American Soldier in Iraq (Photo Courtesy U.S. Army)

President Obama will observe the important landmark in a speech to be delivered Tuesday night.

While all combat troops have withdrawn from Iraq, close to 50,000 troops remain to act in an "advise and assist" capacity, working closely with government and security officials to ensure a stable political and security environment. 

President Obama will emphasize the effect on the American economy in his speech, saying that the resources that have been diverted into the war effort can now be funneled into recovering from the recession. 

Politico reports that he will say: 

"Ending this war is not only in Iraq’s interest — it is in our own. The United States has paid a huge price to put the future of Iraq in the hands of its people. 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. We have persevered because of a belief we share with the Iraqi people — a belief that out of the ashes of war, a new beginning could be born in this cradle of civilization."

Some of the equipment and troops that are being withdrawn from Iraq are being diverted to the war effort in Afghanistan, where Obama promised 30,000 new combat troops in December of 2009 to change the tide of the counterinsurgency effort against the Taliban.

Check back later for full coverage of President Obama's address.

Reach Reporter Mary Slosson here, and follow her on Twitter here.