(CNN)-President Barack Obama advocated for his plan to ensure the federal government starts "living within its means," Saturday during the weekly address.
He made the case for a plan to battle the federal budget deficit that includes spending cuts and "examining every program and tax break in the budget."
"Government has to start living within its means, just like families do," Obama said. "We have to cut the spending we can't afford so we can put the economy on sounder footing and give our businesses the confidence they need to grow and create jobs."
If there's one thing Democrats and Republicans can agree on, it's "the need to solve the problem," according to the president. Though progress has been made and both parties identified more than $1 trillion in spending cuts together, he said,"We've got to find more savings to get out of the red."
But the parties disagree on where savings can be found.
The president argued that "we can't afford" every tax break and cautioned, "If we choose to keep those tax breaks for millionaires and billionaires…we'll have to make even deeper cuts somewhere else."
"We've got to cut the deficit, but we can do that while making investments in education, research, and technology that actually create jobs," he said.
"We can live within our means while still investing in our future."
Looking ahead to Independence Day, President Obama said the country's motivation for independence was based on the revolutionary idea "that people ought to determine their own destiny."
"Time and again we've proven that we could come together to solve problems…we share a love for this country and a faith in its future," the president said.
"That's the spirit we need to harness now."
Indiana Sen. Dan Coats echoed the need to balance the federal budget, but presented a different plan to tackle the deficit in the GOP weekly address.
Observing that "the eyes of the world are fixed on the U.S. to see if we have the political courage and moral sense to solve our debt crisis," Coats criticized President Obama and congressional Democrats, and charged them to "recognize that their game plan is not working."
"It's time to acknowledge that more government and higher taxes is not the answer to our problem," he said.
Instead, Coats, who was re-elected in 2010 after serving for ten years and retiring from the Senate in 1999, said it's time for "bold action" and a "new plan" to address the debt. Specifically, he said, the president and Democrats in Congress should look to Indiana because,"The Hoosier way is quite simple-we work hard and we live within our means."
The senator described Indiana Gov. Mitch Daniels' action to balance the state's budget as a model for success.
"The spend less, borrow less and tax less model in Indiana has resulted in balanced budgets, job creation, and a triple-A credit rating," he said.
Coats compared that plan to the president's. "The spend more, borrow more and tax more approach of the president has resulted in fewer jobs, higher debt and a threatened downgrade from credit agencies," he continued.
Declaring the "Hoosier model" as a "necessary first step to repairing our country's finances," Coats resolved that the nation's debt is not an "insurmountable" problem.
"It's time to cast aside the false safety of political denial and reelection hopes and put the future of our country above all else," he said.
Coats recalled Independence Day as a time when the country's founding fathers "put their honor and lives on the line to break from oppression" and likened it to the government's deficit battle.
"It is not only our duty, but our moral obligation to break from the oppression of debt," he said. To accomplish that, Coats stated, "We must rise above the political considerations and do what is right for the future of our nation."