Cheney noted that the security situation in the Middle East and North Africa has worsened under Obama's watch with Iran actively pursuing nuclear weapons and with turmoil in Egypt, Syria, Mali and elsewhere.
"That part of the world is as dangerous now as it has ever been," he said.
The Obama administration's response has been to pull back U.S. military presence and influence, resulting in rising mistrust of the U.S. from allies such as Israel and Saudi Arabia, he said.
Despite Obama's re-election victory, Cheney said he hopes Republicans can revive their political fortunes by holding to conservative principles.
"I believe we're all going to pull together, work hard, dig in and do what needs to be done," he said.
Cheney, who received a heart transplant about a year ago, appeared fit, although his voice turned hoarse on occasion during his half-hour speech.