Obama launches re-election bid with State of the Union Address

Facing a tough fight for re-election, President Barack Obama on Wednesday turned the State of the Union Address into a platform to sketch a vision of US still being a world leader to convince voters to give him a second White House innings.  

Unfolding an economic blueprint pledging to build on American manufacturing, American energy, skills for American workers, and a renewal of American values, Obama vowed to take US away from outsourcing, bad debt and phony financial profits, which could be bad news for Indian companies.

Obama in his third State of the Union Address, Obama offered both his administration's priorities for the coming year and his campaign messaging for his re-election bid in November.

He defended a long list of his trademark policies -- tax increases on the wealthy, Wall Street reform, health care reform, government stimulus spending and offered proposals of interest to Republicans, like corporate tax breaks and expanded oil and gas development.

"Yes, the world is changing; no, we can't control every event. But America remains the one indispensable nation in world affairs and as long as I am President, I intend to keep it that way," Obama said.

He called for increase on tax on the rich, penalising companies indulging in outsourcing and shipping jobs overseas and offering a new potential solution to homeowners who are struggling to refinance their home loans.

In his primetime televised speech which lasted over an hour, the US President targeted the American middle class; one of the worst sufferers of economic downturn.

Recalling the success of his administration's efforts to combat terror, Obama said the momentum of Taliban has been broken and remaining al Qaeda operatives in Afghanistan and Pakistan are scrambling to escape from the US' reach.

This decisive blow against these extremist organisations has been mainly because of the focused approach and end of war in Iraq, he said.

"Ending the Iraq war has allowed us to strike decisive blows against our enemies. From Pakistan to Yemen, al Qaeda operatives who remain are scrambling, knowing that they can’t escape the reach of the United States of America," he said.

"From this position of strength, we have begun to wind down the war in Afghanistan. 10,000 of our troops have come home. 23,000 more will leave by the end of this summer. This transition to Afghan lead will continue, and we will build an enduring partnership with Afghanistan, so that it is never again a source of attacks against America," he said in his speech to the US Congress.

Turning his attention to pressing domestic domestic issues, Obama vowed to build an economy that is just from "top to bottom".

"We can either settle for a country where a shrinking number of people do really well, while a growing number of Americans barely get by. Or we can restore an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules," Obama said.

"In 2008, the house of cards collapsed. We learned that mortgages had been sold to people who couldn't afford or understand them. Banks had made huge bets and bonuses with other people's money. Regulators had looked the other way, or didn't have the authority to stop the bad behaviour," Obama said.

US remains the one indispensable nation in world affairs: Obama

America remains the one indispensable nation in the world affairs and those who talk that its power is towards decline do not know what they are talking about, US President Barack Obama said.

"Yes, the world is changing; no, we can't control every event. But America remains the one indispensable nation in world affairs and as long as I am President, I intend to keep it that way," Obama said in his State of the Union Address to the Congress.

In his nationally televised speech delivered at the Capitol Hill, Obama said the renewal of American leadership can be felt across the globe.

"Our oldest alliances in Europe and Asia are stronger than ever. Our ties to the Americas are deeper. Our iron-clad commitment to Israel's security has meant the closest military cooperation between our two countries in history," he said.

"We have made it clear that America is a Pacific power, and a new beginning in Burma has lit a new hope. From the coalitions we have built to secure nuclear materials, to the missions we have led against hunger and disease; from the blows we have dealt to our enemies; to the enduring power of our moral example, America is back," Obama said.

"Anyone who tells you otherwise, anyone who tells you that America is in decline or that our influence has waned, doesn't know what they are talking about," Obama said in an apparent reference to the criticism to his foreign policy coming from Republican presidential candidates.

"That's not the message we get from leaders around the world, all of whom are eager to work with us. That's not how people feel from Tokyo to Berlin; from Cape Town to Rio; where opinions of America are higher than they have been in years," he said.

Obama said he has proposed a new defense strategy that ensures the US maintain the finest military in the world, while saving nearly half a trillion dollars in our budget.

"To stay one step ahead of our adversaries, I have already sent this Congress legislation that will secure our country from the growing danger of cyber-threats," he said.

Obama said one of his proudest possessions is the flag that the SEAL Team took with them on the mission to get Bin Laden.

"On it are each of their names. Some may be Democrats. Some may be Republicans. But that doesn't matter. Just like it didn't matter that day in the Situation Room, when I sat next to Bob Gates a man who was George Bush's defense secretary; and Hillary Clinton, a woman who ran against me for president," he said.

"All that mattered that day was the mission. No one thought about politics. No one thought about themselves. One of the young men involved in the raid later told me that he didn't deserve credit for the mission," Obama said.

It only succeeded, he said, because every single member of that unit did their job.

"The pilot who landed the helicopter that spun out of control; the translator who kept others from entering the compound; the troops who separated the women and children from the fight; the SEALs who charged up the stairs," he said.

"More than that, the mission only succeeded because every member of that unit trusted each other because you can't charge up those stairs, into darkness and danger, unless you know that there is someone behind you, watching your back," Obama said.