Transcript: George Stephanopoulos' ABC News / Yahoo! News Exclusive Interview With President Obama

PRESIDENT OBAMA: Well, we're going to be passing the trade bills. And I'm pleased we're doing that. Because that actually will add jobs-- you know, the trade bill not only is for Korea, but also Panama and Colombia. All these countries, right now, are able to sell into the United States. We have one of the most open markets in the world. Theirs are still a little too closed. And as I've said before, I want-- I don't mind Kias and Hyundais sold here, as long as Chryslers and-- and Fords are being sold-- in Korea, as well. So I'm glad that's an area of bipartisan agreement, but it's not enough by itself. There's more that we can do. And, you know, for example, you talk to Republican governors, Republican mayors, and they'll tell you that the need for them to rebuild roads and bridges, including some-- you know, that-- I visited in-- in-- in Virginia, but also-- some that I've visited-- between Kentucky and Ohio, where-- both-- Mr. Boehner and Mr. McConnell hail from-- those are projects that need to happen anyway. Why not do them now at a time when we've got construction workers out of work, contractors-- are able to come in under budget, on time. This is the time to do it.

GEORGE STEPHANOPOULOS: We have a brand new poll out at ABC. It's just coming out-- later today, showing the majority of Americans, 55 percent, think you'll be a one-term president. Are you the underdog now?

PRESIDENT OBAMA: Absolutely. The-- because-- you know, given the economy, there's no doubt that, you know, whatever happens on your watch, you've got--

GEORGE STEPHANOPOULOS: You embraced that pretty quickly.

PRESIDENT OBAMA: You-- you-- you know, I-- I don't mind. I-- I'm used to being an underdog. And-- and I think that-- at the end of the day, though, what people are going to say is, "Who's got a vision for the future? That can actually help ordinary families recapture that American dream?" When I ran in 2008, the basic idea was that-- you know, ordinary folks, who are working hard, you know, doing everything right, just weren't getting ahead. Wages, incomes had flat-lined, costs were going up, everything from health care to college education. And-- you know, the whole approach of everything I've tried to do over the last three years is to say, "What are those big changes that we have to make so that our kids are getting the best education, we've got the best infrastructure in the world, we've got the tools that allow us to succeed again?"

GEORGE STEPHANOPOULOS: We actually got a great question on Twitter about 2008. It's from Gale Glover, and he asks, "If hope and change define the 2008 campaign, what two words are going to make-- are going to define 2012?"

PRESIDENT OBAMA: I-- you know, I haven't quite boiled it down to a bumper sticker yet. But I think what'll-- define 2012 is-- you know, our vision for the future. That's three words. Four.

GEORGE STEPHANOPOULOS: It's five, actually.

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