Obama: Deficit Control Plan 'Can't Exempt Anyone'

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WASHINGTON -- President Obama says the nation's effort to curb ballooning deficits "can't exempt anyone."

Obama spoke Thursday as he met with the co-chairmen of his deficit reduction commission, a day after laying out his blueprint for erasing some $4 trillion in red ink over 12 years.

The commission was led by former Republican Sen. Alan Simpson and Erskine Bowles, former White House chief of staff to Bill Clinton. It produced a plan for a similar amount of deficit reduction over 10 years.

Obama tells reporters the country needs to ask everyone to participate in the effort to get its fiscal house in order.