Yes, we've still got more work to do. More work to do for every American still in need of a good job or a raise, paid leave or a decent retirement; for every child who needs a sturdier ladder out of poverty or a world-class education; for everyone who has not yet felt the progress of these past seven and a half years.

Cutting the deficit by gutting our investments in innovation and education is like lightening an overloaded airplane by removing its engine. It may make you feel like you're flying high at first, but it won't take long before you feel the impact.

You can choose a future where more Americans have the chance to gain the skills they need to compete, no matter how old they are or how much money they have. Education was the gateway to opportunity for me. It was the gateway for Michelle. And now more than ever, it is the gateway to a middle-class life.

We need to reject any politics that targets people because of race or religion. This isn't a matter of political correctness. It's a matter of understanding what makes us strong. The world respects us not just for our arsenal; it respects us for our diversity and our openness and the way we respect every faith.

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.

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.

I see Americans of every party, every background, every faith who believe that we are stronger together: black, white, Latino, Asian, Native American; young, old; gay, straight; men, women, folks with disabilities, all pledging allegiance under the same proud flag to this big, bold country that we love. That's what I see. That's the America I know!

We, the People, recognize that we have responsibilities as well as rights; that our destinies are bound together; that a freedom which only asks what's in it for me, a freedom without a commitment to others, a freedom without love or charity or duty or patriotism, is unworthy of our founding ideals, and those who died in their defense.

While I understand the passions and the anger that arise over the death of Michael Brown, giving into that anger by looting or carrying guns, and even attacking the police, only serves to raise tensions and stir chaos.

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.

The future rewards those who press on. I don't have time to feel sorry for myself. I don't have time to complain. I'm going to press on.

What I'm asking for is hard. It's easier to be cynical; to accept that change isn't possible, and politics is hopeless, and to believe that our voices and actions don't matter. But if we give up now, then we forsake a better future.

A lot has happened over the years. And while this nation has been tested by war, and it's been tested by recession and all manner of challenges - I stand before you again tonight, after almost two terms as your president, to tell you I am more optimistic about the future of America than ever before.

Our combat mission is ending, but our commitment to Iraq's future is not.

As I've said, there were patriots who supported this war, and patriots who opposed it. And all of us are united in appreciation for our servicemen and women, and our hopes for Iraqis' future.

We can choose a future where we export more products and outsource fewer jobs. After a decade that was defined by what we bought and borrowed, we're getting back to basics, and doing what America has always done best: We're making things again.

After 2014, we will support a unified Afghanistan as it takes responsibility for its own future.

But what we can do, as flawed as we are, is still see God in other people, and do our best to help them find their own grace. That's what I strive to do, that's what I pray to do every day.

If the people cannot trust their government to do the job for which it exists - to protect them and to promote their common welfare - all else is lost.

The Internet didn't get invented on its own. Government research created the Internet so that all the companies could make money off the Internet. The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together.

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.

It's time to fundamentally change the way that we do business in Washington. To help build a new foundation for the 21st century, we need to reform our government so that it is more efficient, more transparent, and more creative. That will demand new thinking and a new sense of responsibility for every dollar that is spent.

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.

After a century of striving, after a year of debate, after a historic vote, health care reform is no longer an unmet promise. It is the law of the land.

And so our goal on health care is, if we can get, instead of health care costs going up 6 percent a year, it's going up at the level of inflation, maybe just slightly above inflation, we've made huge progress. And by the way, that is the single most important thing we could do in terms of reducing our deficit. That's why we did it.

But if you - if what - the reports are true, what they're saying is, is that as a consequence of us getting 30 million additional people health care, at the margins that's going to increase our costs, we knew that.

I know that there are millions of Americans who are content with their health care coverage - they like their plan and, most importantly, they value their relationship with their doctor.

And that means that no matter how we reform health care, we will keep this promise to the American people: If you like your doctor, you will be able to keep your doctor, period. If you like your health care plan, you'll be able to keep your health care plan, period. No one will take it away, no matter what.

I want to be very clear: I will not sign on to any health plan that adds to our deficits over the next decade.

We've persevered because of a belief we share with the Iraqi people - a belief that out of the ashes of war, a new beginning could be born in this cradle of civilization. Through this remarkable chapter in the history of the United States and Iraq, we have met our responsibility. Now, it's time to turn the page.

I want to reform the tax code so that it's simple, fair, and asks the wealthiest households to pay higher taxes on incomes over $250,000 - the same rate we had when Bill Clinton was president; the same rate we had when our economy created nearly 23 million new jobs, the biggest surplus in history, and a lot of millionaires to boot.

I would put our legislative and foreign policy accomplishments in our first two years against any president - with the possible exceptions of Johnson, FDR, and Lincoln - just in terms of what we've gotten done in modern history. But, you know, but when it comes to the economy, we've got a lot more work to do. And we're gonna keep on at it.

When states like Alabama and Arizona passed some of the harshest immigration laws in history, my Attorney General took them on in court and we won.

First, how do we give everyone a fair shot at opportunity and security in this new economy? Second, how do we make technology work for us, and not against us - especially when it comes to solving urgent challenges like climate change? Third, how do we keep America safe and lead the world without becoming its policeman?

Where the stakes are the highest, in the war on terror, we cannot possibly succeed without extraordinary international cooperation. Effective international police actions require the highest degree of intelligence sharing, planning and collaborative enforcement.

Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek.

We need to internalize this idea of excellence. Not many folks spend a lot of time trying to be excellent.

We all knew this. We all knew that it would take more time than any of us want to dig ourselves out of this hole created by this economic crisis.

In a world of complex threats, our security and leadership depends on all elements of our power - including strong and principled diplomacy.

We also can't try to take over and rebuild every country that falls into crisis. That's not leadership; that's a recipe for quagmire, spilling American blood and treasure that ultimately weakens us. It's the lesson of Vietnam, of Iraq - and we should have learned it by now.

We can't drive our SUVs and eat as much as we want and keep our homes on 72 degrees at all times... and then just expect that other countries are going to say OK. That's not leadership. That's not going to happen.

Our brand of democracy is hard. But I can promise that a year from now, when I no longer hold this office, I'll be right there with you as a citizen - inspired by those voices of fairness and vision, of grit and good humor and kindness that have helped America travel so far.

Fifty years of isolating Cuba had failed to promote democracy, setting us back in Latin America. That's why we restored diplomatic relations, opened the door to travel and commerce, and positioned ourselves to improve the lives of the Cuban people.

As president, I'm committed to making Washington work better and rebuilding the trust of the people who sent us here.

I believe marriage is between a man and a woman. I am not in favor of gay marriage. But when you start playing around with constitutions, just to prohibit somebody who cares about another person, it just seems to me that's not what America's about. Usually, our constitutions expand liberties, they don't contract them.

I opposed the Defense of Marriage Act in 1996. It should be repealed and I will vote for its repeal on the Senate floor. I will also oppose any proposal to amend the U.S. Constitution to ban gays and lesbians from marrying.

I don't think marriage is a civil right, but I think that being able to transfer property is a civil right.

I think there are a whole host of things that are civil rights, and then there are other things - such as traditional marriage - that, I think, express a community's concern and regard for a particular institution.

What I believe is that marriage is between a man and a woman, but what I also believe is that we have an obligation to make sure that gays and lesbians have the rights of citizenship that afford them visitations to hospitals, that allow them to be, to transfer property between partners, to make certain that they're not discriminated on the job.

No party has a monopoly on wisdom. No democracy works without compromise. But when Governor Romney and his allies in Congress tell us we can somehow lower our deficit by spending trillions more on new tax breaks for the wealthy - well, you do the math. I refuse to go along with that. And as long as I'm President, I never will.