Obama: 'I'm willing to do a lot more cuts in spending'

Barack Obama has said that he is "willing to do a lot more cuts in spending", but that the policy must be accompanied by new revenue.

President Obama and Republican Speaker of the U.S. House of Representatives John Boehner had a "frank" meeting today, discussing the financial state of the country.

In an interview with a Minnesota CBS affiliate, Obama said he was hopeful of getting a deal.

"I've already cut a trillion dollars in spending," Obama told WCCO.

"I'm willing to do a lot more cuts in spending. We also need to pair it up with a little more revenue," he said.