We, the People, recognize that we have responsibilities as well as rights; that our destinies are bound together; that a freedom which only asks what's in it for me, a freedom without a commitment to others, a freedom without love or charity or duty or patriotism, is unworthy of our founding ideals, and those who died in their defense.

I will veto any effort to get rid of those automatic spending cuts to domestic and defense spending. There will be no easy off ramps on this one.

I know starting careers in troubled times is a challenge, but it is also a privilege. Because it's moments like these that force us to try harder, dig deeper and to discover gifts we never knew we had. To find the greatness that lies within each of us. So don't ever shy away from that endeavor. Don't stop adding to your body of work. I can promise that you will be the better for that continued effort as will be this nation that we all love.

This union may never be perfect, but generation after generation has shown that it can always be perfected.

When George Bush came into office, we had surpluses. And now we have half-a-trillion-dollar deficit annually. When George Bush came into office, our national debt was around $5 trillion. It's now over $10 trillion. We've almost doubled it.

The problem is, that we've got a position, often times by the NRA that says any regulation whatsoever is the camel's nose under the tent. And that, I think, is not where the American people are at.

It's also wonderful to be back with my great friend and ally, Chancellor [Angela] Merkel. As I reflect back over the last eight years, I could not ask for a steadier or more reliable partner on the world stage, often through some very challenging times.