Transcript: President Obama's DNC Speech

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So now we face a choice. My opponent and his running mate are new to foreign policy, but from all that we've seen and heard, they want to take us back to an era of blustering and blundering that cost America so dearly.

After all, you don't call Russia our number one enemy – and not al Qaeda – unless you're still stuck in a Cold War time warp. You might not be ready for diplomacy with Beijing if you can't visit the Olympics without insulting our closest ally. My opponent said it was "tragic" to end the war in Iraq, and he won't tell us how he'll end the war in Afghanistan. I have, and I will. And while my opponent would spend more money on military hardware that our Joint Chiefs don't even want, I'll use the money we're no longer spending on war to pay down our debt and put more people back to work – rebuilding roads and bridges; schools and runways. After two wars that have cost us thousands of lives and over a trillion dollars, it's time to do some nation-building right here at home.

You can choose a future where we reduce our deficit without wrecking our middle class. Independent analysis shows that my plan would cut our deficits by $4 trillion. Last summer, I worked with Republicans in Congress to cut $1 trillion in spending – because those of us who believe government can be a force for good should work harder than anyone to reform it, so that it's leaner, more efficient, and more responsive to the American people.

I want to reform the tax code so that it's simple, fair, and asks the wealthiest households to pay higher taxes on incomes over $250,000 – the same rate we had when Bill Clinton was president; the same rate we had when our economy created nearly 23 million new jobs, the biggest surplus in history, and a lot of millionaires to boot.

Now, I'm still eager to reach an agreement based on the principles of my bipartisan debt commission. No party has a monopoly on wisdom. No democracy works without compromise. But when Governor Romney and his allies in Congress tell us we can somehow lower our deficit by spending trillions more on new tax breaks for the wealthy – well, you do the math. I refuse to go along with that. And as long as I'm President, I never will.

I refuse to ask middle class families to give up their deductions for owning a home or raising their kids just to pay for another millionaire's tax cut. I refuse to ask students to pay more for college; or kick children out of Head Start programs, or eliminate health insurance for millions of Americans who are poor, elderly, or disabled – all so those with the most can pay less.

And I will never turn Medicare into a voucher. No American should ever have to spend their golden years at the mercy of insurance companies. They should retire with the care and dignity they have earned. Yes, we will reform and strengthen Medicare for the long haul, but we'll do it by reducing the cost of health care – not by asking seniors to pay thousands of dollars more. And we will keep the promise of Social Security by taking the responsible steps to strengthen it – not by turning it over to Wall Street.

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