By Larry Kane

PHILADELPHIA (CBS) – President Obama delivered his State of the Union address Tuesday night, outlining his vision for what he calls a fairer economy for American families. And, as KYW Newsradio‘s Larry Kane reports, the address was part State of the Union, part campaign speech.

(KYW's Larry Kane.)

READ: Full Coverage Of President Obama’s State Of The Union Address

Among the proposals he outlined was the so-called “Buffett rule.” Named for the billionaire investor Warren Buffett (who famously said he pays a lower tax rate than his secretary), it would level a 30% tax rate on anyone making more than $1-million a year.

“Now you can call this class warfare all you want,” Obama said. “But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.”

Listen to President Obama’s Complete State of the Union Address:

Listen to the Republicans’ response to the President’s State of the Union Address:

Listen to the Tea Party Response:

The commander-in-chief also asked Congress to pass legislation on immigration, clean energy and housing.

The annual State of the Union comes in the middle of a bruising political battle and the timing is amazing. Newt Gingrich takes the lead in most Florida primary tracking polls. Mitt Romney finally releases his tax returns. The GOP split grows even further and more unpredictable.

In the middle of this comes the State of the Union, where financial fairness is one of the themes. But one aspect of the speech may have been overlooked: The President said he would take action to prevent another budget deficit crisis like we had last year.

Translation: he could use executive action to raise the debt limit without the Congress if it comes to that point later. That would be historic.

It’s so ironic that all this political energy is flowing at the same time. Depending on the outcome, it also could have been the last State of the Union delivered by Barack Obama.