The Republicans' plan, Mr. Obama said, is not feasible. The GOP, he said, says it can control government spending while proposing $4 trillion in tax cuts.

"Some of us may want a few more cuts. Some of us may want higher revenues," he said. "But understand that there are facts and a reality there that go beyond the political rhetoric."

The reality, Mr. Obama said, is that "the federal government is probably less intrusive now than it was 30 years ago," citing tax rates that are lower now than they were under President Ronald Reagan. He also insisted that his administration has been friendly to business needs and has not proposed raising corporate tax rates.

Obama: Tea Party "Misidentifying" Deficit Culprits - Political Hotsheet - CBS News