Increasing America’s debt weakens us domestically and internationally. Leadership means that 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership.

We must act, knowing that our work will be imperfect.

Obviously, we've all had disagreements and differences in the past. I suspect we'll have them again in the future. But last night as Americans learned that the United States had carried out an operation that resulted in the capture and death of Osama bin Laden. I think we experienced the same sense of unity that prevailed on 9/11. We were reminded again that there is a pride in what this nation stands for. And what we can achieve that runs far deeper than party, far deeper than politics.

I think the irony ... is that I actually would like to see a relatively light touch when it comes to the government.

Now, at times this issue has tended to degenerate into an 'either-or' type of debate. Either we protect our people from terror or we protect our most cherished principles. But that is a false choice. It asks too little of us and assumes too little about America.

Whatever success I have achieved, whatever positions of leadership I have held have depended less on Ivy League degrees or SAT scores or GPAs and have instead been due to that sense of connection and empathy, the special obligation I felt as a black man like you to help those who need it most, people who didn't have the opportunities that I had because there, but for the grace of God go I. I might have been in their shoes. I might have been in prison. I might have been unemployed. I might not have been able to support a family. And that motivates me.

Don't let your failures define you.