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President Obama has hailed the end of US combat operations in Iraq, saying the US has paid a "a huge price" to "put Iraq's future in its peoples' hands".
In a speech delivered in a rare Oval Office address, he said he was "awed" by the sacrifice of the US military.
But he said America's "most urgent task" was now to "restore our economy".
He said the US would continue to support Iraq's government and people.
"Operation Iraqi Freedom is over, and the Iraqi people now have lead responsibility for the security of their country," Mr Obama said.
The BBC's Paul Adams, in Washington, says the president also talked about America's even longer conflict: the war in Afghanistan.
He may want to concentrate on the issues that really matter to his electorate - those that will influence voters in critical midterm elections in two months time.
But Barack Obama knows he's going to be a wartime president for some time to come, our correspondent adds.
'Remarkable chapter'
Mr Obama said it was in the interests of both the US and Iraq to end the war.
"The US has paid a huge price to put the future of Iraq in the hands of its people," he said.
"We have sent our young men and women to make enormous sacrifices in Iraq, and spent vast resources abroad at a time of tight budgets at home... Through this remarkable chapter in the history of the US and Iraq, we have met our responsibility. Now, it is time to turn the page."
Mr Obama said he had spoken earlier in the day to former President George W Bush, who lead the US into the war and was accused of mishandling the subsequent occupation.
"It's well known that he and I disagreed about the war from its outset," Mr Obama said.
"Yet no one could doubt President Bush's support for our troops, or his love of country and commitment to our security. As I have said, there were patriots who supported this war, and patriots who opposed it. And all of us are united in appreciation for our servicemen and women, and our hope for Iraq's future."
Mr Obama said the drawdown in Iraq allows the US military to divert resources to the fight in Afghanistan, where he said the US remains committed to defeating al-Qaeda and the Taliban.
But he reiterated the mission in that country will last "a limited time" before Afghan security forces will have to take over.
"As was the case in Iraq," he said, "we cannot do for Afghans what they must ultimately do for themselves."
The withdrawal of combat troops from Iraq came despite continuing violence and instability there.
The country's political leaders have so far failed to form a government after elections in March produced no conclusive winner.
'Removing all threats'
Speaking earlier on Tuesday, Iraqi Prime Minister Nouri Maliki lauded the withdrawal of US combat forces, saying Iraq was now "sovereign and independent".
"Our security forces will take the lead in ensuring security and safeguarding the country and removing all threats that the country has to weather, internally or externally," he said.
Violence in Iraq is down from the peak seen during the sectarian conflict in 2006-2007, although the number of civilian deaths rose sharply in July.
But while many Iraqis have welcomed the withdrawal, others say they believe it is happening too soon and that the country is not ready to manage its own security.
The last US combat brigade left Iraq nearly two weeks ago, well ahead of the 31 August target set by President Obama to cut the number of US troops in Iraq below 50,000. Those remaining US troops will focus on supporting Iraqi forces.
All US forces must be gone by the end of next year.
'Claiming credit'
Meanwhile, in Washington political wrangling has turned to who deserved credit for the end to the combat mission.
Republican leaders say the turning point could not have come without a 2007 troop surge ordered by former President George W Bush - and opposed by Mr Obama, then a US Senator.
"Some leaders who opposed, criticized, and fought tooth-and-nail to stop the surge strategy now proudly claim credit for the results," House Republican leader John Boehner said on Tuesday.
Source: BBC
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