Essentially, Obama advocated for a "balanced" approach to solving the fiscal mess. Balance means tax hikes on the wealthiest and spending cuts — revenue and cuts. The republicans only want spending cuts, which would hurt seniors and the middle class. Independent economists and budget experts concur that we have to have a balanced approach to solve the problem.
Obama says that while Congress is working on a broader deficit reduction package, it should pass a bill, already passed in the Senate, to extend the middle class cuts. The tax cuts expire at the end of the year. Obama says his pen is ready. Obama also invited republican leaders to the White House next week.
Note, bipartisanship is nothing new for Obama. Republicans just need to finally step up to the plate and participate. While democrats control the Senate, republicans still control the House, so the ball's in their court. The tea party House needs to decide if it's finally going to cooperate.
Obama: "[The American people] want cooperation. They want consensus. They want common sense. And most of all, they want action."
In the meantime, here's this because I'm still as happy as a clam: