8:01PM - Obama gets right to it. He's warning us all that there isn't a quick fix, and it's going to take a while.
8:04PM - Hmm, interesting framing of the budget, as something that will build a stronger foundation but avoid the illusion of wealth. He really wants people to know that he's working on cutting the deficit.
8:06PM - He mentions the AIG bonuses, and chooses the middle road: Wall Street has to realize it can't gourge itself on the public dime, and the public needs to not demonize anyone who's ever worked on Wall Street.
8:08PM - First question was a softball question about the new regulatory authority Obama's requesting for non-bank financial firms. Even if it's a softball, it still points to an obvious point: if it walks like a bank and quacks like a bank, it should be regulated like a bank. Part of why AIG got so bad was that there weren't any regulations governing it.
8:10PM - Second question is harder: is Obama asking the right people to sacrifice, and why is he cushioning the blow for the executives? Obama (rightly) replies that they're working on the executive thing, and to give him some time. With regards to the American people, he says they are sacrificing now, and that his budget priorities will pay off for the American people later.
8:13PM - Just a random thought. Before the Q&A CNN had a word-cloud up on their wall to illustrate Obama's prepared remarks, but the shortness of the speech pretty much eliminated any usefulness it had.
8:16PM - Will Obama sign a budget that doesn't include a middle-class tax cut or cap-and-trade? You know, I hate these 'gotcha' questions, which are designed only to get a soundbyte and nothing else.
8:26PM - You know what? This actually isn't that interesting. I'll read the transcript tomorrow.