Obama: No “magic solution” to U.S. budget deficit

President Barack Obama said on Monday there were no easy solutions to taming the soaring U.S. budget deficits and that it would require efforts by both Democrats and Republicans to make progress.

"There aren't any magic solutions to it," Obama told U.S. television network ABC. "It's going to be a slow chipping away, and what I'm going to do is propose a series of measures that show we are serious about it."

"My hope is that both Democrats and Republicans on Capitol Hill will join me in this effort of solving the problem, instead of trying to kick the can down the road and blame somebody else," Obama said.