President Obama has said that he sees no way for deficit reduction to be made solely of spending cuts;
If Republicans think that I will finish the job of deficit reduction through spending cuts alone. If they think that's going to be the formula for how we solve this thing, then they've got another thing coming. That's not how it's going to work, we've got to do this in a balanced and responsible way.
And if we're going to be serious about deficit reduction and debt reduction then it's going to have to a matter of shared sacrifice. At least as long as I'm president.
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.