President Obama's keynote address during the Associated Press luncheon, at the annual American Society of News Editors conference was an amazing statement of what he believes - and what the 2012 Presidential election will really be about.

As Greg Sargent from the Washington Post noted, three of the key focal points in this year's election will be: the GOP's Romney/Ryan Plan and it's trickle-down economic plan; that government investment is morally right, and helps private growth; and that the deficit does need to be addressed - but it can't be paid for by the poor.

Watch the full speech below, and follow along on the White House transcript of the speech as well.

More background on the Ryan Budget 2.0

OMB: Health Care Costs Are Really What's Driving Deficit

The Cost of Ending Obamacare? a Massive Explosion of the Deficit

2012 Ryan Budget, Bad for GOP

Ryan’s budget plan betrays his own views on income inequality

Paul Krugman: the Ryan Budget Is 'Pink Slime' Economics

Ryan Budget 2.0 Would End Medicare - Just Like His First Budget