(CNN) - President Barack Obama on Monday said Republicans in Congress rejected what he called a balanced approach to deficit reduction that included tax increases on the wealthy.
"Despite the broad agreement that exists for such an approach, there are still to many Republicans in Congress that have refused to listen to the voices of reason and compromise that are coming from outside of Washington," Obama told reporters after a special bipartisan committee announced that it had failed to reach a compromise.
Obama said that he will veto any attempt to get rid of automatic spending cuts if Congress fails to reach a deficit-reduction agreement. The president spoke after a special deficit reduction committee announced it failed to negotiate a compromise.
The president urged Congress to work over the coming weeks to take steps to ensure that taxes do not rise - which, he said would happen without action - "for every single American next year."
"When everybody gets back from Thanksgiving, it's time to get some work done for the American people," Obama said.
The government deficit will be pared significantly in the coming decade - even if some in Congress want to prevent it - calling for a "balanced approach" of cuts and additional revenue.
"One way or another, we will be trimming the deficit by at least $2.2 trillion over the next 10 years," he said.