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The president's freshman speech covered a number of topics, including nuclear proliferation, global warming and the promotion of sound economies.

"We must embrace a new era of engagement based on mutual interests and mutual respect, and our work must begin now," said Obama.

Obama spoke about the nation's past troubles and the hopes he has for its future, and the future of the world.

"The United States stands ready to begin a new chapter of international cooperation – one that recognizes the rights and responsibilities of all nations," he said. "With confidence in our cause, and with a commitment to our values, we call on all nations to join us in building the future that our people deserve."

After recounting the progress that has been made in the United States over his past nine months in office, the president reiterated his commitment to defeating al-Qaida and ending the Iraq War.

He also pledged America's commitment to climate control and restoring the global economy.

"Consider the course that we are on if we fail to confront the status quo," said Obama. "Extremists sowing terror in pockets of the world. Protracted conflicts that grind on and on. Genocide and mass atrocities. More and more nations with nuclear weapons. Melting ice caps and ravaged populations. Persistent poverty and pandemic disease. I say this not to sow fear, but to state a fact: the magnitude of our challenges has yet to be met by the measure of our action."

A day after the meeting between Israeli and Palestinian leaders, the president said it's time to get moving on peace negotiations between the two countries, and urged them to break old patterns.

"After all of the politics and all of the posturing, this is about the right of every human being to live with dignity and security," Obama said. "That is a lesson embedded in the three great faiths that call one small slice of Earth the Holy Land. And that is why – even though there will be setbacks, and false starts, and tough days – I will not waiver in my pursuit of peace."

Obama today will also hold pivotal meetings with the new Japanese prime minister, Yukio Hatoyama, and Russian President Dmitry Medvedev.

Iranian President Mahmoud Ahmadinejad is scheduled to address the Assembly this afternoon.

Later, the president addressed the Clinton Global Initiative, where he spoke of the need for cooperation among nations to meet global challenges.

Besides bringing diplomats from across the world, the General Assembly also brings street closures and traffic for New Yorkers. View all of UN-related street closings.