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

PRESIDENT OBAMA: --the-- well, the-- you know, the way it's going to change is because the American people are gonna have the say about where we want to go, you know? They're going to have a decision to make. And they're going to say to themselves, "You know what? President Obama wanted to reduce the deficit by not only cutting spending, as he's already done, but also by making sure that-- the most fortunate in our society are paying their fair share. That we're closing corporate loopholes that small businesses don't get. The Republicans have said no to that." Well, that's a contrast in approaches. And-- you know, when you tick down which approach the American people generally prefer, they'll say mine. Now what they'll say is, "He hasn't been able to get it through Congress." And, you know, I-- I'm the first one to acknowledge that-- the relations between myself and-- the Republican Congress have not been good over the last several months, but it's not for a lack of effort. It has to do with the fact that-- you know, they've made a decision to follow-- what is a pretty-- extreme approach to governance.

GEORGE STEPHANOPOULOS: You might have a new issue on your plate over the weekend. Bank of America now is doing a $5 service fee for using your debit cards. Drawing-- a lot of outrage, a lot of questions. And basically the questions boil down to what Vikki Manko of Naperville, Illinois asks. "These are the types of things government should get involved in and put a stop to." Can you put a stop to that?

PRESIDENT OBAMA: Well-- what we did was we put a stop through-- The Financial Reform Act of them charging fees-- for credit cards.

GEORGE STEPHANOPOULOS: And the banks are saying--

PRESIDENT OBAMA: And so-- Well-- what-- what the banks are saying is-- that "Rather than take a little bit less of a profit. Rather than paying multimillion dollar bonuses. Let's treat our customers right." And this is exactly why we need this consumer finance-- protection bureau that we set up that is ready to go. And what we need is a confirmation of the person I've appointed, Rich Cordray treasurer of Ohio. Back in Ohio, Republicans and Democrats both think he's terrific and he's fair. But this is exactly why we need somebody who's sole job it is to prevent this kind of stuff from happening.

GEORGE STEPHANOPOULOS: Can you stop this service charge?

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