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Promises: Senator Barack Obama

Democrat challenger Barack Obama brought his campaign roaring to life early today with a raft of specific promises to cut taxes and end America's dependence on foreign oil.

In a dramatic acceptance speech on the 45th anniversary of Martin Luther King's famous 'I have a dream' speech, he also pledged to end the war in Iraq and restore America's reputation abroad.

Speaking at a packed sports stadium in front of more than 75,000 supporters and a TV audience of tens of millions, he was to say - according to excerpts of his speech released late last night - that  his Republican rival John McCain backed President George Bush 90 percent of the time.

'I don't know about you,' he said, 'But I'm not ready to take a 10 per cent chance on change.'

Obama said it's time to change leadership in Washington after two terms of the Bush administration.

'On November 4th,'  he said, 'We must stand up and say: 'Eight is Enough.'

He adds: 'We are here because we love this country too much to let the next four years look just like the last eight.'

He said:  '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 to restore that legacy,' he said.

Obama, an early opponent of the war in Iraq, promised to 'end this war in Iraq responsibly' but said he would finish the fight against al Qaeda in Afghanistan and would be willing to use U.S. military power when necessary.

'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,' Obama said.

Attendee Shannon Patterson holds a fan showing Barack Obama at the 2008 Democratic National Convention in Denver, Colorado, yesterday

'I will also renew the tough, direct diplomacy that can prevent Iran from obtaining nuclear weapons,' he said.

Obama addressed criticism that he has not offered enough specifics along with his sometimes soaring rhetoric, restating an ambitious domestic agenda that includes a tax cut for 95 percent of Americans and an end to dependence on Middle East oil in 10 years.

He said McCain's emphasis on new offshore oil drilling was a stop-gap measure toward lowering oil prices and increasing U.S. energy production.

He promised to invest £75 billion over the next decade to develop affordable, renewable energy sources.

'The American Promise' - excerpts from Obama's speech

On the American Dream...

'Four years ago, I stood before you and told you my story – of the brief union between a young man from Kenya and a young woman from Kansas who weren’t well-off or well-known, but shared a belief that in America, their son could achieve whatever he put his mind to.

'It is that promise that has always set this country apart – that through hard work and sacrifice, each of us can pursue our individual dreams but still come together as one American family, to ensure that the next generation can pursue their dreams as well.

'It is why I stand here tonight. Because for two hundred and thirty two years, at each moment when that promise was in jeopardy, ordinary men and women – students and soldiers, farmers and teachers, nurses and janitors - found the courage to keep it alive.

'We meet at one of those defining moments – a moment when our nation is at war, our economy is in turmoil, and the American promise has been threatened once more.

'Tonight, more Americans are out of work and more are working harder for less. More of you have lost your homes and 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 is 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 presidency of George W. Bush.

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

On John McCain...

'Now 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 ninety percent of the time. Senator McCain likes to talk about judgment, but really, what does it say about your judgment when you think George Bush was right more than ninety percent of the time?

'I don’t know about you, but I’m not ready to take a ten percent chance on change.'

On jobs, the economy and money...

'You see, we Democrats have a very different measure of what constitutes progress in this country.

'We measure progress by how many people can find a job that pays the mortgage; whether you can put away a little extra money at the end of each month so that you can someday watch your child receive her diploma.

Backing: A supporter wants change

'We measure progress in the 23 million new jobs that were created when Bill Clinton was President – when the average American family saw its income go up $7,500 instead of down $2,000 like it has under George Bush.

'We measure the strength of our economy not by the number of billionaires we have or the profits of the Fortune 500, but by whether someone with a good idea can take a risk and start a business, or whether the waitress who lives on tips can take a day off to look after a sick kid without losing her job – an economy that honors the dignity of work.

'The fundamentals we use to measure economic strength are whether we are living up to that fundamental promise that has made this country great – a promise that is the only reason I am standing here tonight.'

On cutting tax for '95 per cent of all working families', the ten year pledge to end dependence on oil from the Middle East and investing in renewable energy...

'That’s the promise we need to keep. That’s the change we need right now. So let me spell out exactly what that change would mean if I am President.

'Change means a tax code that doesn’t reward the lobbyists who wrote it, but the American workers and small businesses who deserve it.

'Unlike John McCain, I will stop giving tax breaks to corporations that ship our 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.

'And 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.

A woman holds a badge of support

'Washington has been talking about our oil addiction for the last thirty years, and John McCain has been there for twenty-six 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 $150 billion 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 defending America, fighting terrorism and ending the war in 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 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.

'But I will also renew the tough, direct diplomacy that can prevent Iran from obtaining nuclear weapons.

'I will build new partnerships to defeat the threats of the 21st century: terrorism and nuclear proliferation; poverty and genocide; climate change and disease.

'And I will restore our moral standing so that America is once more the 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.'