Sen. Barack Obama's Star Power

Nov. 6, 2006 — -- In the days leading up to the midterm elections, the speculation that Sen. Barack Obama, D-Ill., could win the Democratic presidential nomination in 2008 has turned the senator into a powerful political fundraiser.

Obama has used that political star power to campaign for Democratic hopefuls in this election's tight races. On Sunday, Obama stumped for Tennessee's Democratic Senate hopeful Harold Ford. Earlier in the day, Obama talked with "Nightline's" Terry Moran about Tuesday's midterm elections.

Watch Terry Moran's interview with Barack Obama tonight on "Nightline."

With the Democrats in striking distance of taking control of Congress -- needing just six seats to take the Senate and 15 to take the House -- Obama hopes that a change in party control would allow Congress to pass legislation on issues considered typically Democratic.

"I think we should raise the minimum wage. I think we should figure out how to provide basic health care to all Americans. I think we should try to figure out how we can at least start moving in the direction of balancing our budget," Obama said.

But this election circles around the conflict in Iraq, and Obama said that the United States' Iraq policy needs to change course.

"I visited Iraq in January, and I said I thought it was important to give the Iraqi government an opportunity to come together and to work with the U.S. government to start taking over basic security in the country. I said they probably have a six- to nine-month timeline. That six- to nine-month timeline is now up, and conditions have deteriorated drastically," Obama said.

And with Democratic control of Congress, Obama supports a phased withdrawal from Iraq.

"My estimation is that at this point the worst option is for us is to try to perpetuate a failing strategy for another decade, or give years," he said. "The costs are too high, in terms of American lives, in terms of our budget, but also in terms of perceptions around the world. And so we've got to change the dynamic. And I think that the phased withdrawal is the only serious mechanism to do that."