Obama's Weekly Address: Job Growth in America

President Obama on rewarding businesses that create jobs in America.
3:00 | 11/10/12

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Transcript for Obama's Weekly Address: Job Growth in America
Hi everybody. On Tuesday America went to the polls and the -- that was clear. You voted for action not politics as usual. You elected us to focus on your jobs. -- hours. That's why I've invited leaders of both parties to the White House next week so we can start to build consensus around challenges we can only -- -- -- I also intend to bring in business labor and civic leaders from around the country from outside Washington to get their ideas and input -- well. At a time when our economy still recovering from the Great Recession are top priority has to be jobs and -- world. That's the focus the plan I talked about throughout the campaign yet. A plan to reward businesses to create jobs here in America and give people access to education and training that those businesses are looking. The plan to rebuild our infrastructure. And keep us on the cutting edge of innovation and cleaner. And it's a plan to reduce our deficit and balanced and responsible way. There's even more important because at the end of this year we face a series of -- -- -- to make major decisions about how to pay down our deficit. Decisions that will have a huge impact on the economy and the middle class not -- now in the future. Last year I worked -- Democrats and Republicans cut -- trillion dollars -- the spending and I intend to work with both parties to do more. But 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 -- we have to combine spending cuts with revenue and that means asking the wealthiest Americans to pay it will more taxes. It's how we did when Bill Clinton was president and that's the only way we can afford to invest in education and job training and manufacturing. All the ingredients of a strong middle class and strong economy. Already I've put -- a detailed plan that allows us to make these investments while reducing our deficit by four trillion dollars over the next decade. Now I'm open to compromise new ideas. But I refuse to accept any approach that isn't balanced. I will not -- students were seniors or middle class families to pay down the entire deficit. While people making over 250000 dollars a year are asked to pay a dime more in taxes. This was the central question in the election. On Tuesday we found out that the majority of Americans agree -- my approach. Democrats independents and some Republicans. Now we need a majority in congress to -- And they should start by making short taxes don't go up on the 98% of Americans making under 250000 miles a year starting January 1. This is something we all agree on the taxes on middle class families should not go up. Congress should permanently extend the middle class tax cuts right now even as we negotiate a broader -- -- reduction package. It's a step that would give millions of families and 97% of small businesses the peace of mind the will lead to new jobs and -- world. There's no reason to -- We know there will be differences and disagreements in the months ago. That's part of what makes our political system work. But on Tuesday you said loud and clear that you won't tolerate dysfunction. Or politicians who seek compromise is a dirty work. And so many your families are still struck. Instead you want cooperation. You want action. That's where I plan to deliver my second term and expect to find leaders from both parties born to do. Facts and have a great --

This transcript has been automatically generated and may not be 100% accurate.

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