Watch the president's full remarks in the video above.
President Barack Obama can officially start his second term as president.
Late Monday morning, the president placed his hand on two Bibles--one used by the Rev. Martin Luther King Jr. and the other used by Abraham Lincoln--and recited the oath of office.
Upwards of 600,000 people crowded the National Mall for the inauguration ceremony.
During his remarks, the president addressed many of the items he will tackle this term. Those include the economy, the struggling middle class, ending our wars overseas, gay marriage and immigration.
"That is our generation’s task--to make these words, these rights, these values of life, and liberty, and the pursuit of happiness real for every American,” President Obama said. “Being true to our founding documents does not require us to agree on every contour of life. It does not mean we will all define liberty in exactly the same way, or follow the same precise path to happiness."
Vice President Joe Biden was also sworn in Monday for his next term as the nation's second in command.
Monday's events at the National Mall were purely ceremonial.
The president officially took the oath for his second term Sunday. Chief Justice John Roberts administered the oath in the Blue Room of the White House. Only a small group of people, including the president's daughters and wife, were in attendance for the ceremony.
The president used his wife's family Bible for the ceremony. The Bible once belonged to the Michelle Obama’s grandmother.
Keeping with tradition, the First Family attended a morning church service Monday before the festivities.
President Obama, Vice President Biden and their families attended services at St. John's Episcopal Church across from the White House.
The Constitution states that the new term begins at noon on Jan. 20.
Stay tuned to YNN for complete inaugural coverage, inclining a special live "Capital Tonight" with our crew in D.C. at 7 p.m.
YNN's LeAnn Wallace reports from D.C. after the president's address.
YNN: Obama: ‘Pursuit of happiness’ is our generation’s task
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