Schieffer also talked about his interview with Mr. Obama on yesterday's Face The Nation and previewed Mr. Obama's trip to Europe and Turkey that begins tomorrow.
"I don't think too much is gonna happen on this trip," Schieffer said. "They had great hopes for all of this, some sort of a new world financial reform where everybody got together. But quite frankly the Europeans are not very happy with the way things are going. They don't like all of this debt… I think we're gonna get a lot of pictures and lot of earnest statements. I don't think we're gonna see much happen."
You can watch the whole interview with Schieffer below as well as a report from CBS News senior White House correspondent Bill Plante on the auto industry announcement.
More of Mr. Obama on Face The Nation: