The president says no single step will be the solution to reversing damage to the U.S. economy, adding that doing so will require what he called a full-scale effort combining short and long-term measures.

With so much riding on his handling of the economy, including Democrat's prospects in the November mid-term elections, the president faces continued low-approval numbers. Two recent polls - by Gallup and Rasmussen - showed 43 percent and 46 percent of those surveyed approving of the way the president is doing his job.