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During his remarks, Obama said the country needs to take charge to resolve itself from the economic crisis that has led to massive job loss, poor consumer confidence and a weakened image of the American dream.

"We will rebuild, we will recover, and the United States of America will emerge stronger than before," said Obama.

In order to stabilize the shaky economy, Obama said more money will be needed to rescue the nation's banks, a plan that has received harsh criticism from Republican lawmakers.

"It's not about helping banks. It's about helping people. Because when credit is available again, that young family can finally buy a new home," said Obama.

The president hammered the point several times, promising skeptical Americans that CEOs won't get rich off the bailout money.

"This time, CEOs won't be able to use taxpayer money to pad their paychecks or buy fancy drapes or disappear on a private jet. Those days are over," said Obama.

Obama also touched on key elements of his recently passed economic stimulus bill, saying it will save or create 3.5 million jobs and offer tax cuts to 95 percent of working households -- the details of which can now be viewed online by every American.

He says affordable healthcare, better education and clean, renewable energy will aid the country in getting back on the right foot.

Obama also pledged to provide higher salaries and better benefits to members of the military.

The president is expected to submit his budget to Congress within the next few days and comes on the heels of remarks made over the weekend where he vowed to cut the nation's deficit in half by the end of his first term.

Immediately following Obama's speech, Louisiana Governor Bobby Jindal gave the Republican response.

He says Obama and the Democrats acted irresponsibly by passing the stimulus package. Jindal continued by saying the law will do nothing but raise taxes and saddle the country deeper in debt.

"Republicans want to work with President Obama. We appreciate his message of hope. But sometimes it seems we look for hope in different places. Democratic leaders in Washington have placed their hope in the federal government. We place our hope in you, the American people," said Jindal.

Jindal is already considered a top contender to challenge Obama for the presidency in 2012.