Obama: My Family Finances Have Suffered, Too

President Obama says he can relate to the plight of Americans striving in the struggling economy to pay bills while saving for their kids' education.

He says he and first lady Michelle Obama took a hit like everybody else when the economy nearly collapsed, telling ABC that a college fund for daughters Malia and Sasha has gone "up and down" with the stock market.

Obama says the first couple is "not that far removed from what most Americans are going through." He tells the network "it was just a few years ago that we had high credit card balances, we had two kids, thinking about college. We had our own retirement accounts, wondering if we were going to be able to get enough assets in there."