(CNN) - President Barack Obama called late Tuesday for Congress to employ "a little less drama, a little less brinkmanship and scare folks a little less" in future fiscal dealings, as he and Congress consider the prospect of working together again to avoid future economic crises.
"While I will negotiate over many things, I won't have another debate with this Congress on whether they should pay the bills we racked up in the past," he said.
Obama spoke at the White House shortly after the House passed a scaled-back deal to avoid the fiscal cliff. The deal was passed earlier by the Senate and goes next to Obama's desk.
A full transcript of his remarks is after the jump.
President Barack Obama: "A central premise of my campaign for president was to change the tax code that was too skewed towards the wealthy at the expense of working, middle class Americans. Tonight we've done that. Thanks to the votes of Democrats and Republicans in Congress, I will sign a law that raises taxes on the wealthiest 2% of Americans while preventing a middle class tax hike that could have sent the economy back into recession and obviously had a severe impact on families all across America. I want to thank all the leaders of the House and Senate. In particular I want to thank the work that was done by my extraordinary vice president, Joe Biden, as well as Leader Harry Reid, Speaker Boehner, Nancy Pelosi and Mitch McConnell. Everyone worked really hard and once again, Joe, I want to thank you for your great work.
"Under this law more than 98 % of Americans and 97% of small businesses will not see their income taxes go up. Millions of families will continue to receive tax credits to help raise their kids and send them to college. Companies will continue to receive tax credits for the research they do, the investments they make and the clean energy jobs they create. And 2 million Americans who are out of work but out there looking pounding the pavement every day are going to continue to receive unemployment benefits as long as they're actively looking for a job.
"But I think we all recognize this law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody. The fact is the deficit is still too high. And we're still investing too little in the things that we need for the economy to grow as fast as it should. And that's why Speaker Boehner and I originally tried to negotiate a larger agreement that would put this country on a path that paying down its debt while also putting Americans back to work, rebuilding our roads and bridges and providing investments in areas like education and job training. Unfortunately there just wasn't enough support or time for that kind of large agreement in a lame duck session of Congress. And that failure comes with a cost, as the messy nature of the process over the past several weeks has made business more uncertain and consumers less confident. But we are continuing to chip away at this problem step by step. Last year I signed into law $1.7 trillion in deficit reduction. Tonight's agreement further reduces the deficit by raising $620 billion in revenue from the wealthiest households in america and there will be more deficit reduction as Congress decides what to do about the automatic spending cuts that we have now delayed for two months.
"As I've demonstrated throughout the past several weeks, I am very open to compromise. I agree with Democrats and Republicans that the aging population and the rising cost of health care makes Medicare the biggest contributor to our deficit. I believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. And I believe there's further unnecessary spending in government that we can eliminate. But we can't simply cut our way to prosperity. Cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individual can take advantage of loopholes and deductions that aren't available to most Americans and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. So we're going to have to continue to move forward in deficit reduction but we have to do it in a balanced way, making sure that we are growing, even as we get a handle on our spending.
"Now, one last point I want to make. While I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. Let me repeat: We can't not pay bills that we've already incurred. If Congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic, far worse than the impact of a fiscal cliff. People will remember back in 2011 the last time this course of action was threatened, our entire recovery was put at risk. Consumer confidence plunged, business investment plunged, growth dropped. We can't go down that path again. And today's agreement enshrines, I think, a principle into law that will remain in place as long as I am president: The deficit needs to be reduced in way that's balanced. Everyone pays their fair share. Everyone does their part. That's how our economy works best. That's how we grow. The sum total of all the budget agreements we've reached so far proves that there is a path forward that, it is possible if we focus not on our politics but what's - but on what's right for the country.
"And the one thing that I think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little bit less brinksmanship, not scare the heck out of folks quite as much. We can come together as Democrats and Republicans to cult cut spending and raise revenue in a way that reduces our deficit, protects the middle class and provides ladders into the middle class for everybody who is willing to work hard. We can set this will debate or at the very least into the allow it to be so all consuming all the time that it stops us from meeting a host of other challenges that we face, creating jobs, boosting incomes, fixing our infrastructure, fixing our immigration system, protecting our planet from the harmful effects of climate change, boosting domestic energy production, protecting our kids from the horrors of gun violence. It's not just possible to do these things, it's an obligation to ourselves and to future generations, and I look forward to working with every single member of Congress to meet this obligation in the new year.
"And I hope that everybody now gets at least a day off, I guess, or a few days off so that people can refresh themselves because we're going to have a lot of work to do in 2013. "