Hi Saifi and Pardhu,

I use festival (http://www.cstr.ed.ac.uk/projects/festival/) with Carnival GUI. 
This might already be installed on your machine, check your packages.

And there are a lot of other softwares too.
See http://sound.condorow.net/speech.html
Googling will get you a lot of options.

By speech API, do you mean a speech recognition software? Then yes, Sphinx from 
CMU Festival is a API(in C++) too, for text-to-speech conversion.

Hope it that helps

--
Satish

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