"Tonight, I want every American to know this: We will rebuild, we will recover, and the US will emerge stronger than before," Obama affirmed.
Stating America is still rich he said "The qualities that have made America the greatest force of progress and prosperity in human history we still possess in ample measure."
He announced the formation of a government lending plan to thaw frozen credit markets and fund auto and home purchases.
He called on Congress to immediately overhaul healthcare and to send him a bill forming a cap-and-trade system to combat global warming.
Obama promised that he would lead the fight for savings, saying his aides had been combing the federal budget in line with his vow to halve the deficit, forecast to reach 1.3 trillion dollars this year, by 2013.
He was of the opinion that in this budget they will end education programs that don't work and end direct payments to large agribusinesses that don't need them.
He opined to eliminate the no-bid contracts that have wasted billions in Iraq which would reform defense budget of US.