Battle over spending cuts on the horizon for Obama?

This transcript is automatically generated

Report Republicans hoping to pick of a legislative win after the fiscal cliff deal have been eyeing the debt ceiling is the next potential arena.

For a spending -- fight the president however is not putting on his boxing gloves.

Just yet chief White House correspondent Ed Henry explains.

Just hours after popping up in the White House briefing room to tell a big victory -- agreement.

Further reduces the deficit by raising 620 billion dollars in revenue.

From the wealthiest households in America President Obama was at it again today with a campaign style video sent out on Obama Biden letterhead.

Even though the nonpartisan Congressional Budget Office says the fiscal cliff deal will add nearly four trillion dollars to the national debt over the next ten years.

The agreement we reached this week will reduce the deficit even more by asking the wealthiest 2% of Americans to pay higher taxes.

For the first time in two decades.

White House officials note the CBO is comparing this deal to a scenario where all of the tax cuts expired.

And much more revenue came into the government -- scenario that was never likely -- yet Republicans stressed the real problem is the president signing a deal that has almost no spending cuts.

The failure to step up and do the big thing when he could he -- -- leadership of the table he didn't know -- -- talk about.

Cutting expanding.

It's kind of a joke the president -- he tried to get a big deal with speaker John Boehner.

That would have had one point two trillion dollars in cuts in the Republican walked away.

Though the explosive debate over raising the debt ceiling in the weeks ahead gives Boehner and company a new opportunity to change the sour taste Republicans have over this weekend -- It runs up the long term -- you people that are kicking -- can give me that can't.

But -- what we're going to do is -- line in the sand and start demanding.

They you don't bring anything forward unless you have the spending cuts -- the -- -- -- last night to be flexible on deficit reduction I am.

Very open a couple months just admitted after making that promise mr.

Obama added he's not compromising on or even negotiating about the debt ceiling -- will negotiate over.

Many things.

I will not have another debate with this congress -- whether or not they should pay the bills.

That -- they've already racked up.

Now White House officials say the president has that position because the last debate over the debt -- was harmful to the economy Republicans insist we can't afford to not have this debate when we're sixteen trillion dollars in debt.

And they believe this is the only weapon to force the president to cut more spending -- And and I -- north lawn Ed thank you stuff.

Watch Live

Battle over spending cuts on the horizon for Obama?

Details

Clips

Editor's Picks

Did IRS target the Wisconsin Tea Party?

Are Americans following the White House scandals?

Grapevine: IRS scandal takes down a commencement speaker

Gap in key White House evidence on Benghazi

The answers to your questions on 'The Five's' Facebook Friday

Gutfeld: When it comes to the media, there's no there there

Trump's advice for dealing with Washington scandals

Obama pushing spending amid scandals

Jerusalem mayor on Russia's role in Syrian conflict

OJ Simpson's former attorney takes the witness stand

Dems blaming GOP for blocking security funds in Benghazi

Republican lawmaker grills outgoing IRS commissioner

Transcript

Recommended