"The recovery plan we passed is the first step in getting our economy back on track. But it is just the first step," he said in his maiden address to the joint session of US Congress.

"Because even if we manage this plan flawlessly, there will be no real recovery unless we clean up the credit crisis that has severely weakened our financial system," he said.

The President said he wants to "speak plainly" and candidly about this issue, as every American should know that it directly affects "you and your family's well-being."

"You should also know that the money you've deposited in banks across the country is safe; your insurance is secure; and you can rely on the continued operation of our financial system. That is not the source of concern," Obama said.