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Obama Calls for Balanced Approach on the Economy

U.S. President Barack Obama has called on lawmakers to work together on a balanced approach to reduce the deficit and promote economic growth.

The president said in his weekly address Saturday it is "critical to cut spending." He said, however, "we can't just cut our way to prosperity."

Obama urged Congress to make investments in education, infrastructure, and in research and development - things he said that would help America "compete for the best jobs and new industries."

Watch President Obama's address:

President Obama said everyone in Washington needs to "focus not on politics, but on what's right for the country."

In the Republican address, Representative Susan Brooks of Indiana said Democrats must get serious about the nation's spending problems. She called on Senate Democrats to pass a budget.

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