Obama to slam bailouts, handouts in State of Union

By REUTERS
January 25, 2012 02:30

 
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WASHINGTON - US President Barack Obama will slam tax loopholes for the rich and other "handouts" in his State of the Union speech on Tuesday, saying the wealthy must do "their fair share" for the economy, excerpts of the speech released by the White House showed.

"Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that does the same. It's time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts," the excerpts read. "An America built to last insists on responsibility from everybody."

In the speech, to be delivered in Congress at 9 p.m. EST (0200 GMT), Obama also will call for investment in high-tech manufacturing as a US jobs engine and stress the need for more domestic energy production so the United States' security and prosperity "aren't so tied to unstable parts of the world."

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