Transcript: Vice President Joe Biden's DNC Speech

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But what they didn't tell you, is that their plan would immediately cut benefits to more than 30 million seniors already on Medicare. What they didn't tell you is what they're proposing would cause Medicare to go bankrupt by 2016. And what they really didn't tell you is, they're not for preserving Medicare. They're for a whole new plan. They're for Vouchercare. That's not courage. That's not even truthful.

In Tampa, they talked with great urgency about the national debt. The need to act, to act now. But not once, not once, did they tell you they've rejected every plan put forward by us--by the bipartisan Simpson-Bowles Commission—by other respected outside groups—to reduce our national debt if it contained even one dollar—one cent—in new taxes for millionaires. That's not courage. And that's not fair.

Let's just say it straight: The two men seeking to lead this country over the next four years have fundamentally different visions, and a completely different value set.

Governor Romney believes that in the global economy, it doesn't much matter where American companies put their money or where they create jobs. As a matter of fact, he has a new tax proposal -- the territorial tax -- that experts say will create 800,000 jobs, all of them overseas.

I found it fascinating last week--when Governor Romney said, that as President, he'd take a jobs tour. Well with all his support for outsourcing, it's going to have to be a foreign trip. Look, President Obama knows that creating jobs in America--keeping jobs in America--and bringing jobs back to America--is what being President is all about. That's the President's job.

Governor Romney believes that it's okay to raise taxes on the middle class by $2,000 in order to pay for over a trillion dollars in tax cuts for the very wealthy. President Obama knows that there is nothing decent or fair about asking more of those with less--and less--of those with more.

Governor Romney believes that kids-the kids we call DREAMers—those immigrant children who were brought to America at a very young age, through no fault of their own—he thinks they're a drag on America.

President Obama believes that even though these DREAMERs—these kids—didn't choose to come to America-they've chosen to do right by America and we should do right by them. Governor Romney looks at the notion of equal pay for equal work in terms of a company's bottom line.

President Obama knows--that making sure our daughters are paid the same as our sons for the same job must be every father's bottom line. But I must tell you--one thing that perplexed me the most at their convention was this idea of a culture of dependency. They seem to think you create a culture of dependency when you provide a bright, qualified child from a working family a loan to get to college, or when you provide job training in a new industry, for a dad who lost his job, because it was outsourced.

Folks, that's not how we look at it. Americans have never looked at it that way. These men and women aren't looking for a handout. They're just looking for a chance to acquire the tools and the skills to provide for their families—so they can hold their heads high and lead independent lives with dignity. I told you the choice is stark. Two different visions. Two different value sets. And at its core, the difference is, we have incredible faith in the decency, and the hard work of the American people. And we know what has made this country great--its people.

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