Update: In his commencement address to West Point's graduates, President Obama addressed criticism of his foreign policy agenda, stating that those "who suggest that America is in decline, or has seen its global leadership slip away – are either misreading history or engaged in partisan politics." America, the President said, is and will be "the one indispensable nation" in the world." He then laid out his foreign policy vision for the rest of his term.
Stating that neither total isolationism nor total interventionism makes for smart foreign policy, the President said the following:
But to say that we have an interest in pursuing peace and freedom beyond our borders is not to say that every problem has a military solution. Since World War II, some of our most costly mistakes came not from our restraint, but from our willingness to rush into military adventures – without thinking through the consequences; without building international support and legitimacy for our action, or leveling with the American people about the sacrifice required. Tough talk draws headlines, but war rarely conforms to slogans. As General Eisenhower, someone with hard-earned knowledge on this subject, said at this ceremony in 1947: “War is mankind’s most tragic and stupid folly; to seek or advise its deliberate provocation is a black crime against all men.”
The U.S., he said, "will use military force, unilaterally if necessary, when our core interests demand it – when our people are threatened; when our livelihood is at stake; or when the security of our allies is in danger." But, he added, "when issues of global concern that do not pose a direct threat to the United States are at stake – when crises arise that stir our conscience or push the world in a more dangerous direction – then the threshold for military action must be higher." The U.S. would instead use "diplomacy and development; sanctions and isolation; appeals to international law...[and if necessary] multilateral military action" to address these crises.