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

PRESIDENT OBAMA: ...Vision for the future. Four. There is-- going to be a contest of values and-- and vision in 2012. Nobody's going to deny that we're not where we need to be. That the economy is not producing enough jobs that pay well and give people-- a leg up on life. And so the question is, "What's most likely to get us there?" Now there are going to be some folks who make the argument that if you just slash spending, eliminate regulations that prevent us from polluting our air or polluting our water or, you know, we bust labor unions, that that in and of itself is going to restore the American dream. I don't think most Americans believe that. I think they understand that we've got to invest in making sure we've got the best education system possible, that we've got to invest in basic research. That part of what made us an economic superpower was we had the best technology, the best infrastructure, and that government has some role to play in that. And so the question's going to be-- you know, which vision is more persuasive to the American people?

GEORGE STEPHANOPOULOS: One of your potential opponents, Chris Christie, governor of New Jersey, very tough speech at the Reagan Library last week. He said-- you don't have the courage to lead. He called you a bystander in the Oval Office. And I want to get this right, because it-- what he ended up saying is that-- you haven't brought people together. Now you're going to divide them. And he asked, "What happened to State Senator Obama? When did he decide to become one of the dividers he spoke of so eloquently in 2004?"

PRESIDENT OBAMA: Well, look-- you know, if the guy's thinking about running for president, he's going to say a lot of stuff. And I think in the Republican primaries-- saying nasty stuff about me is probably-- polls pretty well--

GEORGE STEPHANOPOULOS: --he basically says he did in New Jersey, brought people together, which you haven't been able to do in Washington.

PRESIDENT OBAMA: Well-- you know, I'm not sure that-- folks in New Jersey necessarily would agree with that. But here's-- here's the broader point. I don't think that the American people would dispute that at every step of the way, I have done everything I can to try to get the Republican Party to work with me to deal with what is the biggest crisis of our lifetimes. And each time, all we've got from them is "no." I think-- the-- the-- you're not going to get too much dispute about that, whether--

GEORGE STEPHANOPOULOS: How is that going to change in the next--

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