Highlights of President Barack Obama’s State of the Union address

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Highlights of Obama’s State of the Union address

Highlights of President Barack Obama’s State of the Union address Wednesday night to a joint session of Congress:

ECONOMY/JOBS

—Urged the Senate to follow the House and pass a second jobs bill as its first order of business this year.

—Proposed using $30 billion repaid by Wall Street banks to help community banks lend money to small businesses so they can stay afloat.

—Proposed new tax credit for small business that hire workers or raise the wages of current employees.

—Proposed eliminating all capital gains taxes on small-business investment and providing tax incentives for all businesses to invest in new plants and equipment.

—Said it’s time to slash tax breaks for companies that move jobs overseas and extend them to companies that create jobs in the U.S.

—Set a goal of doubling exports over the next five years, contending it will support 2 million jobs at home. Announced an initiative to help farmers and small businesses increase their exports. Promised to reform export rules.

FINANCIAL OVERHAUL

—Urged Senate to follow the House and pass a financial overhaul bill to protect consumers from industry abuses and make sure they have the information they need to make decisions about what to do with their money.

HEALTH CARE

—Urged Democrats dispirited by the loss of their 60-vote Senate majority not to abandon the yearlong effort to overhaul the health care system.

FEDERAL SPENDING

—Proposed a three-year freeze on most domestic spending, beginning in 2011. Spending on national security, Medicare, Medicaid and Social Security would be exempt.

—Announced he will issue an executive order creating a bipartisan task force to recommend ways to reduce the deficit. The Senate recently blocked a similar proposal.

OPEN GOVERNMENT

—Called for requiring lobbyists to report each contact with his administration or Congress.

—Called for ’strict limits’ on lobbyist contributions to candidates for federal office.

—Urged lawmakers to pass a bill to undo a recent Supreme Court ruling that allows companies and labor unions to spend freely on campaign ads that promote or target particular candidates by name.

—Called on Congress to publish on one Web site all special-interest spending known as “earmarks” before bills are voted on.

IRAQ

—Reiterated pledge to remove all U.S. combat troops from Iraq by the end of August.

GAYS IN THE MILITARY

—Pledged to work with Congress and the military to allow gays to serve openly in the military.

EDUCATION

—Urged Congress to eliminate taxpayer subsidies for banks that provide student loans.

—Proposed $10,000 tax credit for four years of college, along with higher Pell Grants.

—Proposed capping student loan repayments at 10 percent of income and forgiving all student loan debt after 20 years, or after 10 years if the student enters public service.

IMMIGRATION

—Said the government should continue working to fix a broken system by securing borders and enforcing laws.

ENERGY

—Urged Senate passage of comprehensive energy and climate legislation to help the country shift toward cleaner energy sources and help create jobs.

BIPARTISANSHIP

—Proposed monthly meetings with both the Democratic and Republican leadership in Congress.