Obama Vows Action To Meet Crises Of War, Economy

`Today I say to you that the challenges we face are real, they are serious and they are many,` Obama said in a prepared text.

Barack Obama became the first black president of the United States on Tuesday and promised bold, swift action to meet what he called the crisis of two wars and a badly weakened economy.

"Today I say to you that the challenges we face are real, they are serious and they are many," Obama said in a prepared text of his inaugural speech to be delivered after being sworn in as the 44th president of the United States.

"They will not be met easily or in a short span of time. But know this, America -- they will be met," he said in the speech delivered from the steps of the U.S. Capitol.

Obama, a Democrat taking over the presidency from Republican George W. Bush, said the economic crisis buffeting the country was the result of "greed and irresponsibility on the part of some" and promised to keep a watchful eye to ensure that the market did not spin out of control.

"The state of the economy calls for action, bold and swift, and we will act," he said.

He also vowed to responsibly pull U.S. forces out of Iraq and forge peace in Afghanistan, while pledging to find a new way forward in relations with the Muslim world.

But he warned that those who wage terrorism around the world that America's resolve remained strong.

"We say to you now that our spirit is stronger and cannot be broken. You cannot outlast us, and we will defeat you."