Obama: Cutting deficit will take tough decisions

President Barack Obama says reducing the nation's deficit will require politicians to make tough decisions and tell the truth to the American people.

Speaking at a news conference in Seoul, South Korea, Obama said there was a lot of talk about debt and deficits during the recent midterm campaigns but much of it didn't match reality.

Obama wouldn't comment on proposals from his deficit commission that were made public Wednesday because he says he hasn't seen a final report. The commission's bipartisan leaders proposed curbs in Social Security benefits, deep reductions in federal spending and higher taxes for millions of Americans.

The president is in Seoul for meetings of the Group of 20 economic powers. Obama spoke at a news conference with South Korean President Lee Myung-bak (lee myuhng bahk).