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Former Secretary of State Colin Powell on Thursday endorsed President Barack Obama for reelection.

"I voted for him in 2008, and I plan to stick with him in 2012," Powell said on CBS's "This Morning." "I'll be voting for he and for Vice President Joe Biden next month."

One of the most coveted endorsements remaining in the 2012 presidential race, Powell, a Republican, said Obama inherited a horrendous economy and has begun to turn it around.

"I think, generally, we've come out of the dive and we're starting to gain altitude," said Powell, who served as George W. Bush's secretary of state. "It doesn't mean all our problems are solved."

Powell also took issue with some of GOP nominee Mitt Romney's foreign policy positions, calling Romney's stances a "moving target."