Obama addresses congress at the SOTU speech

FXstreet.com (Barcelona) - In the State of the Union speech, President Barack Obama addressed the Congress, with the main highlights found below. The text was obtained from Obama's prepared full text speech and released moments before he came on stage.

Obama first emphasized that the generation's task is to build a strong middle class, which should be achieved through the government working 'on behalf of the many' not few. Referring to the soaring deficit, he said proposals will not increase deficit by 'single dime', with a government that acts smarter not bigger. Obama said 'deficit reduction alone is not an economic plan.'

He ordered DHS to develop a real-time cybersecurity response. Obama also called for $1 Bln investment to create 15 manufacturing institutes; calls for overhauling corp tax code.

Obama proposed 'off-shoring tax' to set minimum on offshore earnings, while also calling for a minimum wage to increase to $9/hour. With regards to the recent nuclear test conducted by North Korea, Obama said US to lead the world in taking firm action in response to North Korean threats, considering to strengthen US missile defense.

The President of the US also unveiled plans to strengthen bilateral transatlantic trade deals with the European Union. Obama said: "Tonight, I am announcing that we will launch talks on a comprehensive Transatlantic Trade and Investment Partnership with the European Union – because trade that is free and fair across the Atlantic supports millions of good-paying American jobs.”