President Obama's state of the Union speech

In the State of the Union speech,Obama focused on economy  as the issue will be playing  a major role in next year's election.he defended his health care plan, opposed privatization of the Social Security pension program and called for ending tax cuts for the rich.Also proposing huge  spending on education, research, technology and transportation to make the U.S. more competitive with emerging economic powers like China and India.

US President Barack Obama vowed to eliminate billions of dollars of oil subsidies in order to invest in clean energy in future.

"I'm asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don't know if you?ve noticed, but they're doing just fine on their own," he said in his State of the Union address.

"Instead of subsidizing yesterday's energy, let's invest in tomorrow's," he added in the annual speech outlining his main policy goals.

While Republicans remained dissatisfied with his efforts to cut the deficit,they have dismissed his investment proposals as merely new spending.

The White House released the text of the speech prior to its delivery.

"At stake right now is not who wins the next election - after all, we just had an election. At stake is whether new jobs and industries take root in this country, or somewhere else. It's whether the hard work and industry of our people is rewarded. It's whether we sustain the leadership that has made America not just a place on a map, but a light to the world," Obama said.

On the issue of military presence in Iraq  "This year, our civilians will forge a lasting partnership with the Iraqi people while we finish the job of bringing our troops out of Iraq," the president said.

President Barack Obama  said that his administration has built a new partnership with India, as the US has stepped up efforts to ensure global peace and prosperity.

Obama visited India in November last year.

Building new relationship with countries like India, Obama said is part of his efforts to shape a world that favors peace and prosperity.

"With our European allies, we revitalised NATO, and increased our cooperation on everything from counter-terrorism to missile defence," Obama said.

We have reset our relationship with Russia, strengthened Asian alliances, and built new partnerships with nations like India, Obama said in his annual State of the Union Address to the Congress.

"This March, I will travel to Brazil, Chile, and El Salvador to forge new alliances for progress in the Americas," he added.US President Obama also said the U.S. stands with the people of Tunisia and all people striving for democracy. The president said the will of the people in the North African country proved more powerful than the rule of a dictator. Tunisia's autocratic leader, President Zine El Abidine Ben Ali fled the country Jan. 14 after 23 years in power.