World welcomes President Barack Obama

Stepping into history, Barack Hussein Obama grasped the reins of power as America's first black president on Tuesday, declaring the nation must choose "hope over fear, unity of purpose over conflict and discord" to overcome the worst economic crisis since the Great Depression.

In frigid temperatures, an exuberant crowd of more than a million packed the National Mall and parade route to celebrate Obama's inauguration in a high-noon ceremony. Waving and cheering in jubilation, they stretched from the inaugural platform at the U.S. Capitol toward the Lincoln Memorial in the distance.

With 11 million Americans out of work and trillions of dollars lost in the stock market's tumble, Obama emphasized that his biggest challenge is to repair the tattered economy left behind by outgoing President George W. Bush.

"Our time of standing pat, of protecting narrow interests and putting off unpleasant decisions — that time has surely passed," Obama said. "Starting today, we must pick ourselves up, dust ourselves off and begin the work of remaking America."

Obama wove a thread of personal responsibility and accountability through the address. He spoke of a "new era of responsibility" and alluded to the inability — or unwillingness — of Americans to adjust to the passing of an industrial-based economy. "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," he said.

Two years after beginning his improbable quest as a little-known, first-term Illinois senator with a foreign-sounding name, Obama moved into the Oval Office as the nation's fourth-youngest president, at 47, and the first African-American, a barrier-breaking achievement believed impossible by generations of minorities.

He said it was a moment to recall "that all are equal, all are free and all deserve a chance to pursue their full measure of happiness." In another racial reference, he paid tribute to workers in the past who "endured the lash of the whip and plowed the hard earth."

Obama's election was cheered around the world as a sign that America will be more embracing, more open to change. "To the Muslim world," Obama said, "we seek a new way forward, based on mutual interest and mutual respect."

Still, he bluntly warned, "To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West — know that your people will judge you on what you can build, not what you destroy."

"To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history, but that we will extend a hand if you are willing to unclench your fist," Obama said in his address, which ran 18½ minutes.

He said that all Americans have roles in rebuilding the nation by renewing the traditions of hard work, honesty and fair play, tolerance, loyalty and patriotism.

With the economy in a long and deepening recession, Obama said it was time for swift and bold action to create new jobs and lay a foundation for growth. Congressional Democrats have readied an $825 billion stimulus plan of tax cuts and spending for roads, bridges, schools, electric grids and other projects.

The unfinished business of the Bush administration thrusts an enormous burden onto the new administration, though polls show Americans are confident Obama is on track to succeed. He has cautioned that improvements will take time and that things will get worse before they get better.

Culminating four days of celebration, the nation's 56th inauguration day began for Obama and Vice President-elect Joe Biden with a traditional morning worship service at St. John's Episcopal Church, across Lafayette Park from the White House. Bells pealed from the historic church's tower as Obama and his wife, Michelle, arrived five minutes behind schedule.

The festivities didn’t end until well after midnight, with dancing and partying at 10 inaugural balls.

It was the priciest inauguration ceremony, according to a report issued by The Associated Press. The overall cost for the gala reached a record high of $150 million. A free concert featuring Beyonce, U2, Bruce Springsteen and other notable performers entertained millions of Obama supporters at the National Mall on Sunday, Jan. 18.

The president’s inaugural committee raised $41 million and some wealthy donors contributed to fund the historic event, but taxpayers paid most of the expense for the inauguration, much of it for security and logistics.