US President Barack Obama
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President Obama: 'We can't cut our way to prosperity'

9 November 2012 Last updated at 19:04 GMT

President Barack Obama has used a television address to say the wealthy must pay more tax if the US is to avoid a looming budget crisis.

He said it was not possible to "cut our way to prosperity," saying that if growth and jobs were to continue, the wealthy would have to "pay a little more in taxes".