CNN

WASHINGTON (CNN) – President Obama said in his inaugural address Tuesday that America is "in the midst of crisis."

"Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age," Obama said. "These are the indicators of crisis," Obama continued. "Less measurable but no less profound is a sapping of confidence across our land – a nagging fear that America's decline is inevitable, and that the next generation must lower its
sights."

"Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America – they will be met," Obama said.