President’s presser covers economy, tax breaks, gay marriage, Libya, Afghanistan & GOP position

In a White House news conference today President Barack Obama challenged Republicans in Congress to accept limiting tax breaks for oil companies and the super-wealthy as a part of any deficit reduction plan. As he has done in many previous speeches about the budget the President said that the government can’t reduce its deficit by keeping all current tax breaks for millionaires and billionaires while senior citizens and the poor will bear the brunt of the burden from additional cuts. He added that he still believes it’s possible to come to a bipartisan agreement to cut deficits, raise the government's debt limit and avert a threatened financial crisis. On Libya, the president defended the U.S participation in the NATO military action, saying the U.S. had carried out a ``narrow mission in an exemplary fashion'' and adding that we haven’t seen a single U.S. casualty. He also said, “There's no risk of additional escalation. This operation is limited in time and in scope.''

Guest:

Peter Nicholas, White House reporter for the Los Angeles Times