Obama: More Revenue Can Be Raised Without Raising Taxes

Lip service to reducing government waste

One month after signing into law a "fiscal cliff" deal upping taxes on American families making more than $450,000 a year, President Obama said today there's "no doubt" additional revenue is needed to bring down the U.S. deficit, but believes lawmakers can do it "without raising taxes again."

"I don't think the issue right now is raising rates," the president said in an interview with CBS Evening News anchor Scott Pelley. "There's no doubt we need additional revenue, coupled with smart, spending reductions in order to bring down our deficit. And we can do it in a gradual way so that it doesn't have a huge impact."

Rather than raising taxes, the president proposed gutting government waste, reforming health care—"we spend a lot more on health care than any other country does, and we don't get better outcomes," he said—and closing loopholes that he suggested allow wealthy Americans to manipulate their tax rates.