The U.S. economy was a major focus for President Barack Obama's State of the Union address. From the start, Obama said the country's economy is growing, creating jobs at the fastest pace since 1999 and the unemployment rate lower than before the 2008 financial crisis.

"At this moment -- with a growing economy, shrinking deficits, bustling industry, booming energy production -- we have risen from recession freer to write our own future than any other nation on Earth," said Obama, noting U.S. businesses have created more than 11 million new jobs. "It's now up to us to choose who we want to be over the next 15 years and for decades to come."

Obama announced he will send Congress a budget plan in the next two weeks. He also plans to travel across the country in effort to promote his budget.

The U.S. dependence on foreign oil has been reduced, according to Obama. He noted the U.S. is number one in oil, gas and wind power. The president acknowledged the low gas prices and high fuel standards, which could save families approximately $750 this year.

"At every step, we were told our goals were misguided or too ambitious; that we would crush jobs and explode deficits," said Obama. "Instead, we've seen the fastest economic growth in over a decade, our deficits cut by two-thirds, a stock market that has doubled, and health care inflation at its lowest rate in 50 years. This is good news, people."

Obama said "middle-class economic works" -- which he defined as when everyone receives a fair shot and plays by the same set of rules -- including opportunity expansion as long as current policies continue without political disruption, namely government shutdowns or fiscal slowdowns. Obama added the regulations on Wall Street should not be change and put families at risk of losing health insurance coverage or such legislation will be vetoed. He also threatened to use his veto power on immigration legislation that would eliminate his executive actions.

"Today, thanks to a growing economy, the recovery is touching more and more lives," said Obama. "Wages are finally starting to rise again. We know that more small business owners plan to raise their employees' pay than at any time since 2007. But here's the thing: Those of us here tonight, we need to set our sights higher than just making sure government doesn't screw things up; that government doesn't halt the progress we're making. We need to do more than just do no harm. Tonight, together, let's do more to restore the link between hard work and growing opportunity for every American."

The president received applause on normalizing diplomatic relations with Cuba. He claimed the policies from the previous 50 years have not worked and it's time to work on new initiatives. He also reiterated plans to close the Guantanamo Bay detention facility.

"[Our] shift in Cuba policy has the potential to end a legacy of mistrust in our hemisphere. It removes a phony excuse for restrictions in Cuba. It stands up for democratic values, and extends the hand of friendship to the Cuban people. And this year, Congress should begin the work of ending the embargo," said Obama, adding that such diplomatic solutions is also occurring with Iran and its nuclear energy program.

Obama briefly commented on immigration. The president said everyone should agree that no individual benefits when a hardworking parent is removed from her child.

The president said, "Yes, passions still fly on immigration, but surely we can all see something of ourselves in the striving young student ... it's possible to shape a law that upholds our tradition as a nation of laws and a nation of immigrants. I've talked to Republicans and Democrats about that. That's something that we can share."

Obama also called for Congress to address climate change, cyber security, identity theft and privacy.

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