U.S. President Barack Obama said Saturday addressing the federal debt will require "a balanced approach" involving spending cuts and "some new revenues." In his weekly radio address, the President -- who has called congressional leaders to a White House meeting set for 11 a.m. EDT Saturday -- reiterated that for Washington to avoid taking on more debt that "will weaken our economy, cause higher interest rates for families, and force us to scale back things like education and Medicare," Democrats and Republicans "need to put aside our differences to do what's right for the country. Everyone is going to have to be willing to compromise. Otherwise, we'll never get anything done." "That's why we need a balanced approach to cutting the deficit," he said. "We need an approach that makes some serious cuts to worthy programs -- cuts I wouldn't make under normal circumstances. And we need an approach that asks everybody to do their part."
