James Webb space telescope expected to be launched in 2018 will be able to see the first stars and galaxies in the early universe i.e 13 billion light years into space.
(http://asset3.cbsistatic.com/cnwk.1d/i/tim/2012/08/21/james-webb-space-telescope_60x43.jpeg)
image:NASA
Even though the project suffered limited funds in 2011, it recieved some more funds from the Congress to see it revive. Named for former NASA administrator James Webb, the telescope's primary flower-like folding mirror is made up of 18 individual, highly polished, hexagonal gold coated beryllium segments that will capture the faintest traces of infrared light from distant galaxies.
Since warm objects give off infrared light, or heat, if the telescope's mirror was the same temperature as the Hubble Space Telescope's, the faint infrared light from distant galaxies would be lost in the infrared glow of the mirror. Instead, the Webb telescope requires extremely cold temperatures, with its mirrors at around -220 degrees C.
To be able to keep the telescope at lower temperatures, it will be sent deep into space away from earth.