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U.S. President Barack Obama on Wednesday said the mid-term election results show people are frustrated?because progress in economic recovery hasn't taken place fast enough, and he takes responsibility for it.

U.S. President Barack Obama hosts a press conference in the East Room of the White House in Washington D.C., capital of the United States, Nov. 3, 2010. Obama on Wednesday said the mid-term election results show people are frustrated that progress in economic recovery hasn't taken place fast enough, and he takes responsibility for it. [Zhang Jun/Xinhua]

In his first public appearance after the elections Tuesday, Obama said the results was a message that people are frustrated, because progress hasn't happened fast enough in economy.

U.S. mid-term elections

"I think that there is no doubt that people's number one concern is the economy. And what they were expressing great frustration about is the fact that we haven't made enough progress on the economy," said Obama.

"I have to take direct responsibility that we have not made as much progress as we need to make," Obama told a White House news conference.

Obama said he looks forward to working with Republicans, who won control of the House of Representatives, as well as gaining more seats in the Senate in Tuesday's elections.

He acknowledged the public is worried about government spending and federal deficit, but when deciding what to cut, "the key is to be able to distinguish between stuff that isn't adding to our growth, isn't an investment in our future, and those things that are absolutely necessary for us to be able to increase job growth in the future as well."

Cuts in spending and deficit is a major demand by the Tea Party movement, which the Republican party benefited heavily from in the elections. The issue is seen as a major battleground in the new Congress.

Obama also indicated he will talk with the Republicans over whether to extend the Bush-era tax cut, set to expire at the end of the year. Extending the tax cuts is a Republican priority.

However, Obama said he doesn't think "tax cuts alone are going to be a recipe for the kind of expansion that we need," but he wants to hear their suggestions on fueling the economy.

Obama also said a Republican controlled House means there would not be enough votes to drive the Cap and Trade climate change legislation through the Congress.

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