The speech, slated right after Obama takes an oath to "faithfully execute the office of the president of the United States" Monday on the Capitol's west front, includes no new policy, aides say. Rather, the president plans to use the moment as it traditionally has been in most of the 56 previous inaugurations — to talk about founding American values and their importance to the country's success today.

But his words come at the start of a second term with no shortage of tough battles. Obama may in some way reference the Connecticut elementary school shooting that pushed gun control to the top of his agenda. He may also speak of a need to tackle comprehensive immigration reform, another second-term priority, and a need to bring U.S. troops home from Afghanistan.

White House advisers see the inaugural speech as the opening opportunity for the president to discuss his second-term agenda, but in broad terms. The next major opportunity will be at the State of the Union address Feb. 12, when aides say Obama will discuss specific policy proposals.