Obama's Speech on Counterterror Reforms Jan. 5 Video

Update Jan. 7: See Obama's remarks on the newly released security report here.

Following his meeting on the failed underwear bomb plot with intelligence and security officials and others, Obama said the intelligence was there but people failed to connect the dots. "This was not a failure to collect the intelligence," he said.

He didn't bluster. He gave it to us straight. "The system has failed in a potentially disastrous way." He said he's going to fix what went wrong.

He said a preliminary summary report will be made public in the next few days. He said he expects intelligence and security agencies to get it together and do it quickly.