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Obama: Investment, Innovation Will Lead to Prosperity

U.S. President Barack Obama says America's economy is improving, but future prosperity depends on long-term investment and innovation.

In his weekly address, Mr. Obama said Friday's report showing that the gross domestic product fell at an annual rate of one percent is evidence the recession is easing, but that a full recovery will take time.

Mr. Obama says lasting prosperity depends on having well-educated and highly-skilled workers, a health care system that fosters innovation and holds down costs, building a clean energy economy and investing in research and development.

The president's proposed health care program for the country has taken a major step forward. A U.S. House of Representatives committee approved legislation Friday that would extend health insurance to all Americans. The full House is expected to vote on the legislation next month.

In the opposition Republican Party's weekly address, Senator John Thune from the north central state of South Dakota says Democratic Party proposals will increase the deficit and will not improve health care.

The legislation approved (31 to 28) by the House panel (Energy and Commerce Committee) late Friday involves creating a public health insurance plan.

Majority Democrats say the changes will stop the insurance industry from coming between doctors and patients.

But Republicans say the plan is too costly and is the first step toward a government takeover of health care, which they say will make conditions worse.