President Barack Obama turned his focus Wednesday to the pocketbook issues that Americans consistently rank as a top concern, arguing that the dream of upward economic mobility is breaking down and the growing income gap is a "defining challenge of our time."
"The basic bargain at the heart of our economy has frayed," the president said at a nonprofit community center a short drive from the White House in one of Washington's most impoverished neighborhoods.
The president vowed to focus the last three years of his presidency on addressing the discrepancy and a rapidly growing deficit of opportunity that he said is a bigger threat than the fiscal deficit.
Obama's remarks on the economy come as he seeks to move past the health care woes that have consumed his presidency in recent months. He acknowledged his administration's "poor execution" in rolling out the flawed website that was supposed to be an easy portal for purchasing insurance, while blaming Republicans for a "reckless" shutdown of the government.
(Read more: Obama on Obamacare: 'We will make this work')