Video: Obama Lays Out Budget Proposal

President Barack Obama used his weekly address Saturday to explain to Americans his budget compromise plan.

Obama's budget was delayed because of fiscal cliff negotiations and is expected to be released on Wednesday, the same night he dines with GOP senators.

In his address, the president says that under his actions, the deficits are reducing.

"Ive already signed more than $2.5 trillion in deficit reduction into law, and my budget will reduce our deficits by nearly $2 trillion more, without harming the recovery. That surpasses the goal of $4 trillion in deficit reduction that many economists believe will stabilize our finances," Obama asserts.

The president also discusses what he believe is a compromise. "While its not my ideal plan to further reduce the deficit, its a compromise Im willing to accept in order to move beyond a cycle of short-term, crisis-driven decision-making, and focus on growing our economy and our middle class for the long run. It includes ideas many Republicans have said they could accept as well. Its a way we can make progress together."

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