Via WaPo:

President Obama kicked off the final news conference of his first term by renewing his call for Congress to approve a “balanced” deficit-reduction package that includes both spending cuts and new revenues.

Republican leaders have said repeatedly that the Jan. 1 fiscal cliff agreement ended any discussion of raising new revenue and that in upcoming negotiations they would deal only in spending cuts. Obama made clear that he does not agree.

He reiterated that he is “open to making modest adjustments to programs like Medicare.”

“The fact is, though, we can’t finish the job of deficit reduction through spending cuts alone,” Obama added. “We need more revenue.”