President Obama's news conference in the East Room of the White House on Nov. 14, 2012 (Full Transcript) PRESIDENT OBAMA: Good afternoon, everybody. Please have a seat. I hear you have some questions for me. But, let me just make a few remarks at the top and then I'll open it up. First of all, I want to reiterate what I said on Friday. Right now, our economy is still recovering from a very deep and damaging crisis, so our top priority has to be jobs and growth. We've got to build on the progress that we've made because this nation succeeds when we've got a growing, thriving middle class. OBAMA: And that's the idea at the core of the plan that I talked about on the campaign trail over the last year: rewarding manufacturers and small businesses that create jobs here, not overseas; providing more Americans the chance to learn the skills that businesses are looking for right now; keeping this country at the forefront of research, technology and clean energy; putting people back to work rebuilding our roads, our bridges and our schools; and reducing our deficit in a balanced and responsible way. Now, on this last item, we face a very clear deadline that requires us to make some big decisions on jobs, taxes and deficits by the end of the year. Both parties voted to set this deadline and I believe that both parties can work together to make these decisions in a balanced and responsible way. Yesterday, I had a chance to meet with labor and civic leaders for their input. Today, I'm meeting with CEOs of some of America's largest companies. And I'll meet with leaders of both parties of Congress before the week is out, because there's only one way to solve these challenges and that is to do it together. As I've said before, I'm open to compromise and I'm open to new ideas, and I've been encouraged over the past week to hear Republican after Republican agree on the need for more revenue from the wealthiest Americans as part of our arithmetic if we're going to be serious about reducing the deficit. Because when it comes to taxes, there are two pathways available. OBAMA: Option one, if Congress fails to act by the end of this year, everybody's taxes will automatically go up, including the 98 percent of Americans who make less than $250,000 a year, and the 97 percent of small businesses who earn less than $250,000 a year. That doesn't make sense. Our economy can't afford that right now. Certainly, no middle class family can afford that right now. And nobody in either party says that they want it to happen. The other option is to pass a law right now that would prevent any tax hike whatsoever on the first $250,000 of everybody's income. And by the way, that means every American, including the wealthiest Americans, get a tax cut. It means that 98 percent of all Americans and 97 percent of all small businesses won't see their taxes go up a single dime.