(CBS News) Former Secretary of State Colin Powell broke with the Republican party during the 2008 election, to endorse then-candidate Barack Obama for president, calling Obama a "transformational figure."
With 12 days to go before the presidential election, Powell publicly endorsed President Obama for re-election on "CBS This Morning" Thursday
"I voted for him in 2008 and I plan to stick with him in 2012 and I'll be voting for he and for Vice President Joe Biden next month."
Powell explained his choice to Charlie Rose and Norah O'Donnell:
When he took over, the country was in very very difficult straits. We were in the one of the worst recessions we had seen in recent times, close to a depression. The fiscal system was collapsing. Wall Street was in chaos, we had 800,000 jobs lost in that first month of the Obama administration and unemployment peaked a few months later at 10 percent. So we were in real trouble. The auto industry was collapsing, the housing was start[ing] to collapse and we were in very difficult straits. And I saw over the next several years, stabilization come back in the financial community, housing is now starting to pick up after four years, it's starting to pick up. Consumer confidence is rising."
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