In the interview that aired on 60 Minutes December 11, 2011, Steve Kroft asked President Barack Obama, “Did you over-promise? Did you underestimate how difficult this was going to be?”
His response was consistent with what he has been saying since the campaign truly started heating up. In a minor gaffe that wasn’t insinuating what some are implying, he said, “It’s going to take more than one term. It’s probably going to take more than one president.”
We assume that he means that recovery will still be necessary beyond his second term if he is elected.
Here’s the interview in 2 parts. At the 9:57 mark of the second video, the important question was asked.
Update: As user Louis Bernard pointed out, this hasn’t been his stance all along. In a 2009 interview on The Today Show, Obama stated that he had 3 years to make it happen or it would be “a one term proposition.”