Obama, Reid: End Tax Loopholes to Cut Deficit

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President Obama and Senate Majority Leader Harry Reid, D-Nev., said Washington needs more taxes as part of a plan to reduce the budget deficit.

The president told CBS News the government can close loopholes and limit some deductions to raise more money. Along with that, he called for "smart" spending cuts.

Reid agreed, telling ABC News that upcoming talks on the budget must include discussions about closing tax loopholes.

"Washington cannot continually operate under a cloud of crisis," the Nevada lawmaker said. "We can't afford these self-inflicted wounds."

But Republicans may not go along with such a plan. While they agreed to new income tax rates as part of the deal on the fiscal cliff, they said future talks should focus on cutting spending, not on more taxes.

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