Quick Summary of Obama's Speech

If you are masochist, you can read the whole thing. Clive Crook at the the Atlantic summed it up accurately as a "waste of breath."

The speech was more notable for its militant--though ineffectual--hostility to Republican proposals than for any fresh thinking of its own. It was a waste of breath.

I'd summarize the speech as follows.

Government is what makes America great.
Blame Bush
Republican ideas are bad
Raise taxes
Make minor budgetary changes and pretend they'll solve our problems

When you are a government worshiper like the president, the very idea of slashing big government is anathema. Obama is a living, breathing reason to vote Republican if you care in the slightest about the financial future of this country. The GOP has many problems, but it is a solid lesser of two evils and has been for a long time.