President Barack Obama says the economy will be his “singular focus” over the next two years.

He says the nation is past the “crisis point” in the economy, and that he’ll now be working to bring down the jobless rate and equip the nation to compete with the rest of the world.

Obama told reporters at a Wednesday news conference that the government needs to be a “good partner” with the private sector, in getting rid of regulations that stand in the way of innovation. But he says the government also needs to make sure consumers, workers and the environment are protected.

Obama says the American people will hold both parties accountable for the impact of their policies on the economy.