VIDEO: GOP Head Reacts to Obama Speech

Michael Steele, the newly elected chairman of the Republican National Committee, spoke with Fox News' Sean Hannity shortly after President Obama's congressional address.

Steele acknowledged that the GOP "lost its way" in recent years but stated that the party is returning to fiscal responsibility.

Watch his response below:

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Michael Steele: Former Chair of the Republican National Committee; MSNBC Political Analyst

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