At today's White House news conference, President Obama said that to reduce the deficit, he'll make spending cuts that hurt his political base. He chided Republicans for their reluctance to increase taxes on the rich. The President said failing to raise the debt limit by August 2 will force choices between paying interest on bonds or social security and veterans' benefits. He also talked about Libya, Afghanistan and infrastructure rebuilding to jump- start the economy. We hear excerpts from his first White House press conference in three months.