Wednesday, October 19, 2011 | 8:10 a.m.
President Obama expects a close election in 2012 on account of voter disappointment with the state of the economy, he said in an ABC News interview last night that touched on GOP presidential candidate Herman Cain's 9-9-9 tax plan, the Occupy Wall Street movement and a controversial federal program under which weapons fell into the hands of Mexican drug cartels.
In a Tuesday night"Nightline" interview with senior White House correspondent Jake Tapper, Obama said therewas nothing new about Cain's 9-9-9 plan, saying that proposals to roll back regulations and lower taxes have been around for a while.
Obama also likened 'Occupy Wall Street' protesters to Tea Party protesters, saying that heunderstands their frustrations. Commentingon Fast and Furious, the controversial ATF program under which weapons were allowed to pass on to Mexican drug cartels, Obama said those responsible would be held accountable.
Here are some highlights from the interview :
"It's Going to be a Close Election"
*. "I guarantee it's going to be a close election because the economy isnot where it wants to be and even though I believe all the choices we've made have been the right ones, we're still going through difficult circumstances."
*. "This is going to be a close election and a very important one for the American people. The thing I hope the most is that everyone is going to be paying close attention to the debate that takes place because it could determine not just what happens over the next four years, but what'll happen over thenext 20 or 30 years."
On 'Occupy Wall Street' Protests:
*. "I understand the frustrations that are being expressed in those protests. In some ways, they're not that different from some of the protests that we saw coming from the Tea Party, both on the left and the right. I think people feel separated from their government, that the institutions aren't looking out for them and that the most important thing we cando right now is those ofus in leadership, letting people know that we understand their struggles, we are on their side and that we want to set up a system in which hard work, responsibility, doing what you're supposed to do, is rewarded, and that people who are irresponsible, who are reckless, who don't feel a sense of obligation to their communities and to their companies and to their workers, that those folks aren't rewarded."
On Fast and Furious:
*. "This investigation will be complete, people who have screwed up will be held accountable but our overarching goal consistently has been tosay we've got a responsibility not only to stop drugs from flowing north, we've also got a responsibilityto make sure we are not helping to either arm or finance these drug cartels in Mexico. So it's very upsetting to me to think that somebody showed suchbad judgment that theywould allow somethinglike that to happen and we will find out who and what happened in this situation and make sure it gets corrected."
On Herman Cain's 9-9-9 Tax Plan:
*. "Essentially what it says is that we're going to make sure that the wealthiest among us pay less and we replaceany revenues with a sales tax that would be a huge burden on middle class families and working families."
*. "Those ideas have beenhave been floating around for a long time. The overall thrust seemsto be if we roll back regulations, and we lower taxes on those who are doing best, oftentimes by imposingmore taxes on middle class and working class families, that somehow the economy is going to get better."

Guy is walking on one of those Hanging Bridges with most of the Planks missing!