By Agencies

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Barack Obama has vowed that jobs will be his administration's "number one focus in 2010".

In his first state of the union address in Washington DC on Wednesday, the US president admitted that "change has not come fast enough" for many Americans who are frustrated and angry.

"So tonight, I’m proposing that we take $30bn of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat," he said.

He also proposed a new small business tax credit for firms to hire new workers or raise wages and to eliminate all capital gains taxes on small business investment and tax incentives to invest in new plants and equipment.

Urging the senate to follow the House of Representatives in passing a jobs bill, he said: "I want a jobs bill on my desk without delay."  

Despite recent stinging political setbacks, Obama said he had "never been more hopeful about America’s future than I am tonight" and would not abandon ambitious plans for longer-term fixes to healthcare, energy and education in the country.

"From the day I took office, I have been told that addressing our larger challenges is too ambitious – that such efforts would be too contentious, that our political system is too gridlocked, and that we should just put things on hold for awhile.

"For those who make these claims, I have one simple question: How long should we wait?" he said.

Saying that countries such as China, India and Germany were "not standing still" and "not waiting to revamp their economies, he urged the US to invest in "the infrastructure of tomorrow".

"As hard as it may be, as uncomfortable and contentious as the debates may be, it's time to get serious about fixing the problems that are hampering our growth."