President Obama says he will not back down from government regulations that ensure oil companies clean up huge spills, protect children from pollution, and make sure American's food and water supply is safe.

In his annual State of the Union address to Congress Tuesday, the president said some government rules are “outdated, unnecessary and too costly.” But he said the country needs what he calls smart regulations to prevent irresponsible behavior.

He said he will not go back to the days when health insurance companies had unchecked power to cancel coverage and Wall Street was allowed to play by its own rules.

Mr. Obama announced the creation of what he calls a Financial Crimes Unit to crack down on large-scale investment fraud, and a second unit to prosecute those who deal in the risky mortgages that brought on the housing crisis.

The president also asked Congress to use the money saved from ending the wars to pay down the national debt and repair crumbling infrastructure.