Obama: Fixing Economy a 'Long-Term Project'

    US President Barack Obama wipes his brow as he speaks on the economy and an extension of the payroll tax cut at Osawatomie High School December 6, 2011 in Osawatomie, Kansas. AFP PHOTO/Mandel NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)


    In an interview to air Sunday night on CBS's 60 Minutes, President Obama predicted a bleak picture for economic recovery: "It's going to take more than one term. It probably takes more than one president." Obama's reelection campaign is expected to be a tough battle, as economic growth remains slow and unemployment rates continue to be high. When asked if he overpromised during his 2008 campaign and in a 2009 TV interview that "a year from now I think people will see that we're starting to make some progress," Obama responded candidly. "I always believed this was a long-term project...And, you know, for individual Americans who are struggling right now, they have every right to be impatient."

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