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Obama in 60 minutes

US PRESIDENT-ELECT Barack Obama said he intends to do whatever it takes to repair the economy, restore confidence and create jobs. And in a dramatic foreign policy break from incumbent George W Bush, Mr Obama, who gave his first post-election TV interview on Sunday night, vowed to pull troops out of Iraq, crush Al Qaeda and shut down the Guantanamo Bay prison.

ON THE ECONOMY

Once you become president, are there things that you’ll change?

Mr Obama: One area that I’m concerned about is we have not focused on foreclosures and what’s happening to homeowners as much as I would like. We have the tools to do it. We’ve gotta set up a negotiation between banks and borrowers so that people can stay in their homes ... one thing I’m determined is that if we don’t have a clear focused programme for homeowners by the time I take office, we will after I take office.

How high a priority are you placing on re-regulation of the financial markets?

Mr Obama: I think it’s a top priority. I think that we have to restore a sense of trust, transparency, openness in our financial system. And keep in mind that the deregulation process, it wasn’t just one party ... the answer is not heavy-handed regulations that crush the entrepreneurial spirit and risk-taking of American capitalism. That’s what’s made our economy great. But it is to restore a sense of balance.

General Motors is in dire straits, it may run out of cash by the time you take office.

Mr Obama: For the auto industry to completely collapse would be a disaster in this kind of environment, not just for individual families but the repercussions across the economy would be dire. So it’s my belief that we need to provide assistance. But I think that it can’t be a blank cheque.

Where is all the money going to come from to do all of these things?

Mr Obama: The consensus is this: That we have to do whatever it takes to get this economy moving again, that we’re gonna have to spend money now to stimulate the economy. And that we shouldn’t worry about the deficit next year or even the year after. That short term, the most important thing is that we avoid a deepening recession.

ON FOREIGN POLICY

Do you plan to take early action on shutting down Guantanamo Bay and changing interrogation methods used by US troops?

Mr Obama: Yes. I have said repeatedly that I intend to close Guantanamo, and I will follow through on that. I have said repeatedly that America doesn’t torture. And I’m gonna make sure that we don’t torture. Those are part and parcel of an effort to regain America’s moral stature in the world.

Where does capturing or killing Osama bin Laden fall?

Mr Obama: I think it is a top priority for us to stamp out Al Qaeda once and for all. And I think capturing or killing bin Laden is a critical aspect of stamping out Al Qaeda. He is not just a symbol, he’s also the operational leader of an organisation that is planning attacks against US targets.

ON THE HOME FRONT

How has your life changed?

:Mr Obama: :It’s something that I don’t think I’ll ever get used to. I mean, the loss of anonymity and this is not a complaint, this is part of what you sign up for. Being able to just wander around the neighbourhood. I can’t go to my old barber shop now. I’ve gotta have my barber come to some undisclosed location to cut my hair. You know, the small routines of life that keep you connected I think — some of those are being lost.

What was it like going through TheWhite House?

Michelle Obama: The White House is beautiful. It is awe-inspiring. What I felt walking through there was that it is agreat gift and an honour to be able to live here. And you know we want to make sure that we’re upholding what that house stands for. But I couldn’t help but envisioning the girls running into their rooms and, you know, running down the hall and with a dog ... our hope is that the White House will feel open and fun and full of life and energy.

Excerpts from an interview withCBS’ 60 Minutes reporter Steve Kroft.