It is our responsibility as lawmakers and as educators to make this system work. But it is the responsibility of every citizen to participate in it. So tonight, I ask every American to commit to at least one year or more of higher education or career training. This can be community college or a four-year school; vocational training or an apprenticeship. But whatever the training may be, every American will need to get more than a high school diploma. And dropping out of high school is no longer an option. It's not just quitting on yourself, it's quitting on your country -- and this country needs and values the talents of every American. (Applause.) That's why we will support -- we will provide the support necessary for all young Americans to complete college and meet a new goal: By 2020, America will once again have the highest proportion of college graduates in the world. That's is a goal we can meet. (Applause.) That's a goal we can meet.
Now, I know that the price of tuition is higher than ever, which is why if you are willing to volunteer in your neighborhood or give back to your community or serve your country, we will make sure that you can afford a higher education. (Applause.) And to encourage a renewed spirit of national service for this and future generations, I ask Congress to send me the bipartisan legislation that bears the name of Senator Orrin Hatch, as well as an American who has never stopped asking what he can do for his country -- Senator Edward Kennedy. (Applause.)
These education policies will open the doors of opportunity for our children. But it is up to us to ensure they walk through them. In the end, there is no program or policy that can substitute for a parent -- for a mother or father who will attend those parent/teacher conferences, or help with homework, or turn off the TV, put away the video games, read to their child. (Applause.) I speak to you not just as a President, but as a father, when I say that responsibility for our children's education must begin at home. That is not a Democratic issue or a Republican issue. That's an American issue. (Applause.)
There is, of course, another responsibility we have to our children. And that's the responsibility to ensure that we do not pass on to them a debt they cannot pay. (Applause.) That is critical. I agree, absolutely. See, I know we can get some consensus in here. (Laughter.) With the deficit we inherited, the cost -- (applause) -- the cost of the crisis we face, and the long-term challenges we must meet, it has never been more important to ensure that as our economy recovers, we do what it takes to bring this deficit down. That is critical. (Applause.)
Now, I'm proud that we passed a recovery plan free of earmarks -- (applause) -- and I want to pass a budget next year that ensures that each dollar we spend reflects only our most important national priorities.
And yesterday, I held a fiscal summit where I pledged to cut the deficit in half by the end of my first term in office. My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs. As you can imagine, this is a process that will take some time. But we have already identified $2 trillion in savings over the next decade. (Applause.)
In this budget -- in this budget, we will end education programs that don't work and end direct payments to large agribusiness that don't need them. (Applause.) We'll eliminate -- we'll eliminate the no-bid contracts that have wasted billions in Iraq -- (applause) -- and reform -- and -- and reform our defense budget so that we're not paying for Cold War-era weapons systems we don't use. (Applause.) We will -- we will root out -- we will root out the waste and fraud and abuse in our Medicare program that doesn't make our seniors any healthier. We will restore a sense of fairness and balance to our tax code by finally ending the tax breaks for corporations that ship our jobs overseas. (Applause.)
In order to save our children from a future of debt, we will also end the tax breaks for the wealthiest 2 percent of Americans. (Applause.) Now, let me be clear -- let me be absolutely clear, because I know you'll end up hearing some of the same claims that rolling back these tax breaks means a massive tax increase on the American people: If your family earns less than $250,000 a year -- a quarter million dollars a year -- you will not see your taxes increased a single dime. I repeat: Not one single dime. (Applause.) Not a dime. In fact, the recovery plan provides a tax cut -- that's right, a tax cut -- for 95 percent of working families. And by the way, these checks are on the way. (Applause.)
Now, to preserve our long-term fiscal health, we must also address the growing costs in Medicare and Social Security. Comprehensive health care reform is the best way to strengthen Medicare for years to come. And we must also begin a conversation on how to do the same for Social Security, while creating tax-free universal savings accounts for all Americans. (Applause.)
Finally, because we're also suffering from a deficit of trust, I am committed to restoring a sense of honesty and accountability to our budget. That is why this budget looks ahead 10 years and accounts for spending that was left out under the old rules -- and for the first time, that includes the full cost of fighting in Iraq and Afghanistan. (Applause.) For seven years, we have been a nation at war. No longer will we hide its price. (Applause.)
Along with our outstanding national security team, I'm now carefully reviewing our policies in both wars, and I will soon announce a way forward in Iraq that leaves Iraq to its people and responsibly ends this war. (Applause.)
And with our friends and allies, we will forge a new and comprehensive strategy for Afghanistan and Pakistan to defeat al Qaeda and combat extremism. Because I will not allow terrorists to plot against the American people from safe havens halfway around the world. We will not allow it. (Applause.)
As we meet here tonight, our men and women in uniform stand watch abroad and more are readying to deploy. To each and every one of them, and to the families who bear the quiet burden of their absence, Americans are united in sending one message: We honor your service, we are inspired by your sacrifice, and you have our unyielding support. (Applause.)
To relieve the strain on our forces, my budget increases the number of our soldiers and Marines. And to keep our sacred trust with those who serve, we will raise their pay, and give our veterans the expanded health care and benefits that they have earned. (Applause.)
To overcome extremism, we must also be vigilant in upholding the values our troops defend -- because there is no force in the world more powerful than the example of America. And that is why I have ordered the closing of the detention center at Guantanamo Bay, and will seek swift and certain justice for captured terrorists. (Applause.) Because living our values doesn't make us weaker, it makes us safer and it makes us stronger. (Applause.) And that is why I can stand here tonight and say without exception or equivocation that the United States of America does not torture. We can make that commitment here tonight. (Applause.)
In words and deeds, we are showing the world that a new era of engagement has begun. For we know that America cannot meet the threats of this century alone, but the world cannot meet them without America. We cannot shun the negotiating table, nor ignore the foes or forces that could do us harm. We are instead called to move forward with the sense of confidence and candor that serious times demand.
To seek progress towards a secure and lasting peace between Israel and her neighbors, we have appointed an envoy to sustain our effort. To meet the challenges of the 21st century -- from terrorism to nuclear proliferation; from pandemic disease to cyber threats to crushing poverty -- we will strengthen old alliances, forge new ones, and use all elements of our national power.
And to respond to an economic crisis that is global in scope, we are working with the nations of the G20 to restore confidence in our financial system, avoid the possibility of escalating protectionism, and spur demand for American goods in markets across the globe. For the world depends on us having a strong economy, just as our economy depends on the strength of the world's.