Obama Strategizing for 2012 Election

The 2012 presidential election campaign began in earnest yesterday when Barack Obama explained why making a deal with the Republicans on tax cuts while maybe not his first choice was in the end the best thing for the country. By cutting the deal, the president sided with the middle. Liberals among Democrats were none too pleased. The president called them sanctimonious. And he had harsh words for conservatives as well. He said Republicans unwilling to bend on tax cuts were like hostage takers. There is a strategy at play here. Think Bill Clinton 1994. The White House will become the home of common sense...Of reason. It will be the White House that is seen as the ballast that will keep the government on an even keel, even as it is prone to list to the starboard side with all the Tea Party Folk coming aboard in January.

Just a Minute...I'm Harry Smith, CBS News.