KING: Thank you, Chris and Arwa. Let's go to the White House. David Axelrod, senior adviser to President Obama, is standing by. What kind of -- what was it like for him to make this speech tonight, David?

DAVID AXELROD, SR. ADVISER TO PRES. OBAMA: Well, I think it was a big moment for the country, Larry. And the president felt that way. This transfer of authority to the Iraqis for the principle responsibility for their security is something that he's been pointing to from the moment he took office. And it's -- so, it's a big moment for the country. It's a big transition.

We've got 100,000 troops out of Iraq. By the end of 2011, they'll all be out. And those are resources we can use elsewhere so it's -- it was a big moment. And I think he sensed that he wanted to talk to the country about it. And also to pay tribute to our valiant troops.

One of the things that the president did today was visit Fort Bliss in Texas to personally thank the troops and their families for what they've done over the last 7 and a half years, the enormous sacrifices. We saw some young people there who did three or four tours of duty in Iraq. So the sacrifice has been enormous. And this is their day, too.

KING: Was it a little more difficult, David, in view of the fact that he was so opposed to the war to begin with?

AXELROD: Well, I think that he is gratified to be winding the war down and doing it as he promised in a responsible way. And so, you know, I don't think he spent the day revisiting old history. Yes, he did oppose the war. And he did feel that we should be focused on al Qaeda in Afghanistan, but the war came. And now the war is ending in the appropriate way with a transfer of authority to a trained up Iraqi security force. And so I think he's gratified that that day has come.

KING: Should the wives and families of the 50,000 remaining be nervous?

AXELROD: Well, look, I think anytime your loved one is away and overseas in serving the country, there's a nervousness associated with that.

But, look, we believe the Iraqi security forces are ready to accept this responsibility. We believe that the political accommodations will be made. We had a good election in Iraq. The political process is moving on. We believe that this is moving in the right direction and that our forces will be able to leave the end of next year to a secure -- a very secure situation.

Obviously, there's still a potential for violence in Iraq. You see that. Now violence is way down from where it was, way, way down. But there's always that potential. And you have to be vigilant about it.

KING: David, we've spoken often over the years. You're at the White House every day. Are these troubling times there? How is the president dealing with all of this?

AXELROD: Well, Larry, I think that you asked if these are troubling times. They're troubling times for the American people. There's so much anxiety about the economy. You know, we had -- there was a huge hole that we have to climb out of. And that's taken, as the president said from the beginning, that was going to take more time than anyone wanted. And it's an ongoing effort.

And part of his message tonight is we have to really focus on that effort. And by winding down our effort in Iraq, that's one barrier we've crossed that frees us up to some degree to focus on the primary mission, which is to get our economy moving again. And we're all intensely focused on that here. We hear from people every day all over the country about their struggles and their concerns. And those concerns are our primary concern.

KING: A couple of other things. What prompted the idea that called former President George W. Bush?

AXELROD: I think the president thought it was an important thing to do on this day. They disagreed on the wars the president mentioned. But I think this is a day on which whether you agreed or disagreed, it was a day to pay tribute to the troops, to reflect on what they've done. And he felt to touch base with the former president, let him know exactly how we were proceeding was the right thing to do.

KING: Was it a long conversation?

AXELROD: I don't think they spoke particularly long, Larry. And I'm not going to get into the details of the discussion other than to say it was a cordial discussion. But again, I think that presidents, whether they agreed or disagreed, it's a lonely fraternity. No one understands it, but the guys who have sat in that chair.

KING: Yes.

AXELROD: I think on this day, this president thought calling the former president was the right thing to do.

KING: And one other thing, David, with the pullout from Iraq, is there some fear that this now strengthens Iran's hand in that region?

AXELROD: No, I don't believe so, Larry. And as you know, we're putting increasing pressure on Iran through sanctions and by galvanizing the world in support of those sanctions. And we believe that Iraq -- the sovereignty of Iraq will be respected and Iraq is not going to become a satellite in any way. So we feel that it is in our interests and in the interests of the Iraqis to follow through on the agreement we made with them and to begin this process by ending our combat engagement now, ending our military engagement at the end of 2011. And we feel that can -- can be done with some confidence.

KING: Thanks, David, always good seeing you.

AXELROD: Thanks, Larry. Good to be with you.