In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it. And I refuse to renew them again.

It was young people who stubbornly insisted on justice, stubbornly refused to accept the world as it is that transformed not just the country but transformed the world.

The incredible story of progress that is America has always been built by those who ask why, what if, and why not. Our schools must begin instilling that wonder in our children again so that their generation will unite around the next great project of our time, whether it be declaring America energy independent or launching the next great technological revolution.

Palestinians will never realize their independence by denying the right of Israel to exist.

We're leaving behind a sovereign, stable and self-reliant Iraq with a representative government that was elected by its people. We're building a new partnership between our nations and we are ending a war not with a final battle but with a final march toward home. This is an extraordinary achievement

The United States of America has helped underwrite the global security for more than six decades with the blood of our citizens and the strength of our arms. The service and sacrifice of our men and women in uniform has promoted peace and prosperity from Germany to Korea and enabled democracy to take hold in places like the Balkans.

I promised to bring change to Washington. The underlying reason for the economic mess we're in has been building for years. It's a fundamental imbalance in which the top 1 percent now gets almost a quarter of all national income. We haven't seen income and wealth this concentrated since the late nineteen twenties, and we all know what happened then - the Great Depression. We'll never really get out of the gravitational pull of the Great Recession until we fix this basic problem.