I know many of you are hurting and angry about the economy, and I don't blame you. It's the worst economy since the Great Depression. When consumers can't buy and businesses won't expand for lack of customers, the government has to be the purchaser and employer of last resort. We learned that in the Great Depression, but Republicans obviously didn't - and they've blocked every jobs program I've offered.

Nobody wants to put the creditworthiness of the United States in jeopardy. Nobody wants to see the United States default. So we've got to seize this moment, and we have to seize it soon.

America’s possibilities are limitless, for we possess all the qualities that this world without boundaries demands: youth and drive; diversity and openness; an endless capacity for risk and a gift for reinvention. My fellow Americans, we are made for this moment, and we will seize it - so long as we seize it together.

What we also have to recognize is that the deficit levels that I'm inheriting, over a trillion dollars, coming out of last year, that that is unsustainable. At a certain point, other countries stop buying our debt, at a certain point, we'd end up having to raise interest rates, and it would end up creating more economic chaos and potentially inflation.

There are people in Iran who have the same aspirations as people all around the world for a better life.

For the young people here: practicality is a good thing. There are times where compromise is necessary. That's part of wisdom. But it's also important to hang on to what you believe.

We do want people to know if in fact we learn of an incident that's focused on a particular city.If we learn of long-term planning, that's focused on a particular industry or infrastructure. And so we feel we have an obligation to let people know if we have information of a credible threat or not.