He continues to believe that we need to take on those issues, do it in a balanced way, do it in a way that will set us on a path for long-term deficit reduction, long-term stability in the relationship between our debt and GDP, and that that will have long-term positive effects on our economy.

WHITEHOUSE: Press Briefing

During the event, Obama said that he and people like Clinton should pay more in taxes as part of a long-term debt reduction plan.

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But our focus is on moving quickly with intensity and determination -- collegiality and optimism -- to reach an agreement -- (laughter) -- no seriously, to reach an agreement in the negotiations being led by the Vice President on deficit reduction and dealing with our long-term debt.

WHITEHOUSE: Press Briefing

Only serious long-term spending reduction in the entitlement area can begin to address the nation's deficit and debt problems.

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The commitment, the guarantee that it provides, needs to be retained and that our approach is to find the savings that we can within the program, as we have demonstrated in the past and going forward as we deal with long-term deficits and debt reduction, while maintaining that guarantee.

WHITEHOUSE: Press Briefing

And the opportunity here -- again, this is a prize, this is a prize that has been sought for a long time and it is an objective that Republicans in particular have made clear is very important -- significant deficit reduction, getting our debt -- long-term debt under control, getting our spending under control.

WHITEHOUSE: Press Briefing