Obama launches historic campaign

Barack Obama has made his keynote speech to the Democratic National Convention in Denver, Colorada, becoming the first African-American to be nominated by a major US party to run for the presidency.

Below are some key excerpts from his speech.

ON THE AMERICAN PROMISE

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.

ON CHANGE

This moment - this election - is our chance to keep, in the 21st century, the American promise alive. Because next week, in Minnesota, the same party that brought you two terms of George Bush and Dick Cheney will ask this country for a third.

And we are here because we love this country too much to let the next four years look just like the last eight. On November 4th, we must stand up and say: "Eight is enough."

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 90% 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 90% of the time?  I don't know about you, but I'm not ready to take a 10% chance on change.

ON THE ECONOMY

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.

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 honours the dignity of work.

ON HIS CAMPAIGN PROMISES

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% 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.

ON FOREIGN POLICY

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 Taleban in Afghanistan.

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.