-It’s an understatement to say that Nevada’s being tested economically like never before But we have to put Nevadans back to work and our economy back on track and a lot fighting ahead of us, and more importantly we got a lot of fight left in us, all right? Really how we react to this crisis is about renewing our future and not repeating the past There’s one way to get out of this mess, being honest about what got us into it Let me just say a word we’ve all watched very closely, at least we we had read the sports page when we first get up in the morning, the Lebron James situation I don’t know much about those basketball teams, but I know about a team i’ve been on for the past eighteen months, it’s been a good team We’ve been able to accomplish a lot In fact one eminent, pundit, scholar of what goes on in congress by the name Norm Ornstein, said this is the most productive congress in history the country He said that because I’ll roll through a few of the things that this team has been able to accomplish We did the most significant environmental piece of legislation in more than a quarter century. It’s been written up all over the country, more than two million acres of wilderness, a thousand miles of scenic and wild rivers, and many other things we were able to pass The Lilly Ledbetter legislation that equalized pay between men and women People fought, in fact Ted Kennedy did for forty years, to have a program of national service we now have one For young men and women to be involved in the environment, health care, working with people that are poor. They can get a few bucks for doing that and then when they finish the program, their term, then they go to college and we help them, that’s national service Every one of my family smokes they were all were addicted to smoking when they were teenagers, but we’ve changed the law No longer are the tobacco companies going to easily addict our children cause now the FDA controls tobacco Credit card companies were running rampant, they were unfair to the American consumer, especially the middle class, no longer, we control credit card companies in the right way We’ve done a lot of other things: mortgage fraud we have done some things that relate to what we do in times of crisis but the most important thing we work for, and it was really hard, but it was necessary, Health Care reform And for those who say that this team couldn’t afford to do it, tell everyone that raises a question, during the first twenty years in this legislation to reduce the debt by one point three trillion dollars No longer will insurance companies be able to willy-nilly, deny insurance because of preexisting disability because a kid has diabetes or some other problem That’s no longer the law in America, we’ve changed it So, how’ve we done this? We’ve done it by working together as a team we know who’s responsible for what took place in Nevada the place for people all over America looked, a place to get a job for twenty years, a place to start a business for twenty years, a place of course if you wanted to invest in real estate it was here, but greedy Wall street took that away from us That’s unfortunate reckless Wall street’s banks, they gambled with our money, they gambled with our jobs and they lost and it hurt Nevada more than any other place The ruthless insurance companies denied health care we took them on, irresponsible oil companies pollute our planet then resist a clean energy economy We’re working on that we’re trying, not just to build, we’re going to lead in renewable energy at this great university

Have we done enough, of course not. We promised there’d be jobs in renewable energy, and there are thousands of people working in Nevada right now because we fulfilled that promise Never again, will Americans be required to bail out the banks that created their own problems And one thing, we’re holding BP accountable and we’re not apologizing for that We have a lot more to do, we’re not going to wait until a long time from now, right now we’re working on improving our economy. We want to make sure that every Nevadan, who wants to work, has a job, that’s what’s important We’re going to make Nevada a world leader in renewable energy and that’s something that we’ve made great strides in doing I’m a lot of it has been because forward with this university This university within the foreseeable future is going to be the leader in renewable energy especially in solar energy I think that’s pretty clear I’m not here to berate republicans because throughout the country and throughout Nevada, there are Republicans who are relying on our doing a better job I’m here, though, to report that the republicans in congress do not represent mainstream republicans in Nevada The Senate Republicans have been the party of no, and that’s not how republicans are throughout the country, they aren’t the party of no The party of no is now in the United States Senate Those Republicans, we have a couple of women that work with us but that’s about it, the two senators from Maine, and it’s been a struggle They’re betting on our failure, we’re betting on our success and you know it’s a bet we’re going to win Finally, I want to say a word about our honored guest today I’ve had the good fortune of working with him very close, he is a man of great patience he’s a man that is calm and cool and deliberate in every situation that comes up against. I’ve seen him in most stressful situations and he is at his best I want everyone to know here Barack Obama is my friend but he’s your friend, it’s a great pleasure to me The President knows that we are were state full of fighters and we’re gonna continue to fight for everything that we’ve got We need to do that You know we’re the battle born state, eighteen hundred sixty four, October thirty first, and we’re going to continue to fight because we were we were on the right side of this fight I am so honored, here at University of Nevada Las Vegas, to introduce to you, my friend, your friend, President Barack Obama (Applause) -Thank you everybody, take a seat… well thank you Harry, thanks for giving me a chance to get out of Washington, it’s very hot there, it’s hot here to but there’s a little more humidity there %um and I just love coming to Vegas I love being here, but i’m especially here, to be with my friend and you’re senator the Harry Reid One of the first stories I heard about Harry was that he was a boxer back in the day here in Nevada, and I was mentioning… she’s laughing, ‘i can’t believe it’ he was, you would not know that because he’s so softspoken He’s always, ‘Well I’m Harry Reid’, yeah but when he first told me he was a boxer, he said, “Barack I wasn’t the fastest, I wasn’t the hardest hitting, but I knew how to take a punch” and he knew how to take a punch, and Harry Reid became a pretty good boxer because

he would simply outlast his opponents He had a stronger will And I think that tells you something about the kind of person he is, the kind of Senator he is, the kind of senate majority leader he is. He is a fighter, and you should never been against him, and that’s just what we need right now, that’s what nevada right now, that’s what nevada needs is somebody whose going to fight for the people in Nevada, and for the American people, and you know that %uh he wasn’t born with a silver spoon in his mouth in Searchlight, Nevada so you’re going through a tough times, Harry Reid’s been there He knows what it what it feels like To be scraping and scrimping and struggling, %uh to make ends meet and so when his home state is having a tough time, when the country is having a tough time, he knows that he’s got to be fighting on behalf of, not those are powerful but on behalf of those who need help the most Now let me tell you when we first took office, amidst the worst economy since the great depression we needed Harry’s fighting spirit because we had lost nearly three million jobs during the last six months of two thousand eight The month I was sworn in, January two thousand and nine, we lost seven hundred fifty thousand jobs in that month alone The following month we lost six hundred thousand jobs and these were all the consequences of a decade of misguided economic policies, a decade of stagnant wages, the decade of declining incomes, a decade of spiraling deficits So our first mission was to break the momentum of the deepest and most vicious recession since the great depression We had to stop the freefall and get the economy and jobs growing again and digging out of this mess required us taking some tough decisions and sometimes those decisions were not popular, and Harry knew they were not popular, I knew they weren’t popular, but they were the right thing to do and Harry was willing to lead of those fights because he knew that we had to change course, that to do nothing, to simply continue, with the policies that have gotten us into this mess in the first place would mean further disaster And to fail to act on some of the great challenges facing the country that we’ve been putting off for decades would mean a lesser future for our children, and our grandchildren Now, as a result of those tough steps that we took we’re in a different place today than we were a year ago An economy that was shrinking, is now growing, we’ve gained private sector jobs for each of the past six months instead of losing them, almost six hundred thousand new jobs, but as Harry pointed out that’s not enough, I don’t have to tell you that the unemployment rate is still unacceptably high, particularly in some states like Nevada A lot of you have felt that pain personally or you’ve got somebody in your family who has felt the pain Maybe you found yourself underwater on a mortgage and faced the terrible prospect of losing your home Maybe you’re out of work and worried about how you’re going to provide for your family, or maybe you’re a student at UNLV and you’re wondering if you’re going to be able to find a job when you graduate or if you’re going to be able to pay off you student loans loans or if you’re going to be able to start your career on the right foot Now, the simple truth is that it took years to dig this hole, it’s going to take more time than any of us would like to climb out of it But the question is, number one, are we on the right track? And the answer is yes, and number two, how do we accelerate the process, how do we get the recovery to pick up more steam? How do we fill this hole faster? There’s a big debate in Washington, right now, about the role the government should play in all this As I said in the campaign, and as i’ve repeated many times as President, the greatest generator of jobs in America is our private sector, it’s not government It’s our entrepreneurs and innovators who are willing to take a chance on a good idea It’s our businesses, large and small who are making payroll, working with suppliers, distributing goods and services across the country, and now across the world

The private sector, not government, is was and always will be the source of America’s economic success That’s our strength the dynamism of our economy, and that’s why one of the first things Harry Reid did, one of the first things we did was cut dozens of taxes, not raise them, cut them, for middle class and small business people, and we extended loan programs to put capital the hands of startups, and we worked to reduce the cost of health care for small businesses Right now Harry’s fighting to pass additional tax breaks and loan authority to help small businesses grow and hire all across the country but he’s also tried to look out specifically for Nevada He understands, for example, that tourism is a sole, enormous aspect of our economy and so help to move or trade promotion act that is going to be helping, to do exactly what it says for more tourism, here to enjoy the incredible hospitality The point is, our role in government, especially in difficult times like these is to break down barriers that are standing in the way of innovation To unleash the ingenuity that springs from our people to give an impetus to businesses to grow an expand That not just some abstract theory seen the results, we’ve seen what we can do, to catalyze job growth in the private sector and one of the places we’ve seen and most is the in the clean energy sector An industry that will not only produce jobs of the future but help free America from our dependence on foreign oil in the process, clean up our environment in the process, improve our national security in the process That’s what we were working to do with the clean energy manufacturing tax credits that we enacted last year thanks to Harry’s leadership We said to clean energy companies if you’re willing to put up seventy percent of the capital for a worthy project, a clean energy project, we’ll put up the remaining thirty percent To put it another way for every dollar we invest we leverage two more private sector dollars We are betting on the ingenuity and talent American business Now these manufacturing tax credits are already have an extraordinary impact, a solar panel company a solar power company called Amenex receive a roughly six million dollar tax credit for new facility they’re building in Las Vegas area A tax credit they were able to match with roughly twelve million dollars in private capital That’s happening right now, and that’s just one of over, that’s just one of over one hundred eighty projects that received manufacturing tax credits in over forty states Now here’s the that the only problem we have is credits were working so well there aren’t enough tax credits to go around or more worthy projects then there are tax credits When we announced the program last year, it was such a success we received five hundred applications requesting over eight billion dollars in tax credits but we only had two point three billion dollars to invest In other words we had also four times as many worthy requests as we had tax credits for Now my attitude and Harry’s attitude, is that if an American company wants to create jobs and grow we should be there to help them do it So that’s why I’m urging congress to invest five billion dollars more in these kinds of clean energy manufacturing tax credits, more than doubling the amount that we made available last year, and this investment would generate nearly forty thousand jobs and twelve billion dollars or more in private-sector investment which could trigger an additional ninety thousand jobs Now, I’m gratified that %uh this initiative is drawing support from members of congress from both sides of the aisle, including Republican senators Richard Lugar and Orrin Hatch Unfortunately,

that kind of bipartisanship has been absent on a lot of efforts that Harry and I have taken up over the past year and a half We fought to keep Nevada teachers and firefighters and police officers on the job and to unemployment insurance and COBRA, so folks have health insurance while they’re looking for work We fought to stop health insurance companies from dropping your coverage on the base of preexisting conditions or right when you get sick, or placing lifetime limits on the the amount of care that you can receive We fought to eliminate wasteful subsidies that were going to banks who were acting as unnecessary middle man for guaranteed student loans from the federal government and as a consequence freed up tens of billions of dollars that are now going directly to students which means more than a million students have access to financial aid that they didn’t have before Now we’re on the cusp of enacting Wall street reform, that will empower consumers with clear and concise information that they need to make financial decisions that are best for them, and to help prevent another crisis like this from ever happening again, putting an end to the some the predatory lending and the the subprime loans that and all kinds of fine print and hidden fees that have been such a burden for the economy of a state like Nevada and haven’t been fair to individual consumers in the process So that’s what Harry and I have fought for, and frankly at every turn we’ve that opposition, an obstruction from a lot of leaders across the aisle and that’s why I’m glad I’ve got a boxer in the Senate Whose not afraid to fight for what he believes in and Harry and I are gonna keep on fighting until wages come rising and businesses are hiring again right here in nevada and Americans are headed back to work again and we’ve recovered from this recession and we’re actually rebuilding this economy stronger than before That’s what we’re committed to doing So Nevada, I know we’ve been through tough times, and not all that difficult days are behind us, there are gonna be some tough times to come, but I can promise you this: We are headed in the right direction, we are moving forward, we are not going to move backwards and I’m absolutely confident if we keep on moving forward, if we refuse to turn backwards, if we’re willing to show the same kind of fighting spirit as Harry Reid has shown throughout his career, out of this storm, a brighter days are going to come Thank you very much everyone, God Bless you