PRESIDENT BARACK OBAMA: What a smart, business-driven job training program gives us the capacity to do is not just have folks train for the sake of training, but rather have them train with a specific job in mind.
When you combine it with apprenticeship and other opportunities to partner between the private and the public sector, what you end up seeing is not only folks getting jobs when they don't have work, but also people inside their own companies who want to advance suddenly seeing careers open up to them.
MAJOR GARRETT: It sounds as if you're saying it might not be a bad idea for the federal government to get out of the worker training process entirely. Is that what you're trying to say?
PRESIDENT OBAMA: It's not a matter of the federal government getting out of the business. It's a matter of doing it smarter. What we have not utilized as well as we should have is this crown jewel -- and that is our community colleges system, which, when done right, can provide a very efficient, cost-effective, meaningful way for folks to get training throughout their careers.
There will be more of Major Garrett's interview with the president Thursday on "CBS This Morning."