Here's a link to the full text of O'Malley's address, complete with footnotes, as prepared for delivery:

Maryland State of the State

*********************
The governor is hoping to be bailed out with federal money, House Minority Leader Tony O'Donnell says in a taped response on Maryland Public Television, which gives Annapolis no incentive to change its ways.

O'Malley is using "budget gimmicks" to balance his spending plan, O'Donnell said, and is ingoring the advice of budget experts. Republicans are also coming to the defense of state workers, saying they shouldn't be laid off during tough times.

O'Donnell also accuses O'Malley of using his budget to "carve out a political legacy."

********************
O'Malley's call for a "fair up or down vote" on the floor of both chambers on the death penalty is an old rhetorical trick. It ignores the committee system of legislatures, seeking an end-run around them. Ehrlich called for the same thing on slots. President Bush wanted judges that were blocked to have a fair up-or-down vote. It sounds so easy and common-sensical. But the Assembly just doesn't work that way. If O'Malley wants a floor vote -- meaning pulling the bill out of the Senate Judicial Proceedings Committee -- he'll have to use muscle, not words in a speech.

********************
The speech contains an answer to critics who say that O'Malley's push for a tuition freeze at public universities for a fourth consecutive year is driven by political desires, giving him a good issue to run on next year.

"You're darn right it's about politics," he said, a line that feels destined to be repeated. "It's about the politics of inclusion. It's about the politics of prosperity. It's about the politics of opportunity."

********************
Talk about putting all your budgetary eggs in one basket. There are two reasons, the governor says, why the budget he submitted last week will be better come April. Reason One: Barack. Reason Two: Obama.

I guess it's a good thing that O'Malley's first choice, Hillary Clinton, didn't win the nomination.

********************
O'Malley's challenge to lawmakers: "this session," he said, lawmakers and he must "power through the other side of this recession ahead of every other state."

********************
One mortgage company is mentioned by name as heartless and ignoring the homeowner crisis. Wells Fargo. Why is that company worth singling out? We'll try to find out.

********************
As we expected, the governor has cited real examples of letters he is receiving. "Sandra" from Allegany County worries about becoming homeless because of the cost of electricity. "Robert" from Baltimore County is a 53-year old man who ran out of money for college, blocking him from achieving a "35 year old dream."

But by keeping them anonymous -- not providing their last names -- is the governor muting the effectiveness of these examples?

********************
"Sugarcoat" is the word of the season. The governor never wants to sugarcoat how bad things are. He keeps saying that.

********************
Students from Armistead Gardens, wearing white sweat shirts in the balcony, represent the state's top ranking for public schools. The governor gives them a shout-out.

********************
66 fewer Marylanders are lost to homicide last year, with the "city of Baltimore leading the way." That's a claim that O'Malley could not make when he was mayor, when he had much more control over the situation.

********************
The mention of Barack Obama as a federal partner prompts the first applause -- and it's quite sustained.
********************
The main point: "The state of our state is once again strong enough to overcome the very challenging times at hand." Deft way to handle the big question.
********************
Speech begins.
"Energized" and "optimistic" are the first words out of his mouth. No Carter style malaise here.
********************
We'll publish online the governor's speech as soon as he starts to speak. Worth noting: It's complete with footnotes, so that pesky journalists can check out his claims and facts. They're also a preemptive strike against Republican critics.
********************
Gov. Martin O’Malley will deliver his third state of the state address at noon today, an address that comes at a time of economic hardship and steep proposed budget cuts. Just this week, state officials announced that the Maryland unemployment rate hit a 15-year high in December, at 5.8 percent.

O’Malley and his staff have made a point recently of noting that they constantly hear the concerns of Marylanders who have lost their jobs or suffering because of the bleak economy.
The governor has announced that he has scheduled a series of town hall meetings in the days
after the speech to hear more of those concerns. So expect that theme – a Clintonesque “I feel your pain” – to be a part of the governor’s comments.

We'll be live-blogging the speech right here, so keep checking back for updates.