WATCH LIVE: President Obama commemorates the March on Washington

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With thousands of people gathered in the nation's capital Wednesday to commemorate the 50th anniversary of the March on Washington and Martin Luther King Jr.'s famous "I Have a Dream" speech, President Obama will deliver his own remarks from the same historic spot.

His speech, scheduled to begin at 3 p.m., will cap a day of ceremony that includes orations from prominent civil rights activists and lawmakers, including civil rights leader Rep. John Lewis (D-Ga.), and former Presidents Jimmy Carter and Bill Clinton.

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Obama is expected to touch on the subject of race in his remarks, as he has done a few times in the past. Earlier this week, he downplayed expectations that he would outdo the man he intends to honor.

"It won't be as good as the speech 50 years ago," he said. "I just want to get that out there early."