Highlights of Obama’s acceptance speech

Here, in brief, are the major points from Barack Obama's 45-minute acceptance speech on Thursday. A full-length transcript can be found here

On the economy:
Tonight, more Americans are out of work and more are working harder for less. More of you have lost your homes and even more are watching your home values plummet. More of you have cars you can't afford to drive, credit card bills you can't afford to pay, and tuition that's beyond your reach.

These challenges are not all of government's making. But the failure to respond is a direct result of a broken politics in Washington and the failed policies of George W Bush.

America, we are better than these last eight years. We are a better country than this.

On John McCain:
Let there be no doubt. The Republican nominee, John McCain, has worn the uniform of our country with bravery and distinction, and for that we owe him our gratitude and respect. And next week, we'll also hear about those occasions when he's broken with his party as evidence that he can deliver the change that we need.

But the record's clear: John McCain has voted with George Bush 90 per cent of the time. Senator McCain likes to talk about judgment, but really, what does it say about your judgment when you think George Bush has been right more than 90 per cent of the time?

I don't believe that Senator McCain doesn't care what's going on in the lives of Americans. I just think he doesn't know. Why else would he define middle-class as someone making under five million dollars a year?"

On taxes:
Unlike John McCain, I will stop giving tax breaks to corporations that ship jobs overseas, and I will start giving them to companies that create good jobs right here in America.

I will eliminate capital gains taxes for the small businesses and the start-ups that will create the high-wage, high-tech jobs of tomorrow.

I will cut taxes - cut taxes - for 95 per cent of all working families.
Because in an economy like this, the last thing we should do is raise taxes on the middle-class.

On oil dependency:
For the sake of our economy, our security, and the future of our planet, I will set a clear goal as President: in ten years, we will finally end our dependence on oil from the Middle East.

Washington's been talking about our oil addiction for the last 30 years, and John McCain has been there for 26 of them. In that time, he's said no to higher fuel-efficiency standards for cars, no to investments in renewable energy, no to renewable fuels. And today, we import triple the amount of oil as the day that Senator McCain took office.

Now is the time to end this addiction, and to understand that drilling is a stop-gap measure, not a long-term solution. Not even close.

As President, I will tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I'll help our auto companies re-tool, so that the fuel-efficient cars of the future are built right here in America. I'll make it easier for the American people to afford these new cars.

And I'll invest $150bn over the next decade in affordable, renewable sources of energy - wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can't ever be outsourced.

On Iraq:
We are the party of Roosevelt. We are the party of Kennedy. So don't tell me that Democrats won't defend this country. Don't tell me that Democrats won't keep us safe. The Bush-McCain foreign policy has squandered the legacy that generations of Americans - Democrats and Republicans - have built, and we are here to restore that legacy.

As Commander-in-Chief, I will never hesitate to defend this nation, but I will only send our troops into harm's way with a clear mission and a sacred commitment to give them the equipment they need in battle and the care and benefits they deserve when they come home.

I will end this war in Iraq responsibly, and finish the fight against al- Qaeda and the Taliban in Afghanistan. I will rebuild our military to meet future conflicts.

And I will restore our moral standing, so that America is once again that last, best hope for all who are called to the cause of freedom, who long for lives of peace, and who yearn for a better future.

On Martin Luther King:
"We cannot walk alone," the preacher cried. "And as we walk, we must make the pledge that we shall always march ahead. We cannot turn back."

America, we cannot turn back. Not with so much work to be done. Not with so many children to educate, and so many veterans to care for. Not with an economy to fix and cities to rebuild and farms to save. Not with so many families to protect and so many lives to mend.

America, we cannot turn back. We cannot walk alone. At this moment, in this election, we must pledge once more to march into the future.

FIRST POSTED AUGUST 29, 2008