Obama: Once we pop the blister of GOP opposition on election day, we can compromise

And I will continue to insist to my Democratic colleagues that not all good ideas just come from Democrats, and that if we’re going to reduce our deficit in a serious way, we are going to have to cut some spending even on some programs that I like. If we’re going to be serious about energy independence, then we can’t just have a knee jerk opposition to the incredible resources that we have in our country. We’ve got to have an all-of-the-above strategy that develops oil and gas and clean coal along with wind and solar.

So my expectation is that there will be some popping of the blister after this election, because it will have been such a stark choice. Where Republicans refuse to cooperate on things that I know are good for the American people, I will continue to look for ways to do it administratively and work around Congress. And a good example of that is, for example, making sure that homeowners around the country can take advantage of these historically low rates and refinance.

There’s no reason why Congress can’t move forward and at almost no cost to the federal government really boost the housing market and our economy. But if Congress won’t do it, we’ll keep on looking for ways to get that done without legislation.