WOODBURY - President Obama addressed the nation today on his plan to keep the economy growing and reduce the deficit.

The president urged Congress to act by avoiding a critical combination of tax hikes and spending cuts. He also said he is willing compromise with the GOP.

Obama added that he wants lawmakers to prevent Bush-era tax cuts from expiring for all but the wealthiest Americans, and said he'll veto any bill extending those cuts.

He also invited leaders from both sides to the White House next week to talk about how to tackle the nation's fiscal problems.

The president says the top priorities of his plan are jobs and growth.