Tonight, we gather to affirm the greatness of our nation - not because of the height of our skyscrapers, or the power of our military, or the size of our economy. Our pride is based on a very simple premise, summed up in a declaration made over two hundred years ago.

What I worry about would be that you essentially have two chambers, the House and the Senate, but you have simply, majoritarian, absolute power on either side. And that's just not what the founders intended.

As a nuclear power - as the only nuclear power to have used a nuclear weapon - the United States has a moral responsibility to act.

Of course, there is no question that Libya - and the world - will be better off with Gaddafi out of power. I, along with many other world leaders, have embraced that goal, and will actively pursue it through non-military means. But broadening our military mission to include regime change would be a mistake.

It's not surprising, then, they get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations.

It was not a religion that attacked us that September day. It was al-Qaeda. We will not sacrifice the liberties we cherish or hunker down behind walls of suspicion and mistrust.

Part of the reason that our politics seems so tough right now and facts and science and argument does not seem to be winning the day all the time is because we're hardwired not to always think clearly when we're scared. And the country's scared.

In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it. And I refuse to renew them again.

My parents shared not only an improbable love, they shared an abiding faith in the possibilities of this nation. They would give me an African name, Barack, or blessed, believing that in a tolerant America your name is no barrier to success.

There is probably a perverse pride in my administration... that we were going to do the right thing, even if short-term it was unpopular. And I think anybody who's occupied this office has to remember that success is determined by an intersection in policy and politics and that you can't be neglecting of marketing and P.R. and public opinion.