Cain also called on Obama to stop initiating class warfare.

"Mr. President, stop the class warfare. Discourage your surrogates from making racial innuendoes," Cain continued. "And Mr. President most of all, stop the blame game."

Cain warned Obama, and members of Congress, that there would be electoral consequences for not heeding the Tea Party.

"We must remind him, we the people are coming," Cain said. "That's the Tea Party message to Washington, the president, and his administration."

We the people are coming and we know that we are up against goliath."

In a followup question and answer section, the former Godfathers Pizza CEO said he thought both Mitt Romney and Newt Gingrich, who are leading in a number of Republican presidential primary polls, could both beat Obama in the general election. But Cain, who dropped out of the race for GOP nomination in December, offered his praise with caveats.

Romney has "got to be more specific with his economic jobs growth plan," Cain said. "His debating skills are strong."

Cain said also that Gingrich's debating skills were "superior."

"I believe that they are both outstanding candidates," Cain said.