Video: Barack Obama 'will not compromise' on Congress lifting debt ceiling Mr Obama said in his radio and Internet address Saturday that the new law, approved by Congress on New Year's Day and signed Thursday, raises taxes on the wealthiest Americans while preventing a middle-class tax hike that could have thrown the economy back into recession. With the "fiscal cliff" crisis barely over, the President faces new battles in Congress over raising the country's $16.4 trillion borrowing limit, as well as more than $100 billion in automatic spending cuts for the military and domestic programs which were delayed by two months under the compromise. Mr Obama, speaking from Hawaii, where he is on vacation with his family, said he is willing to consider more spending cuts and tax increases to reduce the deficit. "Our families and our businesses cannot afford that dangerous game again," Obama said. If elected officials from both parties "focus on the interests of our country above the interests of party, I'm convinced we can cut spending and raise revenue in a manner that reduces our deficit and protects the middle class," Obama said. In the Republican address, Michigan Congressman Dave Camp of Michigan said that as attention again turns to the debt limit, "we must identify responsible ways to tackle Washington's wasteful spending." Americans know that "when you have no more money in your account and your credit cards are maxed out, then the spending must stop," Mr Camp said.