“I have a vision for this country, where we grow our economy, create more jobs, and make real and sustainable progress towards helping the poor and middle classes,” said Mr Obama to rapturous applause.
“If you share my vision then prepare to be bitterly disappointed. But always remember that no matter how much I lead you down the garden path with my soaring rhetoric about hope and change, if we let that bunch of Republican lunatics into the White House things will be even worse.”
As thousands of delegates and other audience members cheered his every word, Mr Obama spoke about some of the fundamental differences between him and Mitt Romney.
“One candidate offers unfulfilled promises of hope and change, while the other threatens to tear from many of you what little you have left,” Mr Obama said.
“Isn’t it better to suffer the disappointment of unreasonable expectations, than to see the full extent of everything you feared come to pass?”
Obama also warned the audience that the road ahead would not be an easy one.
“I won’t pretend the path I’m offering is quick or easy. I never have. I’m not asking you to elect me because I’ll tell you what you want to hear, although I’ll sure do plenty of that. I want you to elect me because no matter how bad things get under my leadership, at least I’m not one of those Republican nutjobs.”
The President spoke about the choice voters had to make in November.
“You can choose a future where you have access to basic healthcare and social security. You can choose a future where you have the chance to get ahead, and where your children have the opportunity to get the education and skills they need to help drive a modern and innovative economy.
“Or you can choose not to emigrate to Canada.
Mr Obama spoke about the need to set bold and ambitious goals for the country.
“I am asking the people of this great land to choose their future. I’m asking you to rally around a set of goals for your country, goals in manufacturing, energy, education, national security, and the deficit. Plans that will lead to new jobs and more opportunity, and rebuild this economy on a stronger foundation.
“But just understand when I fail to meet any of these goals that it could have been much worse. At least we didn’t elect the other guy.”
Obama finished his speech with a warning about the importance of the November election to the future of America.
“Over the next few years, big decisions will be made in Washington, on jobs, the economy; taxes and deficits; energy, education; war and peace, decisions that will have a huge impact on our lives and our children’s lives for decades to come,” said Mr Obama.
“And on every issue, the choice you face won’t be just between two candidates or two parties.
“It will be a choice between a colossal disappointment and a complete disaster. Choose wisely, Americans.”