Obama on Election: "The Buck Stops With Me"

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BOB SCHIEFFER: I want to get back to foreign policy but I also want to ask you about what happened on Tuesday.

PRESIDENT OBAMA: We got beat.

SCHIEFFER: Harry Truman once famously said if you want a friend in Washington get a dog. I thought of that when I heard the chief of staff of the Democratic leader of the Senate, Harry Reid, say, and this is his quote, when the president's approval rating is basically 40% what else more is there to say. He's basically saying it was your fault. Do you feel it was your fault?

PRESIDENT OBAMA: Look, another saying of Harry Truman's was, the buck stops with me. The buck stops right here, at my desk. So whenever, as head of the party, it doesn't do well, I've got to take responsibility for it. The message that I took from this election, and we've seen this in a number of elections, successive election, is people want to see this city work. And they feel as if it's not working.

The economy has improved significantly, there's no doubt about it. We had a jobs report for October that showed that once again over 200,000 jobs created, we've now created more than ten million. The unemployment rate has come down faster than we could had anticipated. Just to give you some perspective, Bob, we've created more jobs in the United States than every other advanced economy combined. Since I came in to office.

And so we're making progress, the people still feel like their wages haven't gone up, their incomes hasn't gone up. It's still hard to save for retirement, it's still hard to send a kid to college. And then they see Washington gridlocked and they're frustrated. And they know one person in Washington and that's the president of the United States. So I've got to make this city work better for them.

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