Obama Tackles “Philosophical” Debt Debate

During Virgina town hall, president reiterates "shared sacrifices," "balanced" approach to deficit reduction.

Highlights from Obama's remarks:
President reiterates "shared sacrifices," says he will raise taxes on wealthiest Americans.

"This is not because we want to punish success."

Says debate on deficit deal will have "fierce disagreements," but he's "hopeful" on compromise.

Says cuts must be made while nation continues "investing in our future."

On education: "We need more money, but we also need more reform."

We can't cut back on "sacred" commitments to men and women in uniform.

Social security "not the major driver" of our deficit.

"Big philosophical" debate going on about how to trim deficit. Obama believes it needs to be done in a "balanced way."