US president George Bush has admitted economic growth is slowing but appealed to Americans to be "confident" about the economy in the long run.
With the country's credit crunch affecting markets around the world and triggering fears of a nationwide recession, Mr Bush admitted that "at kitchen tables across our country, there is a concern about our economic future".
But in his state of the union address, the president reassured that measures are in place to improve the situation, including a "robust growth package" which contains tax relief for families and incentives for business investment.
He outlined the budget he will submit next week, arguing that it will terminate or substantially reduce 151 "wasteful or bloated programmes", totalling more than $18 billion (£9.06 billion).
"The budget that I will submit will keep America on track for a surplus in 2012," Mr Bush told Congress.
"American families have to balance their budgets; so should their government."
The president also outlined his goals for his final year in office, including improving health, housing and education.
A secure energy supply for Americans is also high on the agenda; Mr Bush called for renewable technologies to be developed and for an international clean technology fund, which will help developing nations like India and China make greater use of clean energy sources.
Mr Bush also praised American forces engaged in overseas operations including Iraq and Afghanistan, pledging full funding for them so "you will have all you need to protect our nation".