Cuts alone aren't going to cure economy, Obama says in weekly address

We all agree that it's critical to cut unnecessary spending. But we can't just cut our way to prosperity. It hasn't worked in the past, and it won't work today. It could slow down our recovery. It could weaken our economy. And it could cost us jobs ' now, and in the future.

The economy was the focus of President Obama's weekly address, as he pointed to positive indicators and urged continuing efforts to pay down the national debt and work seriously on job creation'emphasizing that slashing spending alone isn't going to cut it as we move ahead.

He pointed out good news:

We began this year with economists and business leaders saying that we are poised to grow in 2013. And there are real signs of progress: Home prices are starting to climb again. Car sales are at a five-year high. Manufacturing is roaring back. Our businesses created 2.2 million jobs last year

Still, we need to do more, he said, urging investments in education and infrastructure, research and development, while still taking a "balanced approach" in looking at reductions. Specifically, he talked of reducing health care costs in Medicare'while not passing the burden on to seniors'and closing loopholes and deductions for the wealthy.

He closed with a slam on Washington and the "self-inflicted wounds" elected officials are imposing on the economy, and he urged them to think of "what's right for the country."

2013 can be a year of solid growth, more jobs, and higher wages. But that will only happen if we put a stop to self-inflicted wounds in Washington. Everyone in Washington needs to focus not on politics but on what's right for the country; on what's right for you and your families.

To read the transcript in full, check below the fold or visit the White House website.