Weekly Address: Debt Ceiling, Spending [VIDEO]

President Barack Obama says he is willing to consider more spending cuts and tax increases to reduce the deficit -- one of the next big items on the agenda in his struggles with Congress.In his weekly radio and Internet address, Obama also says he "will not compromise" over his insistence that Congress lift the federal debt ceiling. The nation's credit rating was downgraded the last time lawmakers threatened inaction on the debt ceiling, in 2011.

For the Republicans, Michigan Rep. Dave Camp says it's time to "identify responsible ways to tackle Washington's wasteful spending."

He says America's credit cards are maxed-out and there's no money in the bank account so the spending must stop.