US President Barack Obama has said the approval by Congress of his landmark healthcare bill was a victory for the American people and common sense.
Here is the full text of Mr Obama's remarks, delivered at the White House.
Good evening, everybody. Tonight, after nearly 100 years of talk and frustration, after decades of trying, and a year of sustained effort and debate, the United States Congress finally declared that America's workers and America's families and America's small businesses deserve the security of knowing that here, in this country, neither illness nor accident should endanger the dreams they've worked a lifetime to achieve.
Tonight, at a time when the pundits said it was no longer possible, we rose above the weight of our politics. We pushed back on the undue influence of special interests. We didn't give in to mistrust or to cynicism or to fear.
I know this wasn't an easy vote for a lot of people. But it was the right vote
Instead, we proved that we are still a people capable of doing big things and tackling our biggest challenges. We proved that this government - a government of the people and by the people - still works for the people.
I want to thank every member of Congress who stood up tonight with courage and conviction to make healthcare reform a reality. And I know this wasn't an easy vote for a lot of people. But it was the right vote.
I want to thank Speaker Nancy Pelosi for her extraordinary leadership, and Majority Leader Steny Hoyer and Majority Whip Jim Clyburn for their commitment to getting the job done.
I want to thank my outstanding Vice President, Joe Biden, and my wonderful Secretary of Health and Human Services, Kathleen Sebelius, for their fantastic work on this issue.
I want to thank the many staffers in Congress, and my own incredible staff in the White House, who have worked tirelessly over the past year with Americans of all walks of life to forge a reform package finally worthy of the people we were sent here to serve.
'Prayers answered'
Today's vote answers the dreams of so many who have fought for this reform.
To every unsung American who took the time to sit down and write a letter or type out an e-mail hoping your voice would be heard - it has been heard tonight.
Today's vote answers the prayers of every American who has hoped deeply for something to be done about a healthcare system that works for insurance companies, but not for ordinary people
To the untold numbers who knocked on doors and made phone calls, who organised and mobilized out of a firm conviction that change in this country comes not from the top down, but from the bottom up - let me reaffirm that conviction: this moment is possible because of you.
Most importantly, today's vote answers the prayers of every American who has hoped deeply for something to be done about a healthcare system that works for insurance companies, but not for ordinary people.
For most Americans, this debate has never been about abstractions, the fight between right and left, Republican and Democrat - it's always been about something far more personal.
It's about every American who knows the shock of opening an envelope to see that their premiums just shot up again when times are already tough enough.
It's about every parent who knows the desperation of trying to cover a child with a chronic illness only to be told "no" again and again and again.
It's about every small business owner forced to choose between insuring employees and staying open for business. They are why we committed ourselves to this cause.
Tonight's vote is not a victory for any one party - it's a victory for them. It's a victory for the American people. And it's a victory for common sense.
'Major reform'
Now, it probably goes without saying that tonight's vote will give rise to a frenzy of instant analysis. There will be tallies of Washington winners and losers, predictions about what it means for Democrats and Republicans, for my poll numbers, for my administration.
This legislation will not fix everything that ails our healthcare system. But it moves us decisively in the right direction. This is what change looks like
But long after the debate fades away and the prognostication fades away and the dust settles, what will remain standing is not the government-run system some feared, or the status quo that serves the interests of the insurance industry, but a healthcare system that incorporates ideas from both parties - a system that works better for the American people.
If you have health insurance, this reform just gave you more control by reining in the worst excesses and abuses of the insurance industry with some of the toughest consumer protections this country has ever known - so that you are actually getting what you pay for.
If you don't have insurance, this reform gives you a chance to be a part of a big purchasing pool that will give you choice and competition and cheaper prices for insurance.
And it includes the largest healthcare tax cut for working families and small businesses in history - so that if you lose your job and you change jobs, start that new business, you'll finally be able to purchase quality, affordable care and the security and peace of mind that comes with it.
This reform is the right thing to do for our seniors. It makes Medicare stronger and more solvent, extending its life by almost a decade.
And it's the right thing to do for our future. It will reduce our deficit by more than $100bn over the next decade, and more than $1 trillion in the decade after that.
So this isn't radical reform. But it is major reform. This legislation will not fix everything that ails our healthcare system. But it moves us decisively in the right direction. This is what change looks like.
'Call of history'
Now as momentous as this day is, it's not the end of this journey.
On Tuesday, the Senate will take up revisions to this legislation that the House has embraced, and these are revisions that have strengthened this law and removed provisions that had no place in it.
When faced with crisis, we did not shrink from our challenge - we overcame it. We did not avoid our responsibility - we embraced it. We did not fear our future - we shaped it
Some have predicted another siege of parliamentary manoeuvring in order to delay adoption of these improvements. I hope that's not the case.
It's time to bring this debate to a close and begin the hard work of implementing this reform properly on behalf of the American people. This year, and in years to come, we have a solemn responsibility to do it right.
Nor does this day represent the end of the work that faces our country.
The work of revitalising our economy goes on. The work of promoting private sector job creation goes on. The work of putting American families' dreams back within reach goes on. And we march on, with renewed confidence, energized by this victory on their behalf.
In the end, what this day represents is another stone firmly laid in the foundation of the American Dream. Tonight, we answered the call of history as so many generations of Americans have before us.
When faced with crisis, we did not shrink from our challenge - we overcame it. We did not avoid our responsibility - we embraced it. We did not fear our future - we shaped it.
Tuesday, March 23, 2010
Greek economy 'to worsen' in 2010 says central bank
Greece's economy is in a "vicious circle" and will contract more severely than the government says, according to the country's central bank.
The Bank of Greece (BoG) said economic output in 2010 will fall by 2%, worse than the government's prediction of between 1.2% and 1.7%.
BoG says the recession will be worse due to planned public spending cuts.
The report comes ahead of a European Union summit which may discuss Greece's economic crisis.
BoG said that it approves of Athens' strategy to bring down the country's budget deficit, but that the impact will be worse than first thought.
"The Greek economy has fallen into a vicious circle with only one way out: the drastic reduction of the deficit and debt," the Bank's annual monetary policy report says.
The report warned that the eurozone's economic recovery remains fragile, having relied to a large extent on fiscal stimulus, which must gradually be reversed as it is leading to large budget deficits.
The report said: "The economic policy that has been announced is the start of this effort.
"Its efficient implementation will lead to a virtuous circle that will bring the Greek economy back on a sustainable growth orbit."
European aid
Greece's budget deficit last year was 12.9% of GDP, more than four times the limit under eurozone rules.
There have been conflicting reports about whether eurozone countries will discuss Greece's plight at a summit on Thursday.
Germany has irritated some of its European partners with its opposition to a financial aid to help Greece overcome its debt crisis, believing that Athens itself can solve the problem.
German Chancellor Angela Merkel told Greek Prime Minister George Papandreou on Sunday that the European Union was ready to "do what is necessary to preserve the stability of the eurozone".
Yet, in a radio interview, she said she opposed any move by EU leaders to take a firm decision on the Greek question at Thursday's summit, as Greece does not need money at the moment.
Financial markets have intensified pressure on Greece, which must refinance more than 50bn euros (£44.8bn) in debt this year, including more than 20bn euros by the end of May.
Athens must now pay roughly twice the interest that Germany does to borrow money, and has asked the EU to either guarantee loans or lend money outright if Greece cannot raise the funds it needs at reasonable rates.
The Bank of Greece (BoG) said economic output in 2010 will fall by 2%, worse than the government's prediction of between 1.2% and 1.7%.
BoG says the recession will be worse due to planned public spending cuts.
The report comes ahead of a European Union summit which may discuss Greece's economic crisis.
BoG said that it approves of Athens' strategy to bring down the country's budget deficit, but that the impact will be worse than first thought.
"The Greek economy has fallen into a vicious circle with only one way out: the drastic reduction of the deficit and debt," the Bank's annual monetary policy report says.
The report warned that the eurozone's economic recovery remains fragile, having relied to a large extent on fiscal stimulus, which must gradually be reversed as it is leading to large budget deficits.
The report said: "The economic policy that has been announced is the start of this effort.
"Its efficient implementation will lead to a virtuous circle that will bring the Greek economy back on a sustainable growth orbit."
European aid
Greece's budget deficit last year was 12.9% of GDP, more than four times the limit under eurozone rules.
There have been conflicting reports about whether eurozone countries will discuss Greece's plight at a summit on Thursday.
Germany has irritated some of its European partners with its opposition to a financial aid to help Greece overcome its debt crisis, believing that Athens itself can solve the problem.
German Chancellor Angela Merkel told Greek Prime Minister George Papandreou on Sunday that the European Union was ready to "do what is necessary to preserve the stability of the eurozone".
Yet, in a radio interview, she said she opposed any move by EU leaders to take a firm decision on the Greek question at Thursday's summit, as Greece does not need money at the moment.
Financial markets have intensified pressure on Greece, which must refinance more than 50bn euros (£44.8bn) in debt this year, including more than 20bn euros by the end of May.
Athens must now pay roughly twice the interest that Germany does to borrow money, and has asked the EU to either guarantee loans or lend money outright if Greece cannot raise the funds it needs at reasonable rates.
Budget 2010: The economic challenge in graphics
Chancellor Alistair Darling has warned repeatedly that Wednesday's Budget - the last before the general election - will be unlikely to hold much cheer.
There would be "no giveaway", he told the BBC, saying that the Budget would reflect "the times in which we live".
It is an acknowledgement of the huge economic challenges that still face the country, and the restrictions those put on the chancellor's Budget plans.
The first challenge is to sustain the fragile economic recovery , which saw the UK emerge from recession with a growth rate of 0.3% in the last three months of 2009.
Economists are divided over the strength of the recovery, and the risk of the economy falling back into recession.
The state of the economy has a direct impact on unemployment , which has risen to its highest level since the early '90s as struggling companies lay off staff.
Measures to keep people in their jobs have been repeatedly cited as a priority for the government.
But, like other stimulus measures, it is limited in what it can do because of the dire state of the UK's public finances .
The UK's budget deficit - the gap between the amount it spends and the amount it earns through taxes - is forecast to rise to up to £178bn this year.
That will push up the total amount of government debt to £850bn.
In order to start paying back that debt, the deficit will need to be closed in the coming years, and that means either increasing taxes or making cuts to public spending , or both.
Alistair Darling has defended his plan to cut the deficit by half over four years, arguing that faster cuts risk harming the recovery.
His plans for the budget deficit and expectations for the economy as a whole will be closely watched by investors in the UK economy, and the financial markets they invest in.
There would be "no giveaway", he told the BBC, saying that the Budget would reflect "the times in which we live".
It is an acknowledgement of the huge economic challenges that still face the country, and the restrictions those put on the chancellor's Budget plans.
The first challenge is to sustain the fragile economic recovery , which saw the UK emerge from recession with a growth rate of 0.3% in the last three months of 2009.
Economists are divided over the strength of the recovery, and the risk of the economy falling back into recession.
The state of the economy has a direct impact on unemployment , which has risen to its highest level since the early '90s as struggling companies lay off staff.
Measures to keep people in their jobs have been repeatedly cited as a priority for the government.
But, like other stimulus measures, it is limited in what it can do because of the dire state of the UK's public finances .
The UK's budget deficit - the gap between the amount it spends and the amount it earns through taxes - is forecast to rise to up to £178bn this year.
That will push up the total amount of government debt to £850bn.
In order to start paying back that debt, the deficit will need to be closed in the coming years, and that means either increasing taxes or making cuts to public spending , or both.
Alistair Darling has defended his plan to cut the deficit by half over four years, arguing that faster cuts risk harming the recovery.
His plans for the budget deficit and expectations for the economy as a whole will be closely watched by investors in the UK economy, and the financial markets they invest in.
Budget 2010: Top ten Budget tax changes since 1997
1, Dividend tax credits
In his first Budget in 1997, Gordon Brown announced the abolition of payable dividend tax credits for pension funds and other companies. This is often referred to as having had one of the most significant impacts on pension fund returns.
2, Stamp duty
1997 was also the year in which a graduated stamp duty was announced. Since then the threshold has increased from £60,000 to £125,000 (with a temporary increase to £175,000) and the rate for properties over £500,000 has doubled from 2pc to 4pc.
3, Tax credits
Gordon Brown would probably argue that tax credits are the most significant tax development. When he introduced the working families tax credit in the 1998 Budget, Gordon Brown said it would “..abolish the grotesque distortion where some low paid employees have had to pay back more than a pound for every extra pound they earn”.
4, Capital gains tax
Also in 1998, the Chancellor abolished the system of indexation for capital gains tax and introduced taper relief which provided an effective rate of 10pc on disposal of business assets and was looked upon as being a real boost for entrepreneurial businesses. In the 2007 Pre-Budget Report (PBR) nearly ten years later, taper relief was abolished and a flat rate of 18pc was introduced.
5, Benefits in kind
In the 1999 Budget the Chancellor extended employer national insurance contributions to all benefits in kind provided to employees whereas it had previously only applied to company cars and fuel. This imposed a considerable financial burden on some employers.
6, Environmental taxation
Over the course of the 1999 and 2000 Budgets climate change levy and aggregates levy were introduced to cut emissions and reduce pollution. Since then, along with landfill tax, these measures have been the cornerstone of the Government’s environmental policies.
7, Research and development relief
In the 2000 Budget small and medium-sized companies were given relief for expenditure on qualifying research and development and this was extended to large companies in the 2002 Budget to boost innovation and research in Britain.
8, Corporation tax rates
Of course Budgets are most famous for changing tax rates and Gordon Brown kicked this off by cutting the corporation tax rate from 33pc to 31pc in the 1997 Budget. It is now 28pc. A 10pc starting rate was announced in 1999, was reduced to 0pc in 2002 and was eventually abolished in 2005.
9, Income tax rates
In the 1999 Budget, the basic rate of income tax was cut from 23pc to 22pc, the 20pc rate was abolished and 10pc starting rate was announced. In the 2008 PBR, the basic rate was cut to 20pc and the starting rate was abolished for non-savings income. The most controversial change came in the 2008 PBR with the announcement of a 45pc rate (later amended to 50pc in the 2009 Budget) for high earners.
10, Holding companies
Over the course of a number of Budgets, a variety of measures have been introduced to create a regime to encourage holding companies to come to the UK. Such measures include double tax relief reform, the substantial shareholdings exemption, the dividend exemption and the new patent box rules
In his first Budget in 1997, Gordon Brown announced the abolition of payable dividend tax credits for pension funds and other companies. This is often referred to as having had one of the most significant impacts on pension fund returns.
2, Stamp duty
1997 was also the year in which a graduated stamp duty was announced. Since then the threshold has increased from £60,000 to £125,000 (with a temporary increase to £175,000) and the rate for properties over £500,000 has doubled from 2pc to 4pc.
3, Tax credits
Gordon Brown would probably argue that tax credits are the most significant tax development. When he introduced the working families tax credit in the 1998 Budget, Gordon Brown said it would “..abolish the grotesque distortion where some low paid employees have had to pay back more than a pound for every extra pound they earn”.
4, Capital gains tax
Also in 1998, the Chancellor abolished the system of indexation for capital gains tax and introduced taper relief which provided an effective rate of 10pc on disposal of business assets and was looked upon as being a real boost for entrepreneurial businesses. In the 2007 Pre-Budget Report (PBR) nearly ten years later, taper relief was abolished and a flat rate of 18pc was introduced.
5, Benefits in kind
In the 1999 Budget the Chancellor extended employer national insurance contributions to all benefits in kind provided to employees whereas it had previously only applied to company cars and fuel. This imposed a considerable financial burden on some employers.
6, Environmental taxation
Over the course of the 1999 and 2000 Budgets climate change levy and aggregates levy were introduced to cut emissions and reduce pollution. Since then, along with landfill tax, these measures have been the cornerstone of the Government’s environmental policies.
7, Research and development relief
In the 2000 Budget small and medium-sized companies were given relief for expenditure on qualifying research and development and this was extended to large companies in the 2002 Budget to boost innovation and research in Britain.
8, Corporation tax rates
Of course Budgets are most famous for changing tax rates and Gordon Brown kicked this off by cutting the corporation tax rate from 33pc to 31pc in the 1997 Budget. It is now 28pc. A 10pc starting rate was announced in 1999, was reduced to 0pc in 2002 and was eventually abolished in 2005.
9, Income tax rates
In the 1999 Budget, the basic rate of income tax was cut from 23pc to 22pc, the 20pc rate was abolished and 10pc starting rate was announced. In the 2008 PBR, the basic rate was cut to 20pc and the starting rate was abolished for non-savings income. The most controversial change came in the 2008 PBR with the announcement of a 45pc rate (later amended to 50pc in the 2009 Budget) for high earners.
10, Holding companies
Over the course of a number of Budgets, a variety of measures have been introduced to create a regime to encourage holding companies to come to the UK. Such measures include double tax relief reform, the substantial shareholdings exemption, the dividend exemption and the new patent box rules
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