U.S. President Barack Obama has delivered his first State of the Union address with the main focus on jobs and the economy. He said the worst of the financial storm has passed but admitted the change has not quite enough. Mr Obama defended the controversial bank bailouts, saying they were necessary to save the economy.Speaking to a joint session of the House and Senate at the Capitol last night, Mr. Obama urged Congress to send him a jobs bill without delay. He called for a new foundation for long-term economic growth, and for the nation to address the economic problems that Americans have faced for years.Mr. Obama reiterated his commitment to his controversial reforms plan for the American healthcare system. He acknowledged that that was a conflict issue and said he took his share of the blame for not explaining the project more clearly to the American people. But he called on Congress not to walk away from reforms. On Foreign Policy, President Obama said that even as the United States fights wars in Iraq and Afghanistan, the country is confronting perhaps the greatest danger to its people – the threat of nuclear weapons. He said diplomatic efforts had increased North Korea's isolation and he warned Iran's leadership would also face growing consequences if it continue to ignore its obligations. Barack Obama on Thursday said America cannot accept second place in the backdrop of India and China speedily revamping their economies.Obama said he will not accept second place for America, and it was time to get serious about fixing the problems that are hampering economic growth in the US.Speaking at his first State of the Union address to the US Congress, Obama said countries like India and China are not waiting to revamp their economies. In his 69-minute-long prime-time speech, Obama said these nations are not playing for second place.Instead, they are rebuilding their infrastructure and making serious investments in clean energy because they want those jobs.Obama, who delivered his address against a backdrop of an American public worried about the fallout of the meltdown, said the worst of the storm has passed, but the devastation remains. President Obama also said it was time to end tax breaks to American firms that farm out jobs overseas, and help those which create employment within the country. India has been one of the biggest beneficiaries of outsourcing and could be the worst hit by this move to end tax breaks.