"It's delicate enough that I'm not going to offend people every which way, but I wanted to get it right as best I could," said Newman, who added that he's always worried there may be some backlash following the release of a song like this one.
Newman believes Obama will be re-elected in November and feels that Republican contender Mitt Romney isn't a "serious candidate for president."
Newman said he's proud of how America has progressed, though, but adds that "there's a long way to go."
"No European country would have elected a black man," he said. "I can't believe it happened. I think it's fantastic, like a step on the moon."
The Songwriters Hall of Fame inductee said some friends told him to save the track — which he wrote a couple weeks ago — for an upcoming album, but he says releasing it now is perfect timing.
"I think it's for the moment," he said. "It's not going to live forever."