STEPHANOPOULOS: You know, we asked our viewers what they wanted to hear from you, and we got hundreds of pages of questions, thousands of questions, almost all about the economy. And it's clear there's a lot of pain out there, a lot of fear. And if I could sum up the questions, it would be very simple, can you fix this?
OBAMA: I think we can fix this. But it's going to take some time. It's not going to happen overnight...
STEPHANOPOULOS: Do you really believe those business tax cuts are going to work to create jobs? Or do you put them in so you could get Republican votes?
OBAMA: Well, let's look at the package as a whole, the bulk of the package is direct government spending. And here are a few things we're going to do…
…And so then the question becomes, do tax cuts also provide a stimulus? Do they also help? And they may not help as much as some of the direct spending projects do, but they still provide a stimulus, especially if they are targeted towards people who are really in need.
STEPHANOPOULOS: When you look at the array of things you want to do, as president, something is going to have to give.
OBAMA: Right.
STEPHANOPOULOS: Which of your ambitions, which of your campaign promises will you have to scale back on because of all of this?
OBAMA: Well, we are going to be presenting a budget in February. And as we learned this week, we are inheriting over a trillion dollar deficit. Unheard of in recent history and…So one of the things that I've said is -- and I've said this to my economic team, we are going to have to make some tough choices under my watch to ensure that on the medium term and the long term we're starting to bend the curve where we are getting the deficit under control.
STEPHANOPOULOS: Let me press you on this, at the end of the day, are you really talking about over the course of your presidency some kind of a grand bargain? That you have tax reform, health care reform, entitlement reform, including Social Security and Medicare where everybody in the country is going to have to sacrifice something, accept change for the greater good?
OBAMA: Yes.
STEPHANOPOULOS: And eventually sacrifice from everyone.
OBAMA: Everybody is going to have to give. Everybody is going to have to have some skin in the game.
STEPHANOPOULOS: So based on what you've learned during all these intelligence briefings, are we safer or more at risk than you believed during the campaign?
OBAMA: Well George you know I can't say what the --
STEPHANOPOULOS: Without giving me any confidential information, just generally.
OBAMA: I think that we have made progress in certain areas but those dangers are still there. And those dangers are not going to immediately go away…
STEPHANOPOULOS: You also agreed on Guantanamo when you say you want to shut it down. You say you're still going to shut it down. Is it turning out to be harder than you expected, will you get that done in the first 100 days?
OBAMA: It is more difficult than I think a lot of people realize and we are going to get it done but part of the challenge that you have is that you have a bunch of folks that have been detained, many of whom who may be very dangerous who have not been put on trial or have not gone through some adjudication.
It will be interesting to see if he continues this practice during his presidency.
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