Obama to take US away from outsourcing, bad debt

The US President emphasised that the blueprint has been built to last -- an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values.

Obama, in his speech, reminded his countrymen why the US is the leader of the world.

"Think about the America within our reach: A country that leads the world in educating its people. An America that attracts a new generation of high-tech manufacturing and high-paying jobs," the US President said.

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"A future where we are in control of our own energy, and our security and prosperity aren't so tied to unstable parts of the world. An economy built to last, where hard work pays off, and responsibility is rewarded," Obama said.

The defining issue of this time is how to keep that promise alive, Obama said adding that no challenge is more urgent.

"No debate is more important. 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," he said.

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The President said that 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.

"What's at stake are not Democratic values or Republican values, but American values. We have to reclaim them," the US President said.

Obama said as long as he was the President, he would work with anyone in the Congress to build on this momentum.

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"But I intend to fight obstruction with action, and I will oppose any effort to return to the very same policies that brought on this economic crisis in the first place," he said.

"Let's never forget: Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that do the same," Obama said.

"It's time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody," he said.