President George Bush, along with other federal, state, and city officials helped to rededicate the Intrepid Sea, Air and Space Museum Tuesday, as the city marks Veterans Day.

Bush was presented with the Intrepid Freedom Award in front of 5,000 guests and 2,500 veterans. The medal honors his promotion and defense of the values of freedom. First Lady Laura Bush rechristened the decommissioned World War II aircraft carrier.

The outgoing commander-in-chief reminded Americans to pay tribute not just to those who have served, but also the new generation of heroes fighting the war against terrorism.

"The War on Terror has required courage, it has required resolve, equal to what previous generations of Americans brought to the fields of Europe and the deep waters of the Pacific," said Bush. "And I'm proud to report to my fellow citizens, our armed forces, the armed forces of this generation, have showed up for the fight, and America is more secure for it."

City Council Speaker Christine Quinn and Governor David Paterson also spoke before the crowd aboard the aircraft carrier.

Among those in attendance were former Intrepid crew members.

"I came down from South Portland, Maine. I can only come every five, six years. I chose to come down for the reopening of the museum," said former Intrepid crew member Ed Tyler. "I took it out of commission and what they've done is magnificent, because when we stripped it, we stripped it to the bare nuts and bolts."

"It's great. I love to see the ship as the center of the Veterans Day," said Lee Hittner, another former crew member. "We always march in the Veterans Day Parade every year. With the ship being back and being all renovated like it is, it's really beautiful and I'm glad to see so many people here enjoying it."

The old Navy men enjoyed seeing their ship after a two-year, $120 million renovation and its official reopening to the public on Saturday.

"It's hard to explain. If my heart could speak, then you would know. It was glorious!" said Felix Novelli, who served aboard the Intrepid from 1944 to 1946.

"Even though it's so beautiful now, it wouldn’t matter how it looked. It’s my ship and anyone who has served on it is part of it and it never leaves you," said Ray Stone, who served aboard the Intrepid from 1943 to 1945.

Earlier Tuesday morning, members of the U.S. Army's Golden Knights parachuted onto U.S.S. Bataan, which is parked alongside the Intrepid.

Meanwhile, Vice President Dick Cheney honored veterans with a wreath-laying ceremony at Arlington National Cemetery.

Hundreds gathered as he placed the wreath in front of the Tomb of the Unknowns.

The memorial contains the remains of several unidentified soldiers who served in World War I, World War II, and the Korean and Vietnam Wars.

President-elect Barack Obama observed Veterans Day in Chicago where he laid a wreath at a local memorial Tuesday morning.