President Obama, chastened by Democratic losses in the midterm elections, said Wednesday he would work with Republican leaders in Congress on the Bush tax cuts and other issues after a “shellacking” in the midterm elections.

Obama acknowledged at a press conference that “it feels bad” to lose in the elections, but he compared his position to the similar experiences of two other “great communicators,” Ronald Reagan and Bill Clinton, who endured similar losses two years into their first terms in office because of economic woes.

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