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MRS. OBAMA, -

Oh, my goodness! (Applause.) This is so sweet.

AUDIENCE MEMBER, -

We love you!

MRS. OBAMA, -

We love you guys, too. (Applause.) Let me start by --

AUDIENCE, -

Four more years! Four more years!

MRS. OBAMA, -

Four more! (Applause.) But I want to start by thanking Jennifer for -- (applause.) We are so proud of her. And we are so grateful for her sacrifice...

MRS. OBAMA, -

And, yes, it sounds like you all are pretty fired up. (Applause.) And very ready to go. (Applause.) And I'm really glad to hear that. First of...

THE PRESIDENT, -

Five days.

MRS. OBAMA, -

Five days?

THE PRESIDENT, -

Five days.

MRS. OBAMA, -

It seemed like a week, it was so long. (Laughter.)

THE PRESIDENT, -

I missed you.

AUDIENCE MEMBER, -

We love you!

MRS. OBAMA, -

Just take care of him. (Laughter.)

MRS. OBAMA, -

But I am just as happy to be back in the great state of Iowa, where it all began. (Applause.) So you guys are getting me all fired up just being here....

MRS. OBAMA, -

And on the day of the big Jefferson-Jackson Dinner, I remember how we danced down the street with the Isiserettes. (Applause.)

THE PRESIDENT, -

That's what they were called.

MRS. OBAMA, -

It was the Isiserettes -- and a few thousand folks across the state, as well, were there, too. So that was fun.

THE PRESIDENT, -

That was fun.

MRS. OBAMA, -

And our girls, Malia and Sasha, they still talk about our visit to the State Fair. (Applause.) We had a ball. We rode the bumper cars; we slid down...

THE PRESIDENT, -

I held on.

MRS. OBAMA, -

It wasn’t pretty. Wasn’t happy about that. (Laughter.) And, yes, we experienced the magic of our first fried Twinkie. (Applause.) Yes, we did....

MRS. OBAMA, -

But we were surrounded by the press, so Barack left and the girls looked at me and they said, "Oh, I'm so glad Dad is gone." (Laughter.) Now we can...

THE PRESIDENT, -

Pork chop and beer. (Laughter and applause.)

MRS. OBAMA, -

He's so pleased with himself. (Laughter.)

THE PRESIDENT, -

It was good. It was tasty.

MRS. OBAMA, -

But in all seriousness, though, because of those wonderful memories and so many more, I want to start by saying thank you. Truly. Thank you for the...

MRS. OBAMA, -

But more importantly, because of you, Barack and I will always remember what this process can be at its very best. Every election, you all remind us...

MRS. OBAMA, -

I will never forget the very first visit that I made here back in 2007, and I think it was the very first campaign event I did, so of course I was nervous....

MRS. OBAMA, -

But the folks in that backyard welcomed me like an old friend, and within minutes, I was so comfortable that I remember kicking off my heels and I was...

MRS. OBAMA, -

And the more we talked, the more at home I felt -- because what I learned was that in all of those stories I saw my story; I saw Barack's story. I...

AUDIENCE MEMBER, -

Whitney Young!

MRS. OBAMA, -

And while -- Whitney Young? Oh, my goodness, that’s my high school. (Laughter.) Go, Dolphins! (Laughter.)

MRS. OBAMA, -

And while pretty much all of our college tuition came from student loans and grants, my dad still had to pay a small portion of that tuition himself....

MRS. OBAMA, -

And really, more than anything else, what I remind people is that’s what's at stake in this election. That’s why we're all here. That’s what...

MRS. OBAMA, -

And whether it's equal pay for women or health care for our families, whether it's supporting our veterans or saving our auto industry, that's what...

MRS. OBAMA, -

And the one thing I share with people is that over the last three and a half years, as First Lady, I have had the chance to see up close and personal...

MRS. OBAMA, -

And as President, I’ve seen how you’re going to get all kinds of advice and opinions from all kinds of people. But the truth is that at the end...

MRS. OBAMA, -

And we all know who my husband is, don’t we? (Applause.) And we all know what he stands for. (Applause.) He is the son of a single mother who...

MRS. OBAMA, -

And even though Barack’s grandmother worked hard to help support his family and she was good at her job, like so many women, she hit that glass ceiling...

MRS. OBAMA, -

So what I remind people is that your President knows what it means when a family struggles. This is not a hypothetical situation for him. He knows...

MRS. OBAMA, -

But I think about the world that I want to leave for them, for all of our sons and daughters. I think about how I want to give our kids that foundation...

MRS. OBAMA, -

So we know that we can’t turn back now. We have come so far, but we have so much more work to do. And if we keep moving forward, then we need to...

THE PRESIDENT, -

Hello, Dubuque! (Applause.) Thank you, Dubuque. How is everybody doing today? (Applause.)

THE PRESIDENT, -

Now, first of all, I, too, just want to thank Jennifer for not just her introduction, but for serving as a military spouse and championing the causes...

THE PRESIDENT, -

I also want to acknowledge, sitting next to Jennifer is Congressman Bruce Braley -- (applause) -- who helped to get the bill that Jennifer had worked...

THE PRESIDENT, -

A couple of other friends who are here -- your own Attorney General -- this guy supported me when nobody could pronounce my name. (Laughter.) Folks...

THE PRESIDENT, -

And finally, my wife. (Applause.) Now, it is true, I have not seen her in five days and -- except I caught the end of Leno. (Laughter.) And the...

AUDIENCE MEMBER, -

We still love you. (Laughter.)

THE PRESIDENT, -

But I have to tell you, when I stand here and listen to her, I am just reminded how lucky I am, because she is a woman of strength and integrity and...

THE PRESIDENT, -

And the problem is, sometimes when I listen to her talk I start choking up a little bit, and I forget what I’m going to say. (Laughter.) But I could...

THE PRESIDENT, -

Now, this is our third day in Iowa. (Applause.) And she’s right, we have been traveling all across the state. We did stop at the State Fair. We...

AUDIENCE MEMBER, -

Smart man.

THE PRESIDENT, -

Smart man. (Laughter.)

THE PRESIDENT, -

We began the journey in Council Bluffs, and just like four years ago, we’ve traveled all across this state, west to east, meeting with you and talking...

THE PRESIDENT, -

We met farmers who've been badly hurt by drought and who now need us to pass a farm bill. (Applause.) We met folks who've helped Iowa become a leader...

THE PRESIDENT, -

And every stop, I’ve got fond memories of the last campaign -- the campaign we had four years ago. Every stop, I’ve gotten reminders of what makes...

THE PRESIDENT, -

It was because of you. It was because of your stories and your strength and your spirit that I had the strength and the spirit to go through that campaign....

AUDIENCE MEMBER, -

Thank you! (Applause.)

THE PRESIDENT, -

And I’ve got to tell you, Iowa, we’re not done yet. This journey is not done yet. We’ve got some unfinished business to do. (Applause.) And...

THE PRESIDENT, -

Because less than three months from now, you will face a choice, and that choice could not be bigger. This is a choice not just between two candidates....

THE PRESIDENT, -

When we came together in 2008 -- and it wasn’t just Democrats, we had independents and some Republicans, too -- it was to restore the basic bargain...

THE PRESIDENT, -

That's the basic promise of America. That's the American Dream. And we knew that restoring it wouldn't be easy, that it would take more than one year,...

THE PRESIDENT, -

And this was before we saw the worst financial crisis since the Great Depression. And so many more of our friends and neighbors and family members...

THE PRESIDENT, -

So when I ran for this office four years ago, I told you there were no quick fixes, there were no easy solutions. That's still true today. But what...

THE PRESIDENT, -

We are still a young nation and we've got the greatest diversity of talent and ingenuity -- people want to come here from every corner of the globe....

THE PRESIDENT, -

Because people understand that even though we go through some tough times, there is a resilience and grit about this country. And this country is the...

THE PRESIDENT, -

That's the idea that we were trying to rebuild in 2008. That’s the idea that we continue to pursue in 2012. That is what this campaign is all about....

AUDIENCE, -

Four more years! Four more years! Four more years!

THE PRESIDENT, -

Now, Dubuque, here's the thing -- I told you all the things we've got going for us. We do have one problem -- politics in Washington.

AUDIENCE, -

Yes!

THE PRESIDENT, -

You've got the other side, which has decided that "compromise" is a dirty word, and thinks the only way to move forward is to go backwards to the same...

AUDIENCE, -

Booo --

THE PRESIDENT, -

You know, Governor Romney chose his running mate this week -- Congressman Ryan.

AUDIENCE, -

Booo --

THE PRESIDENT, -

No, no, no, Congressman Ryan -- I know him. He's a good man, beautiful family. He is the ideological leader of the Republicans in Congress. He is...

THE PRESIDENT, -

Look, my opponent and his friends in Congress, they believe that if you just get rid of more regulations on big corporations and big banks, and then...

THE PRESIDENT, -

The centerpiece of Governor Romney's economic plan is a new $5 trillion tax cut -- a lot of it going to the wealthiest Americans.

AUDIENCE, -

Booo --

THE PRESIDENT, -

Now, keep in mind, $5 trillion is a lot of money, even in Washington. Our entire defense budget is a little over half a trillion dollars a year, so...

THE PRESIDENT, -

Now, these folks say they want to reduce the deficit and the debt. So the question is, well, how do you give away $5 trillion and then reduce the deficit?...

AUDIENCE, -

Booo --

THE PRESIDENT, -

-- expects middle-class families to pick up the tab. Governor Romney's tax plan would actually raise taxes on middle-class families by an average of...

AUDIENCE MEMBER, -

I don't have $2,000 --

THE PRESIDENT, -

You don’t have $2,000 to spare. I didn’t think so.

THE PRESIDENT, -

And, by the way, don’t take my word for it. This is based on independent studies that have been done by folks who analyze this stuff for a living....

AUDIENCE, -

Booo --

THE PRESIDENT, -

Now, have you heard this before?

AUDIENCE, -

Yes!

THE PRESIDENT, -

They have been trying to sell this trickle-down snake oil before. (Laughter.) And guess what, it didn’t work then. It won't work now. It’s not...

THE PRESIDENT, -

And, secretly, I think they know this. I think they know their plan is not very popular. You can tell that because they’re being pretty dishonest...

Here’s what you need to know, -

I have strengthened Medicare. I have made reforms that have saved millions of seniors with Medicare hundreds of dollars on their prescription drugs....

Here’s what you need to know, -

Now, Mr. Romney and his running mate have a very different plan. They want to turn Medicare into a voucher program.

AUDIENCE, -

Booo --

THE PRESIDENT, -

That means seniors would no longer have the guarantee of Medicare -- they’d get a voucher to buy private insurance. And because the voucher wouldn’t...

AUDIENCE, -

Booo --

THE PRESIDENT, -

My plan has already extended Medicare by nearly a decade. (Applause.) Their plan ends Medicare as we know it. My plan reduces the cost of Medicare...

THE PRESIDENT, -

That’s the difference between our plans on Medicare. That’s an example of the choice in this election. And that is why I’m running for a second...

THE PRESIDENT, -

Just like we’ve got a different plan on Medicare, we’ve got a different economic plan. You just heard, they want to give $5 trillion tax cuts --...

THE PRESIDENT, -

And right now, what I want to do is to keep taxes right where they are for the first $250,000 of everybody’s income. If your family makes under $250,000...

AUDIENCE MEMBER, -

I wish! (Laughter.)

THE PRESIDENT, -

If you’re fortunate enough to be in the other 2 percent, you still get a tax cut on your first $250,000. But all we’re asking is for the next little...

THE PRESIDENT, -

Now, that alone won't cut our deficit. We're going to have to still make sure government does its part. We've already cut a trillion dollars' worth...

THE PRESIDENT, -

So I think it makes sense to ask folks like me who've been incredibly blessed to go back to the rates that we paid under Bill Clinton -- a time, by...

THE PRESIDENT, -

Let me ask you something. When a teacher or a construction worker or a receptionist or a firefighter -- when you get a little extra money in your pocket,...

AUDIENCE, -

Spend it!

THE PRESIDENT, -

You spend it. Because times are tight and maybe you've been driving around in that old beater, you had that car for 10 years and you decide it's about...

THE PRESIDENT, -

That's how you grow an economy -- not from the top down, from the middle out, from the bottom up, giving everybody a fair shot. (Applause.) That's...

THE PRESIDENT, -

On just about every issue, Governor Romney and I just have a different opinion. When the auto industry was on the brink of collapse, more than a million...

THE PRESIDENT, -

So now I want American manufacturing back in America. (Applause.) I want to stop giving tax breaks to companies that are shipping jobs overseas. ...

THE PRESIDENT, -

Governor Romney likes to say, well, you know what, I know how to fix the economy, because I've been in the private sector. Well, it turns out that...

THE PRESIDENT, -

On energy, Governor Romney has said that he wants to get rid of the tax credit for wind energy -- doesn't believe in -- he says these sources of energy...

THE PRESIDENT, -

We should stop giving $4 billion of taxpayer subsidies to oil companies that are making money every time you go to the pump. Let's start investing...

THE PRESIDENT, -

I want to make sure that our kids are getting the best education in the world. (Applause.) I was just visiting some teachers before -- Cascade Middle...

THE PRESIDENT, -

And we had this great meeting -- and folks don't go into teaching for the money. They go into it because they believe in our kids, they believe in...

THE PRESIDENT, -

Back in 2008, I said I would end the war in Iraq -- we ended it. (Applause.) I said we would go after al Qaeda and bin Laden -- we did. (Applause.)...

THE PRESIDENT, -

And let's take half the money that we can save after a decade of war, and let's do some nation-building here at home. Let's hire some hardhats to get...

THE PRESIDENT, -

Governor Romney says his big economic plan -- in addition to these tax cuts for the wealthy -- he wants to kill Obamacare. Get rid of it.

AUDIENCE, -

Nooo --

THE PRESIDENT, -

Now, first of all, I want you to know I kind of like the term “Obamacare.” (Laughter.) Because I do care. That’s why I passed the bill. I...

THE PRESIDENT, -

So if Mr. Romney and Congressman Ryan want to spend the next two and a half years having the same argument we had about health care all over again,...

THE PRESIDENT, -

On all these issues -- health care, manufacturing, education -- all these things that go into creating a solid, secure middle-class life, all these...

THE PRESIDENT, -

And the other thing that we understand is what our parents and our grandparents and our great-grandparents taught us, which is, if you work hard, this...

THE PRESIDENT, -

And that’s what's at stake in this election. Do we affirm those values and pass them on to our kids and our grandkids just like we got them from...

THE PRESIDENT, -

Now, over the next three months you are going to see more negative ads than you've ever seen in your life. You've already seen them. And these folks...

THE PRESIDENT, -

And they're just going to say it over and over again. Over and over again. You're going to get sick of it -- you already are. And you know, I've...

THE PRESIDENT, -

And so, Iowa, I'm going to need your help one more time, here, to finish the job. (Applause.) We've got more schools to build. We've got more folks...

THE PRESIDENT, -

God bless you, and God bless the United States of America. (Applause.)

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