Obama wins GOP applause for describing their position on regulations

Obama won applause from Democrats by saying he would not go as far as Republicans want when it comes to regulatory review.

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"But what we can't do — what I won't do — is let this economic crisis be used as an excuse to wipe out the basic protections that Americans have counted on for decades," he said.

"In fact, this larger notion that the only thing we can do to restore prosperity is just dismantle government, refund everyone's money, let everyone write their own rules, and tell everyone they're on their own — that's not who we are. That's not the story of America."