Brief Summary
The Set-Up
President Reagan hopped on the ol' boob tube to do some major damage control after a devastating rocketship disaster and reassured America that going to space was still an awesome thing to do.
The Text
Since seven people had just died, Reagan opens his speech on a rather somber note. He talks a lot about how awful it is when sudden tragedy strikes and pays significant tribute to the freshly deceased Challenger Flight Crew. He makes a point of honoring their bravery because being an astronaut takes some intestinal fortitude (in every sense).
He makes a smooth segue into promoting the benefits of NASA, which are spectacular, heroic, and trailblazing. At the same time he very strategically speaks directly to the "schoolchildren of America" (23) who witnessed the disaster on TV, attempting to comfort them and reduce the number of sleepless nights to follow.
He rounds out his discussion of NASA with a verbal salute to the employees of the space program and adds a quick promo for the American values of honesty, freedom, and, exploration.
Reagan starts to tie things up by getting a little fancy, invoking Sir Francis Drake as a predecessor of the Challenger Seven in the quest for human progress and adventure.
Finally, he concludes with a poetic citation that gives everyone the vapors.
TL;DR
Sky rockets in flight don't always mean afternoon delight, but a little thing like a catastrophe isn't going to keep America grounded.