I look forward to hosting Prime Minister Lee [Hsien Loong], whose friendship and partnership I appreciate very much and with whom I've worked throughout my administration. This will also be an opportunity for me to reciprocate the hospitality that the Prime Minister and the people of Singapore showed to me during my visit to Singapore for the APEC summit in 2009.

One of the hardest things in politics is to convince people to do things now that will have a good effect 20 or 30 years from now because politicians tend to have a short-term view. They are more attentive to things that people care about today.

I warn young people that I interact with about this - you get into unrealistic expectations where you think that, "Oh, we're gonna eliminate racism like that. After Obama's elected how could there be any racism?".

We continue to urge China and other claimants to work constructively to resolve these disagreements, so that the South China Sea - which is so vital to the global economy - can be defined by commerce and cooperation.

Obviously, if Congress wants to talk about anything, we're happy to provide information. We're committed to moving forward under the current act.

Some banks won’t make it. Other banks are going to make sure that we strengthen. All deposits are going to be safe for ordinary people, but we’re going to have to bring out some of these bad assets.

When George Bush came into office, we had surpluses. And now we have half-a-trillion-dollar deficit annually. When George Bush came into office, our national debt was around $5 trillion. It's now over $10 trillion. We've almost doubled it.