Pres. Obama: If Election a Referendum on Economy, We're in Trouble

WASHINGTON (ABC News) — President Barack Obama is conceding that if the midterm election turns out to be mostly a referendum on the economy, "we're not going to do well."

In an interview with ABC News, Obama also said "I have not seen a single new idea out of the Republicans" to jump-start the economy. He commented after House Republican Leader John Boehner (BAY'-nur) of Ohio proposed a two-year freeze on tax rates.

Obama said the party should be able to keep control of Congress "if people take a look at what Democrats stand for and what Republicans stand for."

But he said Democrats won't do well if it amounts to a referendum on "the economy as it currently is." Obama said he believes "everybody feels like this economy needs to do better than it's been doing."