Obama On Economic Crisis, Transition

Also Discusses National Security, Iraq, And His Cabinet In 60 Minutes Interview

(CBS)  Kroft: Can you give us some sense of when you might start redeployments out of Iraq?

Mr. Obama: Well, I've said during the campaign, and I've stuck to this commitment, that as soon as I take office, I will call in the Joint Chiefs of Staff, my national security apparatus, and we will start executing a plan that draws down our troops. Particularly in light of the problems that we're having in Afghanistan, which has continued to worsen. We've got to shore up those efforts.

Kroft: 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 organization that is planning attacks against US targets.

Kroft: How close are you to settling on a cabinet?

Mr. Obama: Well, I think that I've got a pretty good idea of what I'd like to see. But it takes some time to work those things through.

Kroft: When are you gonna make your first announcement?

Mr. Obama: Soon.

Kroft: Next week?

Mr. Obama: Soon.

Kroft: You met with Senator Clinton this week.

Mr. Obama: I did.

Kroft: Is she on the short list for a cabinet position?

Mr. Obama: You know, she is somebody who I needed advice and counsel from. She is one of the most thoughtful public officials that we have. Beyond that, you're not getting anything out of me Steve.

Kroft: Will there be Republicans in the cabinet?

Mr. Obama: Yes.

Kroft: More than one?

Mr. Obama: You're not getting more out of me.

Kroft: You've spoken to some former presidents.

Mr. Obama: I have.

Kroft: Any advice, any good advice they gave you?

Mr. Obama: You know, they were all incredibly gracious. But I think that all of them recognized that there's a certain loneliness to the job. That, you know, you'll get advice, and you'll get counsel. Ultimately, you're the person who's gonna be making decisions.

And I think that even now, you know, I - you can already feel that fact.

Kroft: What are you reading right now? I mean, have…

Mr. Obama: A lot of briefing papers.

Kroft: A lot of briefing papers?

Mr. Obama: Yeah. I've been spending a lot of time reading Lincoln. There is a wisdom there and a humility about his approach to government, even before he was president, that I just find very helpful.

Kroft: Put a lot of his political enemies in his cabinet.

Mr. Obama: He did.

Kroft: Is that something you're considering?

Mr. Obama: Well, I tell you what, I find him a very wise man.