"You can't reduce the deficit unless you take a balanced approach that says, 'We've got to make government leaner and more efficient,'" the president told CBS's Scott Pelley. "But we've also got to ask people --like me or Gov. Romney, who have done better than anybody else over the course of the last decade, and whose taxes are just about lower than they've been in the last 50 years - to do a little bit more."
Obama said he would be willing to make "some adjustments to Medicare and Medicaid that would strengthen the programs." "The way to do that is to keep health care costs low. It's not to 'voucherize' programs so that suddenly seniors are the ones who are finding their expenses much higher."