President Barack H. Obama holds a news conference to discuss the status of efforts to find a balanced approach on deficit reduction. Obama says there is agreement that structural changes to the debt and deficit need to be made, but the "sacred cows" of both parties are complicating negotiations. He challenges the Republicans to deliver on their rhetoric. Obama explains there is no proposal to raise taxes, but that there is a plan to close loopholes and end subsidies in 2013. Unidentified questioners press the President on raising the debt ceiling, cuts to entitlements, default, and the probability of getting a deal. Obama says that he wants to protect working families and invest in public infrastructure and comments on unemployment numbers.
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