'Time to set a new course'

Excerpts from Barack Obama's speech:

"We start 2009 in the midst of a crisis unlike any we have seen in our lifetime - a crisis that has only deepened over the last few weeks. . . . This crisis did not happen solely by some accident of history or normal turn of the business cycle. . . . We arrived at this point due to an era of profound irresponsibility that stretched from corporate board rooms to the halls of power in Washington, DC.

"Now, the very fact that this crisis is largely of our own making means that it's not beyond our ability to solve. . . . It will take time - perhaps many years - but we can rebuild that lost trust and confidence.

"There is no doubt that the cost of this plan will be considerable. It will certainly add to the budget deficit in the short term. But equally certain are the consequences of doing too little or nothing at all, for that will lead to an even greater deficit of jobs, incomes, and confidence in our economy.

"It is true that we cannot depend on government alone to create jobs or long-term growth. But at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe. Only government can break the cycle that is crippling our economy, where a lack of spending leads to lost jobs, which leads to even less spending. . . . It's not just another public works program. It's a plan that recognizes both the paradox and promise of this moment: the fact that there are millions of Americans trying to find work, even as all around the country there's so much work to be done.

"It is time to set a new course for this economy, and that change must begin now. . . . A world that depends on the strength of our economy is now watching and waiting for America to lead once more, and that is what we will do. It will not come easy or happen overnight. And it is altogether likely that things may get worse before they get better. But that is all the more reason for Congress to act without delay."