we can t just cut our way out of this hole. it s going to take a balanced approach. reporter: president obama today challenged republicans in congress to embrace a plan that does more than just cut spending. it s only right that we ask everyone to pay their fair share. reporter: by everyone, the president means the wealthiest americans. today mr. obama outlined more than three trillion dollars in additional deficit reduction over the next decade by proposing $1.1 trillion in savings from the drawdown of troops in afghanistan and iraq. 580 billion in mandatory spending cuts, including reforms to medicare and medicaid, and that $1.5 trillion in tax reform, including expiration of some of the bush tax cuts and by closing loopholes and deductions for the wealthiest americans. the president s most controversial suggestion, the so-called buffett rule, named after billionaire investor warren buffett, who first suggested it. the idea is that people who make more than $1 milli