Obama: More Taxes Needed to Pay Off Deficit

President Barack Obama said on Sunday more tax revenue would be needed in the coming years to reduce the U.S. deficit but raising tax rates was not a key issue.

"I don't think the issue right now is raising rates," Obama said in an interview on CBS.

"There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit. And we can do it in a gradual way so that it doesn't have a huge impact," he said.

At the beginning of the year Obama pushed through legislation to address the U.S. "fiscal cliff" that raised income tax rates on households making more than $450,000 a year.