Obama: Fixing Economy a 'Long-Term Project'

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."