�LEADERSHIP ISN�T JUST LEGISLATION,� PRESIDENT OBAMA TELLS STEVE KROFT ABOUT HIS ADMINISTRATION�S FAILURE IN HIS FIRST ONE-ONE-ONE INTERVIEW SINCE THE MIDTERM ELECTIONS � �60 MINUTES� SUNDAY

President Obama tells Steve Kroft that one of the reasons the electorate has become disenchanted with him was his failure to properly explain his policies and persuade people to agree with them. It was, in effect, a breakdown in leadership: �Leadership isn�t just legislation,� he tells Kroft, in his first one-on-one interview since his party lost its large House majority to the Republicans in Tuesday�s midterm elections. The interview will be broadcast on 60 MINUTES, Sunday, Nov. 7 (7:00-8:00 PM, ET/PT) on the CBS Television Network.

An excerpt of the interview will be broadcast on the EARLY SHOW this morning; a transcript is below. Please credit 60 MINUTES:

KROFT: There is this feeling-- Particularly among people who are among your most ardent supporters, who feel a little disappointed that they think that you�ve lost your mojo. That you�ve lost your ability, that touch you had during the campaign, to inspire and lead. Everybody in Washington writes about a sort of aloofness that you have. How do you respond to that?

PRESIDENT OBAMA: You know-- I think that-- over the course of two years we were so busy and so focused on getting a bunch of stuff done that-- we stopped paying attention to-- the fact that leadership isn�t just legislation. That it�s a matter of persuading people. And giving them confidence and bringing them together. And setting a tone. And making an argument that people can understand. And-- I think that-- we haven�t always been successful at that. And I take personal responsibility for that. And it�s something that I�ve got to examine carefully as I go forward. You know, now I will say that when it comes to some of my supporters, some of my Democratic supporters who express some frustration.