WASHINGTON — President Barack Obama on Saturday promised to rewrite the nation's sweeping education law known as No Child Left Behind with a plan to prepare students for life after high school and to place better teachers at the blackboards.

Obama said he would send Congress his proposed overhaul of the 2001 education law that focused on accountability in the classroom but has fallen short of its original goals.

"Under these guidelines, schools that achieve excellence or show real progress will be rewarded, and local districts will be encouraged to commit to change in schools that are clearly letting their students down," Obama said in his weekly radio and Internet address.

Although Obama's weekly address was short on specifics, the president has been clear he is eyeing sweeping change. He has already been using federal money as leverage to push schools to raise standards and prepare more children for college or work.

He included $3.5 billion in last year's economic stimulus bill to help low-performing schools and has proposed $900 million for states and school districts that agree to drastically change or even shutter their worst-performing schools.