The final press conference of President Barack Obama's first term today at 11:37 a.m. EST from the White House.
"Its been a busy and productive first years," said Obama, who expects it to be the same for the next four years.
"Right now, the economy is growing...and we are poised for a good year," added Obama.
The commander-in-chief noted he intends on carrying out the agendas he campaigned during the 2012 Election.
Obama noted the $1.4 trillion in spending cuts and $600 billion in new revenue expected to come. Overall, $2.5 trillion is expected in deficit reduction for the past two years, and that amount does not include from withdrawals from Afghanistan and Iraq.
Obama said Americans believe in his positions on handling the economy.
The conversation went to the debt ceiling.
"Raising the debt ceiling does not authorize more spending, " said Obama, adding it's bills that have been racked up and "it's time to pay them."
Not handling the debt ceiling will be a "self-inflicted wound on the economy...and increase the deficit," noted Obama.
"We have to pay out bills and Republicans in Congress can act responsibly and pay our bills," said Obama, or they can act irresponsibly because time is running short.
By 11:48 a.m., he took questions starting with the Associated Press (AP), and the reporters are allowed to ask questions outside of the economy.
The AP reporters asked about gun control measures as today marks a month since the Sandy Hook Elementary School shooting in Newtown, Conn.
Obama said Vice President Joe Biden and a task force has listened to proposals and will use common sense in deciding on the proposals. Obama said the proposals have been given to him and he'll review them today and will elaborate more on them as this week progresses.
"We have to come up with answers that puts politics aside," said Obama, adding stronger background checks and control of magazine with high ammunition makes sense.
Chuck Todd of NBC News and MSNBC asked about executive actions on the debt ceiling
"The issue here is whether or not America pays its bills we are not a deadbeat nation. There's a very simple solution...Congress authorizes to pay its bills..." said Obama, but said if Congress wants him to make an action, then he will.
He iterated again that raising the debt ceiling does not mean more opportunities to spend more.
Major Garrett of CBS News asked if a default would happen due to less cooperation with the political parties.
Obama said he's happy to have a conversation on how to reduce spending and deficit with all parties if they are willing to listen. He said it will not make sense to have either weekly or monthly talks about the topic.
Jonathan Karl of ABC News went back to the topic of gun control on issuing executive orders on gun control and the long lines seen at gun shows.
Obama said some actions can be done through Congress and others can require executive orders, but as stated before, he'll be reviewing the proposals organized by Biden.
"As far as people lining up purchasing guns...those who oppose any common sense gun control or gun safety measures...have a fear that the government will take their guns away..." said Obama, adding responsible gun owners have nothing to worry about.
Obama said he will discuss on possible actions on gun control some time this week.
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