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President Obama's news conference -- full text

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This budget builds on the steps we've taken over the last 100 days to move this economy from recession to recovery and ultimately to prosperity.

We began by passing a Recovery Act that has already saved or created over 150,000 jobs and provided a tax cut to 95 percent of all working families. We passed a law to provide and protect health insurance for 11 million American children whose parents work full time. And we launched a housing plan that has already contributed to a spike in the number of homeowners who are refinancing their mortgages, which is the equivalent of another tax cut.

But even as we clear away the wreckage of this recession, I've also said that we can't go back to an economy that's built on a pile of sand, on inflated home prices and maxed-out credit cards, on overleveraged banks and outdated regulations that allow recklessness of a few to threaten the prosperity of all.

We have to lay a new foundation for growth, a foundation that will strengthen our economy and help us compete in the 21st century. And that's exactly what this budget begins to do.

It contains new investments in education that will equip our workers with the right skills and training, new investments in renewable energy that will create millions of jobs and new industries, new investments in health care that will cut costs for families and businesses, and new savings that will bring down our deficit.

I also campaigned on the promise that I would change the direction of our nation's foreign policy. And we've begun to do that, as well. We've begun to end the war in Iraq, and we forged with our NATO allies a new strategy to target al-Qaida in Afghanistan and Pakistan.

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