US President Barack Obama Tuesday vowed to build a economy that is just from "top to bottom" in which the rich pay a fair share, as he sketched a populist vision to underpin his reelection campaign.

In extracts from his State of the Union address, Obama also warned he would act to bypass congressional obstruction and not let Republicans recreate economic policies he said had caused the worst recession since the 1930s.

"We can either settle for a country where a shrinking number of people do really well, while a growing number of Americans barely get by," Obama said in excerpts released by the White House three hours before his showpiece address.

"Or we can restore an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules."

The annual speech, in which Obama will leverage the symbolic power of the presidency for political gain in front of millions of television viewers, will lay out Obama's case as he launches his campaign ahead of November's election.

"Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that does the same," Obama was to say in the speech beginning at 9:00 pm (0200 GMT).

"It’s time to apply the same rules from top to bottom: no bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody."