As I said over and over again on the campaign trail, we can't just cut our way to prosperity. If we're serious about reducing the deficit, we have to combine spending cuts with revenue - and that means asking the wealthiest Americans to pay a little more in taxes.
I'm open to compromise and new ideas, but I refuse to accept any approach that isn't balanced. I will not ask students or seniors or middle-class families to pay down the entire deficit while people making over $250,000 a year aren't asked to pay a dime more in taxes. This was a central question in the election. And on Tuesday, we found out that the majority of Americans agree with my approach - Democrats, Independents, and some Republicans.
The speech made a forceful case for resolving the fiscal cliff via a tax hike on the rich - though the president did give a nod to cutting government spending, too.