A day after a poll drubbing, US President Barack Obama struck a defiant tone saying he is ready to work with Republicans but could bypass Congress on issues like immigration reforms that would allow 11 million illegal immigrants, including 2.4 lakh Indians, to stay in the country.

Exuding full confidence in the future of America, Obama in his 90-minute speech said, "We have all the best cards relative to every other country on Earth." "I am really optimistic about America. I know that runs counter to the current mood, but when you look at the facts, our economy is stronger than just about anybody's," he said.

"The United States continues to be a magnet for the best and brightest from all around the world. My job over the next couple of years is to do some practical, concrete things -- as much as possible with Congress; where it's not possible with Congress, on my own -- to show people why we should be confident, and to give people a sense of progress and a sense of hope," Obama said.