While the President acknowledged that his administration inherited one of the worst crises in decades, the President promised to act with the "full force of the federal government" to jumpstart the flow of credit in the United States. However, he warned that "probably more than we've already set aside" would be needed to resolve the banking problem.

Obama also pledged to step up controls over how funds lent to financial institutions would be spent, in order to prevent executives from using "taxpayer money to pad their paychecks or buy fancy drapes or disappear on a private jet."

The President revealed his intentions to work on ways to reduce spending in multiple areas, but also promised to focus on clean energy, medicare reform and education.

Nevertheless, the President remained optimistic, saying that with tougher controls and careful monitoring of how every taxpayer dollar is spent, the U.S. will return to prosperity once again.

"While our economy may be weakened and our confidence shaken; though we are living through difficult and uncertain times, tonight I want every American to know this: We will rebuild, we will recover, and the United States of America will emerge stronger than before," he said.

By Erik Kevin Franco, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Stephen Huebl, This email address is being protected from spam bots, you need Javascript enabled to view it

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