Julia hymen is watching the markets as stocks climb on the republican victories. We begin with a reporter round table on the midterm elections. White house cordens Phil Mattingly and margaret have analysis has america looks at a new political dynamic for barack obama. Phil, let me start with you. Did the white house really not see this coming . No, mark. I think they had a good sense of what was going to happen, especially over the days leading up to the election. I do think that it ended up being the wave, the wave, the number of seats that have gone down, seven already with the possibility of two more was more than any democrats were able to comprehend going into this. But the president s Political Team had stayed in pretty close touch with the Congressional Campaign committees and had been briefing him regularly. He was calling for numbers throughout the day. Was interested in it. Mark, they had a sense it was coming. Just didnt maybe grasp the scope of it. Margaret, where did the democrats of the white house get this wrong . Well, i mean so much of it was that they just werent able to do what they were trying to do well enough. They had to engage voter sentiment. They knew they were up against it because so many of those states that were pivotal to the senate were states that voted against barack obama. He was additional unpopular and that hurt them. And some democrats ability to turn out the way they wanted to just didnt succeed. While republicans were able to turn out in much stronger democrats than the democrats. As you well know this isnt first time the president s been humbled during midterm leakses. It happened to ronald reagan, bill clinton, george w. Bush. How does an administration begin to regroup when the voters have so clearly said they are not thrilled with your performance . The president will focus on his priorities which are trying to sustain obamacare and trying to do something on immigration reform. Probably quickly before the republicans take over. Then hell look for any areas ever compromises. It will probably be things like infrastructure. Roads. Economic austerity. That sort of stuffer. Phil, the congressional leadership from both parties will be at the white house on friday. For the cameras its going to be the picture of compromise. As you know theres been six years ever resentment and mistrust and lack of intrigue. Will president obamas last two years in office be the very definition of lame duck . Hes on the verge of it, mark. I think when you talk about relationships with members of congress, thats an area where the white house has just simply not done the job over the last six years. As you mentioned, theres a bunch of lawmakers coming in on friday. Margaret mentioned while she was chuckling there are small bore areas of bipartisan compromise that are sitting out there for them to come to agreement on. However, every republican lawmaker and staffer that i have talked to over the last couple days makes the same point, there is no trust. There is no trust whatsoever that the white house is serious. White house officials scoff at that remark, its real. Its very real in the republican conference. On the democratic side, its almost as bad right now. Look, the president overhauled his legislative affairs team and its made a difference. A positive difference. The relationship onetoone between the president himself and lawmakers is nonexistent on the democratic side. And that has had major, Major Concerns on the congressional side of things and is not helping them move anything forward any time soon. Phil, mark, it is true. Theres not a whole lot of love loss at this point between the president s team and harry reids team, for example. You see so many of these lawmakers like mary landrieu, who are just tremendously frustrated by the position some of the president s policies have put them in. Her entering into a runoff. Mark warner, so extremely close in this race that should not have been that close. And you dont see the president theres not that pass of the background of the president having Close Relationships that will pull them through. Its one thing to have control of congress. Now republicans must show they can govern but do this with one eye on the white house in 2016. How can the g. O. P. Lead knowing that any accommodation they might make with the president might be perceived as traitorous or capitulation by their right . When you look at it, it is the sort of capitulations or deal makings that may carry republicans forward in a general election. The problem is then the republican who wants to run for president has to get through the primary. That will be the balancing act. How to how do you impress your party enough to make it to the next act without alienating swing voters. Phil, does the road to the white house for the republicans go through texas and ted cruz . It might. Hes definitely hes almost certainly going to run. Hes got the infrastructure to to it. He set up a team to do it. Now hes going to have the platform over the next two years. I think hes been somewhat quiet over the last couple months. Wasnt heavy on the campaign trail. Wasnt making a lot of inflammatory statements. Over the last three days thats changed. Hes grabbed the mantle again to really kind of put a lot of pressure on soontobe Senate Majority leader Mitch Mcconnell. Setting the tone for where hes going to be the next two years of the ted cruz is a player here whether you like it or not if youre a republican. Phil, margaret, thanks so much. Live to louisville, kentucky, presumptive Senate Majority leader Mitch Mcconnell speaking to reporters. Worked on with the university over the last 20 years. Best and biest program for the students inside kentucky, nonresidents, 10 each year. They are here today to witness what we may talk about. Let me just make a couple of observations. I think what the voters were saying yesterday was a couple of things. Number one, they are obviously not satisfied with the direction of the administration. But at the same time i heard a lot of discussion about dysfunction in washington. I think there are a lot of people who believe that just because you have divided government it doesnt mean you dont accomplish anything. Earlier today i got a call from the president. Also from senator reid and the speaker. And ted cruz, too. Which i thought you would be interested in. All of whom i think have the view that ought to see what areas of agreement there are and see if we can make some progress for the country. I always like to remind people that divided governments not unusual in this country. Weve had it frequently. I think maybe even more often than not since world war ii. When the American People choose a divided government, i dont think it means they dont want us to do anything. I dont think it means tshi think it means they want us to look for areas of agreement. Reagan never had the house in eight years. Clinton didnt have the house or sfat during six of his eight years. I can think of at least four fairly significant things done. Reagan and tip oneill saved Social Security for a generation. The last comprehensive tax reform. Need to do that again. Bill clinton and the republicans had welfare reform. And balanced the budget three years in a row. I think we ought to start with the view that maybe there are some things we can agree on to make progress for the country. On an institutional point of view, the senate needs to be fixed. I made a speech back in january, not widely covered, probably shouldnt have been widely covered, but a lot of people inside the senate paid a lot of attention to it. The senate in the last few years basically doesnt do anything. We couldnt even dont even vote. Senator begich, who may have been defeated yesterday, had the handicap of trying to explain to the people of alaska why in six years he hasnt had a roll call vote on the floor on an amendment. The first thing i need to do is to get the senate back to normal. That means working more. I tonight think we have had any votes on friday in anybodys memory. It means opening the senate up so that amendments are permitted on both sides. And it means occasionally burning the midnight oil in order to reach a conclusion. I can remember the way we used to get bills finished was the majority leader to announce on monday we were taking up a particular bill and we were going to finish it. Finish it thursday night, friday morning, or saturday, but you have to mean it. And its amazing what happened around midnight on thursday. People who were very aggressive on Tuesday Morning were awfully anxious to leave friday morning. And amendments would go away and bills would pass. Another thing is to have the committees be relevant again. If a bill comes out of committee on a bipartisan basis, that means you got both democrats and republicans who are interested in seeing it pass. So a bipartisan constituency for moving forward. Now, having said that, there are differences. And we will certainly be voting on things as well that we think the administration is not fond of. They seem to have had no interest, for example, in doing anything serious on the energy front. We havent had an energy bill in seven years. When you say energy these days, people think of the Keystone Pipeline. But thats only part of it. We need to embrace the Energy Revolution thats going on if in our country. Promote it. Its hugely advantageous to america. Not only in the area of Energy Independence but employment. I mean the employment figures connected with keystone are stunning. If we would just get going. So interests certainly going to be areas of disagreement, but thats not unusual going back to the founding of the country. So with that let me just throw it open. Based on what the message of the voters was, many say they want to see gridlock end. What can you do, and can you assure the American People that gridlock can end under your leadership . The senate was the problem. Not the house. The house passed over 300 pieces of legislation. Many of them on a bipartisan basis. And nothing was done with them in the senate. The American People have changed the senate. So i think we have an obligation to change the behavior of the senate and to begin to function again. That doesnt guarantee that the president s going to agree with everything we do, but we are going to go back to work and actually pass legislation. I, by the way, have been called by three prominent democrats since last night. Prominent democrats. The presumptive Senate Majority leader Mitch Mcconnell of kentucky speaking at the university of louisville. A day after the republicans won the majority in the senate. Of course they held on to their majority in the house of representatives. The republicans now controlling the United States congress. Bloombergs White House Correspondentent staying with me on set through senator mcconnells comments. Margaret, he said the American People have changed the senate. We have an obligation to change the behavior of the senate. Easier said than done. I heard him say two things. Number one, they are going to press ahead on the Keystone Pipeline as soon as he gets a chance. Number two, he wanted the senate to get back to normal. Its important to remember that it is actually senator mcconnell who sort of perfected the art form of the filibuster threat starting back in 2007 that helped get the senate to the situation its in today. Margaret, thank you so much. Good to see you. Again this press conference with senator mcconnell senator mcconnell is being live streamed on the web. You can see it there. Stay with bloomberg as we bring you live coverage and analysis of president obamas News Conference and his take on the election day fallout. Mark and john of Bloomberg Politics will anchor our coverage scheduled for 2 50 p. M. New york time. Bottom line on Bloomberg Television coming up more on the results of the midterm elections. Well take a closer look at the mandate ahead for republicans and for the white house. Well be right back. Welcome back. Republicans were able to take advantage of a wave of voter discontent to take back control of the u. S. Senate. Joining me from washington are jim, senior trector of Communications Practice at Quinn Gillespie and associates. And john. Gentlemen, welcome to bottom line. Jim, let me start with you. What happened last night . I dont think i can put it as succinctly as that. What happened to the democrats . Im not going to try to sugarcoat it. We took a beating last night. Nothing more, nothing less. So its going to be up to us now to try to regroup and figure out where to go. But no doubt about it. We took a hard hit last night. Ron, as was mentioned during my conversation with our White House Correspondent margaret, this isnt first time that a president s been humbled by the voters in the mid terms. President s reagan, clinton, and george w. Bush went through this as well. Its to the so much now what it means for the party in control of congress. Its what it means for the last two years of the obama administration. As part of his legacy now going to be having to compromise with the republican majority . Well just have to wait and see how president obama will handle this. I will say that the voters voted on president obamas policies. And the president said that himself. They also voted against gridlock. They voted against inaction in washington. When senator reid would go to the house floor and pound the koch brothers, they didnt want any of that. They wanted actual progress. That wasnt happening. And they also blamed the president for that, too. So now that republicans have the majority, they have a chabs to chance to work with the president in a bipartisan way. We still have a brand building to do. Voters didnt necessarily vote for republicans. So we need to convince them that we are able to govern correctly. Jim, was last night as kentucky senator rand paul said, a repudiation of president obamas policy and leadership . No. I honestly dont think thats the case. I think it was repudiation against the gridlock and paralysis that currently envelopes washington. A dynamic by the way, i think was engendered by senator mcconnell. That was his strategy all along. He sillfully used it to run against it. I do not believe it was focused specifically on the president. Jim, as you know, a lot of the pundits were saying last night what we have is an economy that appears to be gaining momentum but not being felt by a majority of americans. Sure, wall streets doing well, profits are up. Corporate people are doing fine. What about the average american . They are still struggling. Isnt the president in their view to blame for that because his party is in the white house and was in control of the senate, at least up until last night . Well, i mean i got to tell you ive got more than a few criticisms about the president. I think and his team. I think hes done a good job of trying to steer the economy out of what was a debacle in 2007, 2008 with the greatest recession since the great depression. I understand that people still arent feeling it. Certainly if you look at the polls thats certainly the case. Again i think that the administrations done as good a job as they can. Ron, senator mcconnell once said his goal was to make president obama a oneterm president. He did not succeed on that front, but is his goal now to frustrate a politically weakened president at every turn . Or will he, as some analysts have suggested, look to cement his own legacy by looking for ways to compromise with the white house . I think its the latter. The republicans in the house and senate have exactly one year to put together legislative accomplishments before the president ial 2016 cycle takes over. And they cant start thinking about whos going to be sitting in the oval office. There is a list of legislation that they need to develop. I think that Speaker Boehner and Mitch Mcconnell should come out together with a united agenda and say this is what we are going to work on on behalf of the American People. This is what we want to work with the president on and Start Building that over the next year. Its not going to be easy. There will be problems. I think thats the way. Speaking of corporate america, im looking at my bloomberg terminal, the markets up today. The markets like the results of last nights election . I think that as i understand it, traditionally the markets go up the day after an election whether its a democrat or republican. Again, i think that if you look at it, this administration has been very, very good to wall street once we got out of the 2008 era recession. Its difficult to argue against the numbers. Jim manly, senior director of Communications Practice at quinn and gillespie, and ron bonnjean, the founder of the company. Both joining me from washington. Thank you for your time and perspective. Appreciate it. Up next, well check the post election trading. Our senior markets correspondent has an onthe markets update. We are approaching 26 minutes past the hour. That means that broomberg television is on the markets. Heres our senior markets correspondent julie hyman. The story on bloomberg. Com tells the story. U. S. Stocks rose as republicans won control of the senate. There is optimism, mark, that with that control will come some more business friendly legislation and perhaps repeal of legislation that was perceived as not business friendly. Could we see, for example, an excise tax on commal device makers be repealed. Still an open question but there is that perception thats affecting the market today. Energy and utility stocks gain the pose in the session. The dow and s p at records. Lets also talk about earnings because this continues to be part of the story as well when we are talking about stocks. Timewarner shares on the list of stocks moving on earnings. The stocks up after the Company Reported better than estimated Third Quarter profit. Shares are still trading below 85. That is the offer price at which Rupert Murdoch made an offer for the company over the summer. The numbers did Beat Estimates after timewarner collected higher tv fees for its tv channels. Also, lets look at home away shares. They are falling. The Vacation Home rental Company ReportedThird Quarter profit that Beat Estimates, but Fourth Quarter fell short of what analysts were expecting. Well have more on the markets in 30 minutes. Welcome back to the second halfhour of bottom line on Bloomberg Televisionment im Mark Crumpton. Thanks for stay with us. Voya financial beat Third Quarter estimates today. The new york based Company Reported after tax operating earnings of 5 cents a share, topping analyst estimates. The c. F. O. Joins me in studio. Sir, welcome back to bottom line. Good to see you again. The shares have risen 11 since the beginning of the year. The stock has climbed 26 over the past year. Wheres the strength coming from . Let me explain to you where our performance coming from. If you look at the results for this quarter we show a 50 increase of the operateling earnings from our ongoing business if you take out one particular item. So very clearly the ongoing business is performing well and improvements are very visible. If you look at the return on equity of the company, we also see very steady progress. We reported 11. 2 r. O. E. For the trading 1 months. If you compare to last year we were at 10. 3 . If you compare to 2012, 8. 3 . We clearly are on the path to hit our target in 2016 of 12 to 13 . The last item what i want to explain is we are doing very well with respect to the Capital Position of the company. The Capital Position of the company is growing well. We have reported risk based capital ratio of 512 , well above our targets of 425 . That translates in capital of 1. 2 billion. The excess capital generation is going well. It gives us an attractive position to buy back shares or other opportunities to return capital to our shareholders. There was a Conference Call today, the chairman and c. E. O. Said the companys thinking of other considerations including in his words expansion of dividend and further investment in the business. Can you elaborate further on that . How much of an expansion of dividend might be considered. What type of investment was he referring to . At this moment our policy have minimal. Weigh out one penny per share per quarter. The reason is we have putting our excess capital to buy back shares. The position of the company is particular because we still have a shareholder european shareholder that owns 32 of the company that has to completely sell down. And our opportunities whether its big liquidity in the stock and where we are able to take away and help to take away some of the overhang of the stock. What we have done, we bought back shares at some of those official when the european shareholder is existing. We believe at this moment thats the best way to use our excess capital. The price is still below one. Its attractive moment to buy pack shares. Once that situation is over antieuropean shareholder is completely out, of course we have to go to a more normalize dividend yield. What you see in some of our peers in the industry. Thats the ultimate objective. Im speaking with the chief Financial Officer of Voya Financial. Lets talk politics. There were midterm elections here in the United States. The republicans gain control of the u. S. Senate. Now that the g. O. P. Has majorities in both houses of congress, what does that mean for longterm investors . Let me react on it in three different ways. The course the election result is very early. So we should see what kind of new policies are come out of d. C. In the future. The second is, our business is really a longterm business. We have policyholders. We have plan participants that stay with us for decades. And are really customers for decades of the company. We manage the company from a liability perspective, from a long term view and we are able to deal with different political environments. Different economic environments. But the most important, the third aspect, thats really a bipartisan point, is it is very important that the incentives for americans to continue with savings for their retirement will stay in place and maybe even will be accelerated. Why . Because americans are grossly undersaving for their retirement. They are not well prepared. So we need the tax incentives. We need the incroo hes increases in the contributions for the 401k limits and so on. Thats a bipartisan this is a harm social issue and that touches all americans. Why do you think that is . Why, as you just pointed out, the statistics bear this out, why americans not saving enough for retirement . Well, theres a couple of reasons. And maybe one of the prime reasons is, its very hard to make a translation between if you save for retirement and you save a certain sum of money how that translates into an income in the future. So you have a certain salary level, but after retirement you fall back. They dont want to think about it . This is a complicated topic. We are investing as a company in tools to help americans to think about what kind of income level do i get if i save at this level. Should i save more . Should i increase my contributions . Those tools are called my orange money, personal financial, we are proud to invest in those tools. We put a lot of money behind it. And i think we were voted number one in terms of those tools by an independent Research Organization in the recent past. Let me ask you quickly before we close about the two areas that are polar opposites. Something that voyas concerned about. A lot of americans, they put their retirement savings, its lump sum. Youre in the camp that says month to month would serve you better. Why . Because ultimately people are interested in a shortened payout in an income stream. Because if you are only thinking about a certain sum of money, first of all you dont know what you can buy in terms of a pay out, secondly, if you just use the money by months yourself, there is a risk you might outlive your assets. Thats a very sad perspective if people at the end of their lifetime fall into poverty. Thats why we as a company are focused on income products. Products that will translate into money. The c. F. O. Of Voya Financial joining us in stewed heo. Good to see you again. Always a pleasure. Thank you. Well look at the impact of the republican sweep in the midterm elections and president obamas final two years if office. Bottom line continues in just a moment. Time now for todays latin america report. Groupo btg, the overwhelm pub i canly publicly traded investment said profit rose 3. 1 . Hat has made auto loans turn negative. Principle investments which include real estate and propray tarry trading, is a challenging scenario of uncertainties. Thats your latin american report for this wednesday. In just a few minutes president obama is scheduled to hold a News Conference in washington. This in the aftermath of what a gentleman just told me, jim manly, said the democrats they got a beating last night at the hands of the republicans. Lets look what this is going to mean Going Forward with trish. Shes the anchor of street smart which starts at the top of the hour. They got a beating. Yeah. Most definitely. I think it really speaks volumes about the dissatisfaction the country has had with the president and the lack of coordination between democrats and republicans. And they really blame the president for a lot of that. But, trish, i just spoke to a couple of guests and the sentiment was this. The Economic Indicators seem to be going in the right direction. The economy seems to be gaining momentum but at its very core this turns into a pocketbook issue because people are saying, thats fine. Wall streets doing well. But i dont feel it. Im still struggling. My wages are still flat. This is the most hated rally ever, right . You just havent seen the participation rates that you would normally see. And i think that that has a lot to do with the dissatisfaction a lot of people are feeling right now. Yes, the jobs rate is improving. Yes, g. D. P. Is growing. There are a lot of things for us to be encouraged about. Yes, the stock market has had a heck of a run here. But your average american, mark, hasnt benefited from that. You look at wages, this has become a huge issue, and youre not seeing any wage inflation. Someone out there in the middle of the country is saying to themselves, all right. The fat cats on wall street are benefiting from the upside in the stock market. Perceived a new strengths in the economy. How has it changed my life . Then they look at what has happened in washington and certainly republicans took a lot of the blame for the shutdown. Ultimately as we look at how these elections played out last night, can you see there was some dissatisfaction on behalf of the president. Because i think its natural people say, ok, i blame the guy in charge. Sure, they do. The one heavy is the head that wears the crown. You told me during a commercial break, i was surprised, too, how close some of these races were. New hampshire, right . I am a New Hampshire native surprised in many ways that scott brown was able to make the inroads he did there. Because jean shaheen is wellknown in the state. Shes the former governor. Shes held every office. Why was he able to make those inroads . It gets back to the frustration that a lot of people have felt with this administration. This is just a kneejerk reaction. Ultimately he wasnt able to do it as we saw and the whole carpetbagger massachusetts aspect, all of this certainly didnt help him and was a very Good Campaign tactic on her side because as i have told you before, theres a certain bias, shall we say, against massachusetts from those granite staters. Ultimately it didnt work. The fact he was able to make the inroads that he did, some coming from the outside from massachusetts really shows you that there is frustration. Youll follow this more . Well have more on what all this means. The president will be speaking shortly. Well carry that live. Well talk about where we go from here. Trish, top of the hour, street smart. Stay with bloomberg because president obama expected to make comments about what happened last night to the democrats. Thats coming up scheduled for 2 50 new york time. Its la founder says the company had record high sales last week. Well look at teslas strategy to move more of their cars when bottom line continues. Welcome back. Youre watching Bloomberg Television. Im Mark Crumpton in new york. Youre looking at a live shot of the east room of the white house. President obama is scheduled to make a statement and take questions from reporters. Following last nights results of the midterm elections. Republicans winning a majority in the senate. The dwopgop now controlling both the house g. O. P. Now controlling both the house and senate. What this might mean for president obamas final two years in office. What it will mean for the g. O. P. Going forward. Stay with bloomberg. Well take you to the white house live and our two Bloomberg Politics host, mark and john, will have coverage of the president when it happens. In other news, tesla released Third Quarter results today. After the market closed. Bloomberg wes editor at large joins me from San Francisco with a free view. Teslas target is to sell 35,000 cars this year. How close are they to hitting the goal . Quite a ways. The company has to do a 1700 vehicle sales for the quarter. Thats the first number well look for. More important than revenues and the losses. We are not talking about profit, we are talking about losses. The most important number will be how many cars they sell in the quarter. Can they get to the 13,000plus cars that they have told people they are going to get in the Fourth Quarter. Which will be more than they have ever sold in a quarter. The Fourth Quarter is not always strong for car sales in the world of the automotive. They have set some very ambitious targets. And promised wall street theyll get there. Theres been a lot of data coming out, some very good we had nathan wise from our show. Who said he actually goes through every country in europe and goes through registration data, look how many cars are registered for tesla found they had falling sales in europe this quarter as the previous quarter. The question is, where are they going to get these sales . Can they hit these numbers . Corey, lets assume for the sake of argument they do hit the numbers. Then what . Well, theres going to be issues about whats coming next here. First of all to the Sales Numbers themselves. When the wall street journal reported that the Sales Numbers werent looking good using some of the same numbers we have been reporting, ian put out a tweet and it was interesting. He said the wall street journal has it wrong. We have record specifically said the article regarding tesla sales, september, not the quarter, september was a record high worldwide. And up 65 in north america. When you tweeze it out not saying it was a record for the company. Just worldwide. He was talking about one month. Not all three. The stock responded and surged after those comments. But we are going to find out for sure what they actually sold in the quarter. We might expect they made a lot of cards even if they didnt sell them. If they made a lot of cars, Gross Margins can looked good. The more you run a factory the more efficient it is. Fundamentally we want to see are vehicle sales to see if the car is having success. This is not divorced from the white house. The white house sponsored this company with lots of loans in its earlry days. This is early days. This is a luxury automaker. One backed by government loans to get them off the ground. What about the sales ban . Is that going to be an issue . There are a bunch of states where you cant buy this car. Those rules are becoming entrinched. These are very big populated important states like texas, arizona, michigan. Throw in missouri, minnesota, iowa, north carolina, new jersey, there are a lot of people in those states that cant buy the car in those states. Cant get service for the car in those states. Tesla has a lot of difficulty they are driving uphill with an electric battery car. Its an exciting story. But the execution is the question we get to look at on a day when they report quarterly earnings. We do know the shares gaining 59 this year through yesterday. Amazing. Very much so. Was that surprising . I dont just play the role of a cynic on tv, i come by it honestly, mark. I have to say this is a company that the notion of what they could do is so exciting. When the rubber hits the road, pun intended, we find out how they are doing. This quarter is pivotal. This announcement today is pivotal for this company. Bloomberg west editor at large, thanks so much. We are standing by, president obamas scheduled to meet with the press in the east room of the white house. It will be discussing the results of last nights midterm elections. He will now have to deal with republican majorities in both houses of the u. S. Congress. What this is going to mean for the republicans Going Forward. The presumptive Senate Majority leader Mitch Mcconnell of kentucky speaking to reporters earl earlier today saying one of the things hes looking to get done is move on energy. He specifically mentioned the Keystone Pipeline, which has been a point of contention between democrats and republicans on capitol hill. President obamas press conference coming up in just a few minutes. Stay with us, well have another check of the Market Movers on the other side of the break. Bottom line continues in just a moment. Republican senator Mitch Mcconnell of kentucky had os poised to weekend forecast the new joirl National Park january held his own press kmps and he said the only democrat who matters is the president. That was striking. He put a lot of own us in on the president. The president will step up today and talk. Our White House Correspondent is in the east room where the president will come out in just a moment. Phil, quickly, in brief, what is the white house suggesting the president is going to do in this press conference to try to position himself after last nights big loss for his party . I think theres a hope there will be a setting of the tone. Bipartisanship. You heard what Mitch Mcconnell had to say. Also continued reinforcement that executive actions are on the able. I think while they are going to try to strike some balance with what you heard from Mitch Mcconnell earlier, there is no backing down from the white house on some of their agenda items they have laid out. First among them is immigration. Something they said they will to by the end of the year. There is no sense that they are going to back off that in any way shape or form. John and i will talk to our phil our our colleagues. John, do you think the president has a big challenge today or is this a relatively easy exercise . Its a big challenge. Its a challenge. Hes faced a big story last night. This is in some sense his presidency now. The last few years has been on the line. He has to get off to the right start. Here comes the president. Well listen to the talk to the media. And well be back to analyze it. Today i had a chance to speak with john boehner and congratulated Mitch Mcconnell on becoming the next majority leader. I told them both i look forward to finishing up this Congress Business and working together for the next two years to advance americas business. I very much appreciated leader mcconnells words last night about the prospect of working together to deliver for the American People. On friday i look forward to hosting the entire republican and democratic leadership at the white house. To chart a new course forward. Obviously republicans had a good night. And they deserve credit for running Good Campaigns. Beyond that ill leave it to all of you and the professional pundits to pick through yesterdays results. What stands out to me, though, is thated American People sent a message is that the American People sent a message, one they have sent for several elections now. They expect the people they elect to work as hard as they do. They expect us to focus on their ambitions and not ours. They want us to get the job done. All of us in both parties have a responsibility to address that sentiment. Still, as president , i have a unique responsibility to try and make this town work. To everyone who voted, i want you to know that i hear you. To the 2 3 of voters who chose not to participate in the process yesterday, i hear you, too. All of us have to give more americans a reason to feel like the ground is stable beneath their feet. That the future is secure. That theres a path for young people to succeed. And that folks here in washington are concerned about them. So i plan on spending every moment of the next twoplus years doing my job the best i can to keep this country safe and to make sure that more americans share in its prosperity. This countrys made Real Progress since the crisis six years ago. The fact is more americans are working. Unemployment has come down. More americans have health insurance. Manufacturing has grown. Our deficits have sha runge. But we have just got to keep at it until every american feels the gains of a growing economy where it matters most, in their own lives. Obviously much of that will take action from congress. I am going to work with the new congress to make the next two years as productive as possible. I am committed to making sure that i measure ideas not by whether they are from democrats or republicans, but if they work for the American People. Thats not to say that we wont does agree over some