Full text of the January 27, 2010 President's State of the Union speech, which is 7100 words long.

Below is the condensed version that is 1000 words long, but it's still 100% Obama's words.

Condensed SOTU

Intro

One year ago, I took office, but the devastation remains. One in ten Americans still cannot find work. Many businesses have shuttered. Home values have declined. Small towns and rural communities have been hit especially hard. For those who had already known poverty, life has become that much harder.

And tonight, I'd like to talk about how together, we can deliver. It begins with our economy.

Taxes/Fees

I have proposed a fee on the biggest banks.

We extended or increased unemployment benefits for more than 18 million Americans; made health insurance 65% cheaper for families who get their coverage through COBRA; and passed 25 different tax cuts.

We cut taxes for 95% of working families. We cut taxes for small businesses. We cut taxes for first-time homebuyers. We cut taxes for parents trying to care for their children. We cut taxes for 8 million Americans paying for college.

We're nearly doubling the child care tax credit, and making it easier to save for retirement by giving every worker access to a retirement account and expanding the tax credit for those who start a nest egg.

To help working families, we will extend our middle-class tax cuts. But at a time of record deficits, we will not continue tax cuts for oil companies, investment fund managers, and those making over $250,000 a year. We just can't afford it.

Jobs

The economy is growing again. Retirement funds have started to gain back some of their value. Businesses are beginning to invest again, and slowly some are starting to hire again.

That is why jobs must be our number one focus in 2010, and that is why I am calling for a new jobs bill tonight.

The true engine of job creation in this country will always be America's businesses. We should start where most new jobs do - in small businesses.

I am proposing a new small business tax credit - one that will go to over one million small businesses who hire new workers or raise wages. Let's also eliminate all capital gains taxes on small business investment; and provide a tax incentive for all businesses, large and small, to invest in new plants and equipment.

It's time to finally slash the tax breaks for companies that ship our jobs overseas and give those tax breaks to companies that create jobs in the United States of America.

Energy

To create more clean energy jobs, we need more production, more efficiency, more incentives. That means building a new generation of safe, clean nuclear power plants in this country. It means making tough decisions about opening new offshore areas for oil and gas development. It means continued investment in advanced biofuels and clean coal technologies. And yes, it means passing a comprehensive energy and climate bill with incentives that will finally make clean energy the profitable kind of energy in America.

Trade

We need to export more of our goods. We will double our exports over the next five years, an increase that will support two million jobs in America. To help meet this goal, we're launching a National Export Initiative that will help farmers and small businesses increase their exports, and reform export controls consistent with national security.

And that's why we will continue to shape a Doha trade agreement that opens global markets, and why we will strengthen our trade relations in Asia and with key partners like South Korea, Panama, and Colombia.

Education

We need to invest in the skills and education of our people. The idea here is simple: instead of rewarding failure, we only reward success. Instead of funding the status quo, we only invest in reform - reform that raises student achievement, inspires students to excel in math and science, and turns around failing schools that steal the future of too many young Americans, from rural communities to inner-cities. In the 21st century, one of the best anti-poverty programs is a world-class education.

I urge the Senate to follow the House and pass a bill that will revitalize our community colleges, which are a career pathway to the children of so many working families. To make college more affordable, this bill will finally end the unwarranted taxpayer-subsidies that go to banks for student loans. Instead, let's take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants. And let's tell another one million students that when they graduate, they will be required to pay only ten percent of their income on student loans, and all of their debt will be forgiven after twenty years - and forgiven after ten years if they choose a career in public service.

And it's time for colleges and universities to get serious about cutting their own costs - because they too have a responsibility to help solve this problem.

Health Care

By the time I'm finished speaking tonight, more Americans will have lost their health insurance. Millions will lose it this year. Our deficit will grow. Premiums will go up. Patients will be denied the care they need. Small business owners will continue to drop coverage altogether. I will not walk away from these Americans, and neither should the people in this chamber. Here's what I ask of Congress, though: Do not walk away from reform.

Spending

Starting in 2011, we are prepared to freeze government spending for three years. Spending related to our national security, Medicare, Medicaid, and Social Security will not be affected. We've already identified $20 billion in savings for next year.

Security

We have made substantial investments in our homeland security and disrupted plots that threatened to take American lives. We are filling unacceptable gaps revealed by the failed Christmas attack, with better airline security, and swifter action on our intelligence. And in the last year, hundreds of Al Qaeda's fighters and affiliates, including many senior leaders, have been captured or killed.

In Afghanistan, we are increasing our troops and training Afghan Security Forces so they can begin to take the lead in July of 2011, and our troops can begin to come home.

We are responsibly leaving Iraq to its people. We will have all of our combat troops out of Iraq by the end of this August.

To reduce our [nuclear] stockpiles and launchers, while ensuring our deterrent, the United States and Russia are completing negotiations on the farthest-reaching arms control treaty in nearly two decades.

Conclusion

Thank you