13:56 p.m. ET – Obama rejected the contention that his policies are moving America in the wrong direction, citing the economic turnaround since he took office as proof but, in reference to an auto-related campaign analogy, adding that it could be argued "we're stuck in neutral."
13:51 p.m. ET – Obama called the legislative process of passing health care reform "an ugly mess," saying "that is something that I regret" but adding that "the outcome was a good one."
13:41 p.m. – Obama said he intends to meet with congressional leaders from both parties "in the next few weeks" to negotiate a compromise on extending Bush-era tax cuts scheduled to expire by the end of the year.
13:30 p.m. ET – Obama reaffirmed his call for extending Bush-era tax cuts for most Americans, saying: "We've got some work to do to make sure that families are not seeing a higher tax burden, which is what will happen if Congress doesn't act."
13:26 p.m. ET – Obama: it would be a "misreading" of the midterm election results if anyone believed the American people want to spend the next two years trying to "relitigate" health care reform and other major legislation of his first two years in office.
13:15 p.m. ET – Obama: the result of the midterm elections "underscores for me that I've got to do a better job, just like everybody else in Washington."
13:12 p.m. ET – Obama: as the nation's leader, "I've got to take direct responsibility for the fact that we have not made as much progress as we need to make" in bringing down high unemployment and helping the economy fully recover from recession.
13:10 p.m. ET– Obama: both Democrats and Republicans have "certain principles that cannot be compromised," but the American people expect them to work together to solve the nation's problems.
13:08 p.m. ET– Obama: People are "deeply frustrated" over lingering hardship amid the slow recovery from economic recession, and while progress has been made, "clearly too many Americans haven't felt that progress. As president, I take responsibility for that."
13:05 p.m. ET – President Barack Obama said Wednesday that every election reminds America that "in our democracy, power rests not with those of us in elected office but with the people we have the privilege of serving."