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UPDATED: Obama gave his speech, as advertised -- and unloaded on defense contracting.

The transcript and a memo Obama signed on contracting reform are here. Our coverage to follow.

Today at 10 a.m., President Obama is scheduled to give a major speech about his plan to "reform a broken system of contracting to cut back on wasteful spending, and save the American people tens of billions of dollars," according to the White House.

The AP reports that Obama will sign a new memo to reform contracting for the entire federal government, including the Pentagon. He is expected to discuss defense contracts in the speech. Stay tuned.