'That day of reckoning has arrived'

Excerpts of President Obama's speech to Congress last night, as prepared for delivery:

''The answers to our problems don't lie beyond our reach,'' President Obama said during his address last night. (Pablo Martinez Monsivais-Pool/Getty Images)

"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. . . .

"The answers to our problems don't lie beyond our reach. They exist in our laboratories and our universities, in our fields and our factories, in the imaginations of our entrepreneurs and the pride of the hardest-working people on Earth. . . .

"The fact is, our economy did not fall into decline overnight. Nor did all of our problems begin when the housing market collapsed or the stock market sank. We have known for decades that our survival depends on finding new sources of energy, yet we import more oil today than ever before. The cost of healthcare eats up more and more of our savings each year, yet we keep delaying reform. Our children will compete for jobs in a global economy that too many of our schools do not prepare them for. And though all of these challenges went unsolved, we still managed to spend more money and pile up more debt, both as individuals and through our government, than ever before. . . .

"So the recovery plan we passed is the first step in getting our economy back on track, but it is just the first step, because even if we manage this plan flawlessly, there will be no real recovery unless we clean up the credit crisis that has severely weakened our financial system. . . .

"Our goal is to quicken the day when we restart lending to the American people and American business and end this crisis once and for all. And 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 - 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.

"In the next few days, I will submit a budget to Congress. So often, we've come to view these documents as simply numbers on a page or a laundry list of programs. I see this document differently. I see it as a vision for America, as a blueprint for our future.

"My budget does not attempt to solve every problem or address every issue. It reflects the stark reality of what we've inherited: a trillion-dollar deficit, a financial crisis, and a costly recession. Given these realities, everyone in this chamber - Democrats and Republicans - will have to sacrifice some worthy priorities for which there are no dollars, and that includes me. But that does not mean we can afford to ignore our long-term challenges. . . .

"There are surely times in the future where we will part ways. But I also know that every American who is sitting here tonight loves this country and wants it to succeed. I know that.

"That must be the starting point for every debate we have in the coming months and where we return after those debates are done. That is the foundation on which the American people expect us to build common ground."