(WASHINGTON) -- President Obama asked for about 140 seconds of his supporters' time Monday to explain in a video released by his re-election campaign why he did what he did to push through a deal on raising the nation's debt ceiling.
The president explained that Washington had no other choice but to avoid defaulting on the government's bills, a default that would have dealt "a devastating blow to our economy at a time when we can least afford it."
In downplaying the GOP success in getting the deal done, Obama also tried to minimize the coming $1 trillion in spending cuts that will occur over the first decade of the plan.
What the president said he's most concerned with is the second phase of the proposal, involving a special commission of 12 legislators who will recommend reductions to shrink the deficit by another $1.5 trillion by 2021.
With their recommendations due this November, Obama vowed to push for an end to tax breaks for the top two percent of American wage-earners and corporations, saying a balanced approach is the best way to replenish the nation's coffers.
Failing that, triggers are built into the plan that would mean automatic big reductions in Medicare and Pentagon spending.
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