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'Day of reckoning' here, Obama says

WASHINGTON, Feb. 24 (UPI) -- The "day of reckoning" to decide the direction the U.S. economy will take is here, President Barack Obama told a joint session of Congress Tuesday.

"We have lived through an era where too often, short-term gains were prized over long-term prosperity," Obama told lawmakers, justices and invited guests in the House of Representatives chamber.

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Critical debates and difficult decisions were delayed as home buyers, investors and the U.S. government lived beyond their means, he said.

"Well that day of reckoning has arrived, and the time to take charge of our future is here," he said.

The severity of the economic situation means it's not only the time to act "boldly and wisely" to revive the economy but also lay the groundwork for a lasting prosperity.

The U.S. economy didn't decline overnight, nor did the problems begin with the housing market collapse or when the stock market tanked, he said.

"Now is the time to jump start job creation, restart lending and invest in areas like energy, healthcare and education that will grow our economy, even as we make hard choices to bring our deficit down," he said. "That is what my economic agenda is designed to do ... ."

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Obama said he recognizes "we haven't agreed on every issue thus far, and there are surely times in the future when we will part ways. But I also know that every American who is sitting here tonight loves this country and wants it to succeed. That must be the starting point for every debate we have in the coming months, and where we return after those debates are done."

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