State of the Union 2015: What Obama Says a Competitive 21st Century Business Looks Like

To compete in the modern global economy, the president sees need to upgrade infrastructure, leverage trade deals and boost medical and technological research.
3:00 | 01/21/15

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Transcript for State of the Union 2015: What Obama Says a Competitive 21st Century Business Looks Like
Point first century businesses need 21 century infrastructure. Modern ports and stronger bridges. Faster trains. And the fast as Internet. Democrats and Republicans. Used every comment. So let's set our sights higher than not a single oil pipeline what does a bipartisan. Infrastructure plan. Point first century business is including small businesses. Need to sell more American products overseas. Today our businesses export more than ever and exporters stand to pay their workers higher wages. But as we spate. China wants to write the rules for the world's fastest growing region. That would put our workers and our businesses at a disadvantage. Why would we let that happen. We should read those rules. We should level the playing field. That's why I'm asking both parties to give me Trade Promotion Authority to protect. American workers with strong new trade deals from Asia Europe. Look I'm. I'm the first one to admit. On the first learned that the best rate bills haven't always lived up to the night and that's why we've gone after countries. The break the rules at our expense. But 95%. Of the world's customers live outside our borders. We can't close ourselves off from those opportunities. More than half of manufacturing executives. Have said they're active actively looking to bring jobs back from China. Let's give them one more reason to get it done. 21 century business as well rely on American science and technology. Research and develop. I want the country eliminating polio and met the human genome to lead a new era of Mets. On the delivers the right treatment at the right time. Some patients with cystic fibrosis this approach has reversed. A disease once thought unstoppable. So tonight I'm launching a new precision medicine initiative to bring us closer to curing diseases like cancer. And diabetes and to give all of us access to the personalized information we need to keep ourselves and our. Families help. I intend to protect the free and open Internet. So that the next generation of digital innovators not to open doors of the platform to keep reshaping our world. I want Americans to win the race for the kinds of discoveries that unleashed new jobs. Converting some light in the liquid fuel. Creating revolutionary pathetic so that the veteran who gave his arms for his country. Can play catch with his kids again. Pushing out. I'd love to visit but this night. Last month we launched a new spacecraft as part of a reenergize space program that we'll send American astronauts to Mars. And in two months to prepare us for those missions. Scott Kelly. Will begin at eight year long stay in space. So good luck happened. Now the truth is. My comes to issues like infrastructure and basic research. I know there's bipartisan supporting mr. Members of both parties have told me so. Where were too often run onto the rocks is how to pay for these investments. As Americans we don't mind paying our fair share of taxes as long as everybody else does too. But for far too long. Lobbyists have rigged the tax code would loopholes that let some corporations pay nothing while others pay full freight. They riddle that would give away is that the super rich don't need. While denying other break to middle class families who do. This year we have an opportunity to change that. Let's close loopholes. So we stop rewarding companies to keep profits abroad and reward those that invest here in America. Let's use those savings to rebuild our infrastructure. And to make it more attractive for companies to bring jobs home. Let's simplify the system and left a small business owner file based on her actual bank statement. Here's said the number of accounts you can afford. And let's close the loopholes that lead to inequality by allowing the top 1% to avoid paying taxes. On their accumulated wealth. We news that might help more families pay for child care and send their kids to college. We need tax code that truly helps working Americans try to get a leg up in the new economy and we can achieve that. Together. Helping our working families make ends meet. Giving them the tools they need for good paying jobs in this new account. Maintaining the conditions of growth. And competitiveness. This is where America needs to go. I believe it's where the American people want to go. They'll make our economy stronger. A year from now fifteen years from now. And deep into the century ahead.

This transcript has been automatically generated and may not be 100% accurate.

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