President-elect Barack Obama, in his first television interview since his historic election, said Americans shouldn't worry about the
growing federal deficit for the next couple of years and also urged help for the auto industry.
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While investors are still riding a rollercoaster on Wall Street, Obama told CBS' "60 Minutes" in an interview /poadcast Sunday that the economy would have deteriorated even more without the $700bn bank bailout. Re-regulation is a legislative priority, he said, not to crush "the entrepreneurial spirit and risk-taking of American capitalism'' but to "restore a sense of balance."
He also said, "We shouldn't worry about the deficit next year or even the year after. ... The most important thing is that we avoid a deepening recession."
Obama said he has spent the days since the election planning to stabilize the economy, restore consumer confidence, create jobs and get sound health care and energy policies through Congress.
"There's no doubt that we have not been able yet to reset the confidence in the financial markets and in the consumer markets and among businesses that allow the economy to move forward in a strong way," Obama said. "And my job as president is going to be to make sure that we restore that confidence."
While he said "we have the tools," the president-elect said not enough has been done to address bank foreclosures and distressed homeowners.
"We've gotta set up a negotiation between banks and borrowers so that people can stay in their homes," Obama said. "That is going to have an impact on the economy as a whole. And, you know, one thing I'm determined is that if we don't have a clear, focused program for homeowners by the time I take office, we will after I take office."
Obama credited Treasury Secretary Henry Paulson for trying to remedy "an unprecedented crisis" the country hasn't seen since the Great Depression.
"Hank Paulson has worked tirelessly under some very difficult circumstances," Obama said. "And I think Hank would be the first one to acknowledge that probably not everything that's been done has worked the way he had hoped it would work."
A member of the transition team works with Paulson daily, Obama said, getting the needed background and sometimes offering approaches to address the economic meltdown.
In the CBS interview, Obama also said that as soon as he takes office he will work with his security team and the military to draw down U.S. troops in Iraq, shore up Afghanistan and "stamp out al-Qaida once and for all."
"I think it's important to get a national security team in place because transition periods are potentially times of vulnerability to a terrorist attack," he said. "We want to make sure that there is as seamless a transition on national security as possible."
Obama acknowledged meeting with former Democratic primary rival Sen. Hillary Rodham Clinton last week, but refused to say whether she was being considered for secretary of state, as has been widely reported. He also said the Republican party will be represented in his Cabinet.
Throughout the interview, the Obamas engaged in amiable banter, often finishing each other's sentences. For example, when Barack Obama said he found it soothing to wash dishes, Michelle Obama interrupted, "Since when was it ever soothing for you to wash the dishes?"
"You know, when I had to do it," the president-elect said. "I'd make it into a soothing thing."
The Obamas promised their two daughters a new puppy would make the trip to Washington with them, but they said the pup won't become part of the first family until after they move into the White House on Jan. 20.
"We're on call-mode on the dog front," Michelle Obama said. "Because the deal with the dog was that we would get the dog after we got settled. Because as responsible owners we, I don't think it would be good to get a dog in the midst of transition."
The president-elect said he has been enjoying the comforts of his own home since the election.
"I'm sleeping in my own bed over the last 10 days, which is quite a treat,'' he said. "Michelle always wakes up earlier than I do. So listen to her roaming around and having the girls come in and, you know, jump in your bed. It's ... it's a great feeling."
Obama comes to the Oval Office with an ambitious list of campaign promises that will require Capitol Hill's cooperation and approval, and the team he has been announcing in recent days is heavy on the legislative experience that Obama is lacking.
Obama resigned his Illinois Senate seat Sunday after just under four years of service, half of which he spent out on the presidential campaign trail.
During the campaign, Obama had Pete Rouse as his Senate chief of staff to take care of his business on Capitol Hill. On Sunday, Obama named Rouse to be a senior adviser in his White House. Rouse has 24 years of experience as a top Senate aide, also running the offices of former Senate Democratic leader Tom Daschle of South Dakota and Obama's Illinois colleague, Democrat Sen. Dick Durbin.
Obama also confirmed reports that he intends to close the detention center at Guantanamo Bay, and "make sure we don't torture" as "part and parcel of an effort to regain America's moral stature in the world."
Obama also said he plans to put al-Qaida leader Osama bin Laden in the crosshairs. "I think capturing or killing bin Laden is a critical aspect of stamping out al-Qaida," Obama said. "He is not just a symbol, he's also the operational leader of an organization that is planning attacks against US targets."
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