Today, we are beset by challenges and, if we draw on the values that our nation stands for, I am convinced we will ultimately meet them. The values of honesty, compassion, excellence and patriotism still give us strength. But perhaps our most fundamental value is a commitment to opportunity for every single American.

That commitment continues to draw new immigrants to our shores every day. Their willingness to sacrifice for the promise of opportunity is an inspiration.

Our people remain willing to sacrifice if the burdens are fair and if they will advance the common good. I believe the American people will still respond to leadership that faces facts and tells the truth.

Our economic future is endangered by $200 billion deficits, and our people will respond to a leader who tells the plain truth that we simply can't afford another tax cut. Our educational system is in disarray, and the American people will respond to leadership that asks teachers, parents, students and politicians to assume their fair share of responsibility for improving our schools.

Economic competition around the world is greater than ever before, but I believe that American business and American workers will rise to the occasion if they are told the hard truth and can trust their leaders.

On this Fourth of July, nothing is more right with America than the fact that throughout our history, we have accepted and embraced sacrifice and, when given the right leadership, risen to every challenge, I believe we will do so again.