Obama: Hey, we can't just cut our way to prosperity

“We can’t simply cut our way to prosperity,” Obama said. “We need to do what’s necessary to grow our economy; create good, middle-class jobs; and make it possible for all Americans to pursue their dreams.”

The president recorded his address from Carnegie Mellon University in Pittsburgh where he toured a high-tech factory and touted his newly announced Advanced Manufacturing Partnership, a $500 investment initiative.

“It’s a partnership that brings our federal government together with some of America’s most brilliant minds and some of America’s most innovative companies and manufacturers,” he said.