and Independent -- who shares my commitment to reforming and protecting Medicare and Social Security.

In so many ways, we need to make a clean break from the worst excesses of both political parties. For Republicans, it starts with reclaiming our good name as the party of spending restraint. Somewhere along the way, too many Republicans in Congress became indistinguishable from the big-spending Democrats they used to oppose. The only power of government that could stop them was the power of veto, and it was rarely used.

If that authority is entrusted to me, I will use the veto as needed, and as the Founders intended. I will veto every bill with earmarks, until the Congress stops sending bills with earmarks. I will seek a constitutionally valid line-item veto to end the practice once and for all. I will lead across-the-board reforms in the federal tax code, removing myriad corporate tax loopholes that are costly, unfair, and inconsistent with a free-market economy.

As president, I will also order a prompt and thorough review of the budgets of every federal program, department, and agency. While that top to bottom review is underway, we will institute a one-year pause in discretionary spending increases with the necessary exemption of military spending and veterans benefits. "Discretionary spending" is a term people throw around a lot in Washington, while actual discretion is seldom exercised. Instead, every program comes with a built-in assumption that it should go on forever, and its budget increase forever. My administration will change that way of thinking.

I'll hold the agencies of the federal government accountable for the money they spend. I'll make sure the public helps me, and I'll provide federal agencies with the best executive leadership that can be found in America. We're going to make every aspect of government purchases and performance transparent. Information on every step of contracts and grants will be posted on the Internet in plain and simple English. We're going to post an agency's performance evaluation as well. We're going to demand accountability. We will make sure that federal spending serves the common interests... that failed programs are not rewarded... and that discretionary spending is going where it belongs -- to essential priorities like job training, the security of our citizens, and the care of our veterans.

In my administration there will be no more subsidies for special pleaders -- no more corporate welfare -- no more throwing around billions of dollars of the people's money on pet projects, while the people themselves are struggling to afford their homes, groceries, and gas. We are going to get our priorities straight in Washington -- a clean break from years of squandered wealth and wasted chances.

I have a clear record of not asking for earmarks for my state. For their part, Senators Obama and Clinton have championed a long list of pork-barrel projects for their states -- like that all-important Woodstock museum that Senator Clinton expected Americans to pay for at the cost of a million dollars. That kind of careless spending of tax dollars is not change, my friends: It is business as usual in Washington, and it's all a part of the same wasteful and corrupting system that we need to end.

The goal of reform, however, is not merely to check waste and keep a tidy budget process -- although these are important enough in themselves. The great goal is to get the American economy running at full strength again, creating the opportunities Americans expect and the jobs Americans need. And one very direct way to achieve that is by taking the savings from earmark, program review, and other budget reforms -- on the order of 100 billion dollars annually -- and use those savings to lower the business income tax for every employer that pays it.

So I will send to Congress a proposal to cut the taxes these employers pay, from a rate of 35 to 25 percent. As it is, we have the second-highest tax on business in the industrialized world. High tax rates are driving many businesses and jobs overseas -- and, of course, our foreign competitors wouldn't mind if we kept it that way. But if I am elected president, we're going to get rid of that drag on growth and job creation, and help American workers compete with any company in the world.

I will also send to the Congress a middle-class tax cut -- a complete phase-out of the Alternative Minimum Tax to save more than 25 million middle-class families more than 2,000 dollars every year.

Our tax laws and those who enforce them should treat all citizens with respect, whether they are married or single. But mothers and fathers bear special responsibilities, and the tax code must recognize this. Inflation has eroded the value of the exemption for dependents. I will send to Congress a reform to increase the exemption -- with the goal of doubling it from 3,500 dollars to 7,000 dollars for every dependent, in every family in America.

The tax laws of America should also promote and reward innovation, because innovation creates jobs. Tax laws should not smother the ingenuity of our people with needless regulations and disincentives. So I will propose and sign into law a reform agenda to permit the first-year expensing of new equipment and technology... to ban Internet taxes, permanently... to ban new cell phone taxes... and to make the tax credit for R&D permanent, so that we never lose our competitive edge.

It is not enough, however, to make little fixes here and there in the tax code. What we need is a simpler, a flatter, and a fair tax code. As president, I will propose an alternative tax system. When this reform is enacted, all who wish to file under the current system could still do so. And everyone else could choose a vastly less complicated system with two tax rates and a generous standard deduction. Americans do not resent paying their rightful share of taxes -- what they do resent is being subjected to thousands of pages of needless and often irrational rules and demands from the IRS. We know from experience that no serious reform of the current tax code will come out of Congress, so now it is time to turn the decision over to the people. We are going to create a new and simpler tax system -- and give the American people a choice.

Better tax policy is just one part of a pro-growth agenda that includes smarter regulation and a leaner, more focused government. Among the many benefits to America, these reforms will help to create jobs, improve the investment climate, attract global investors, and strengthen the dollar.

Americans also worry about stagnant wages, which are caused in part by the rising cost of health care. Each year employers pay more and more for insurance, leaving less and less to pay their employees. As president, I will propose and relentlessly advocate changes that will bring down health care costs, make health care more affordable and accessible, help individuals and families buy their health insurance with generous tax credits, and enable you to keep your insurance when you change jobs.

Many retired Americans face the terrible reality of deciding whether to buy food, pay rent or buy their prescriptions. And their government should help them. But when we added the prescription drug benefit to Medicare, a new and costly entitlement, we included many people who are more than capable of purchasing their own medicine without assistance from taxpayers who struggle to purchase their own. People like Bill Gates and Warren Buffet don't need their prescriptions underwritten by taxpayers. Those who can afford to buy their own prescription drugs should be expected to do so. This reform alone will save billions of dollars that could be returned to taxpayers or put to better use.

There's never been a problem Americans couldn't solve. We are the world's leaders, and leaders don't fear change, pine for the past and dread the future. We make the future better than the past. That is why I object when Senators Obama and Clinton and others preach the false virtues of economic isolationism. Senator Obama recently suggested that Americans are protectionist because they are bitter about being left behind in the global economy. Well, what's his excuse for embracing the false promises of protectionism? Opening new markets for American goods and services is indispensable to our future prosperity. We can compete with anyone. Senators Obama and Clinton think we should hide behind walls, bury our heads and industries in the sand, and hope we have enough left to live on while the world passes us by. But that is not good policy and it is not good leadershi p. And the short-sightedness of these policies can be seen today in Congress' refusal to vote on the Colombian Free Trade Agreement.

When new trading partners can sell in our market, and American companies can sell in theirs, the gains are great and they are lasting. The strength of the American economy offers a better life to every society we trade with, and the good comes back to us in many ways -- in better jobs, higher wages, and lower prices. Free trade can also give once troubled and impoverished nations a stake in the world economy, and in their relations with America. In the case of Colombia, a friend and crucial democratic ally, its stability and economic vitality are more critical now, as others in the region seek to turn Latin America away from democracy and away from our country. Trade serves all of these national interests, and the interests of the American economy as well -- and I call on the Congress once again to put this vital agreement to an up or down vote.

I know that open markets don't automatically translate into a higher quality of life for every single American. Change is hard, and while most of us gain, some industries, companies and workers are left to struggle with very difficult choices. And government should help workers get the education and training they need -- for the new jobs that will be created by new businesses in this new century.

Right now we have more than a half-dozen different programs that are supposed to help displaced workers, and for those who are not working at all. We have an unemployment insurance program straight out of the 1950s. It was designed to assist workers through a few tough months during an economic downturn until their old jobs came back. That program has no relevance to the world we live in today.

If I'm elected president, I'll work with Congress and the states to make job training and unemployment insurance what they should be -- a swift path from a job that's not coming back to a job that won't go away. We will build a new system, using the unemployment-insurance taxes to build for each worker a buffer account against a sudden loss of income -- so that in times of need they're not just told to fill out forms and take a number. And we will draw on the great strengths of America's community colleges, applying the funds from federal training accounts to give displaced workers of every age a fresh start with new skills and new opportunities.

These reforms must wait on the next election, but to help our workers and our economy we must also act in the here and now. And we must start with the subprime mortgage crisis, with the hundreds of thousands of citizens who played by the rules, yet now fear losing their houses. Under the HOME plan I have proposed, our government will offer these Americans direct and immediate help that can make all the difference: If you can't make your payments, and you're in danger of foreclosure, you will be able to go to any Post Office and pick up a form for a new HOME loan. In place of your flawed mortgage loan, you'll be eligible for a new, 30-year fixed-rate loan backed by the United States government. Citizens will keep their homes, lenders will cut their losses, and everyone will move on -- following the sounder practices that should have been observed in the first place.

It's important as well to remember that the foolish risk-taking of lenders, investment banks, and others that led to these troubles don't reflect our free market as it should be working. In a free market, there must be transparency, accountability, and personal and corporate responsibility. The housing crisis came about because these standards collapsed -- and, as president, I intend to restore them.

The grave problems in the housing market have been viral, spreading out to affect the credit and buying power of Americans even as the price of oil and gas is rising as never before. There are larger problems underlying the price of oil, all of which I will address in my energy plan, but in the short term there are crucial measures we can take.

I propose that the federal government suspend all taxes on gasoline now paid by the American people -- from Memorial Day to Labor Day of this year. The effect will be an immediate economic stimulus -- taking a few dollars off the price of a tank of gas every time a family, a farmer, or trucker stops to fill up. Over the same period, our government should suspend the purchase of oil for the Strategic Petroleum Reserve, which has also contributed to the rising price of oil. This measure, combined with the summer-long "gas-tax holiday," will bring a timely reduction in the price of gasoline. And because the cost of gas affects the price of food, packaging, and just about everything else, these immediate steps will help to spread relief across the American economy.

By summer's end, moreover, millions of college students will be counting on their student loans to come through -- and we need to make sure that happens. These young Americans, including perhaps some of you at CMU, are among the many citizens whose ability to obtain a loan might be seriously hurt by faraway problems not of their own making. So, today, I propose that the Department of Education work with the governors to make sure that each state's guarantee agency has the means and manpower to meet its obligation as a lender-of-last-resort for student loans. In the years ahead, these young Americans will be needed to sustain America's primacy in the global marketplace. And they should not be denied an education because the recklessness of others has made credit too hard to obtain.

These are just some of the reforms I intend to fight for and differences I will debate with whoever my Democratic opponent is. In the weeks and months ahead, I will detail my plans to reform health care in America... to make our schools more accountable to parents and taxpayers... to keep America's edge in technology... to use the power of free markets to grow our economy... to escape our dependence on foreign oil... and to guard against climate change and to be better stewards of the earth. All of these challenges, and more, will face the next president, and I will not leave them for some unluckier generation of leaders to deal with. We are going to restore the confidence of the American people in the future of this great and blessed country.

I do not seek the presidency on the presumption that I am blessed with such personal greatness that history has anointed me to save my country in its hour of need. I seek the presidency with the humility of a man who cannot forget that my country saved me. I am running to serve America, and to champion the ideas I believe will help us do what every American generation has done: to make in our time, and from our challenges, a safer, stronger, more prosperous country and a better world.

As I have always done, I will make my case to every American who will listen. I will not confine myself to the comfort of speaking only to those who agree with me. I will make my case to all the people. I will listen to those who disagree. I will try to persuade them. I will debate. And I will learn from them. But I will fight every moment of every day for what I believe is right for this country, and I will not yield.

Thank you.

Tags: John McCain and Carnegie Mellon