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Roundtable: The GOP Victory — and Obama's Next Steps

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 What do the Democrats and Obama have to do now, given the Republican majority they face in the House?
Hart: First, get the economy working. Job one is the only job, and that's getting people back to work. Second, find a way to connect with average voters. In the past few months, Obama started going into people's backyards during the campaign. He was closer to them physically, but he never connected with them emotionally. Third, look beyond his current group of insiders in the White House and find new people who can help him survive, the way Bill Clinton sought out Leon Panetta after Republicans retook the House in 1994.

Gergen: If Obama is going to govern as well as prosper politically, he has to pivot back toward the center. He must embrace some sort of Social Security reform, just as Clinton did with NAFTA, even though his base will scream about it. He must also enlarge his inner circle by bringing in people who have the trust of the business community. One of the surprises for me has been that even though Obama rescued the banks, the alienation of the business community has reached a point that is threatening the recovery. Business people are sitting on a lot of money and not investing it because there is so much uncertainty about taxes, health care, financial regulations and energy. Obama's got to be more of a partner with the business community.

Taibbi: I have to disagree. The notion that the business community is disappointed with Obama because of what he's done in the past two years, I just don't see that. They're sitting on a lot of money, but they're sitting on it because he gave it to them.

Gergen: You don't think they're disappointed?

Taibbi: I'm sure they would have preferred the Republican agenda, where they would get 100 percent of what they want. Under Obama, they only got 90 percent. He bailed out the banks and didn't put anybody in jail. He gave $13 billion to Goldman Sachs under the AIG bailout alone and then did nothing when Goldman turned around and gave themselves $16 billion in bonuses. He passed a financial-reform bill that contains no significant reforms and doesn't really address the issue of "too big to fail." FDR, in the same position, passed radical reforms that really put Wall Street and the business community under his heel.

Gergen: If you talk to many CEOs, you'll find that they're very hostile toward Obama.

Taibbi: Who cares what these CEOs think? I don't care — they're 1/1,000th of a percent of the electorate. They're the problem. Obama needs to get other people's votes, not their votes.

Gergen: It's not their votes he needs to get — it's their investments and jobs.

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