TAMPA, Fla.—Former Secretary of State Colin Powell, a Republican who served under George W. Bush, declared his support for a second term for President Barack Obama.

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

Powell said he believed Obama's economic policies were helpful in turning around the sluggish economy, and he criticized Republican challenger Mitt Romney's stance on foreign policy.

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"I think we ought to keep on the track that we are on," Powell said.

In the interview, Powell insisted he was still a Republican, but "of a more moderate mold." He surprised many within the party in 2008 by choosing Obama over Republican Sen. John McCain.