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Washington, DC, United States (AHN) – President Barack Obama on Wednesday took in stride the reversal of fortunes at the mid-term elections with an expression of somberness. “It feels bad,” he said. “I take responsibility for it.”

The president reiterated with a touch of resignation that he was ready to work with the Republicans who wrested control of the House from the Democrats on Tuesday

“No party has a monopoly on wisdom,” Obama declared. “The most important contest we face is not the contest between Democrats and Republicans.” Instead it is “between America and our economic competitors around the world,” he added.

“No one party will be able to dictate where we will go from here, we must find common ground,” cautioned the president at his first post-mid-term election press conference.

“I do believe there is hope for civility, I do believe there is hope for progress,” Obama told journalists, noting that his upcoming trip to Asia is about promoting exports of American goods and services globally and to generate jobs at home.

With a somber face and low tone, Obama accepted that the message delivered by the voters is that the “number one concern is economy” and that they are “deeply frustrated” by the high unemployment.

“They want jobs to come back faster, they want paychecks to go further,” he told journalists.

Obama reiterated that the economy is on the path of recovery.

But “people aren’t feeling that progress,” he said, adding, “We have not made as much progress as we need to make.”

For immediate relief for the suffering unemployed, Obama called on the incoming Congress to reauthorize extended unemployment insurance, saying, “I think it makes sense for us to extend unemployment insurance because there’s still a lot of folks out there hurting.”

With this session’s expiration date looming at the end of November, Congress has less than two weeks to reach an agreement on the subject when they reconvene on Nov. 15.

On health care reforms and Bush-era tax-cuts, Obama hinted his readiness to compromise so long as the good of middle-class Americans wais kept in focus.

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