President Barack Obama says he is willing to consider more spending cuts and tax increases to reduce the deficit.

With the "fiscal cliff" crisis barely over, Obama faces new battles in Congress over raising the country's $16.4 trillion borrowing limit, as well as more than $100 billion in automatic spending cuts for the military and domestic programs which were delayed by two months under the compromise.

Lawmakers promise to replace those across-the-board cuts with more targeted steps that could take longer to implement.          

Obama - speaking from Hawaii, where he is on vacation with his family - said he is willing to consider more spending cuts and tax increases to reduce the deficit. 

But he said he "will not compromise" over his insistence that Congress lift the federal debt ceiling. The nation's credit rating was downgraded the last time lawmakers threatened inaction on the debt ceiling, in 2011.   

For the Republicans, Michigan Rep. Dave Camp says it's time to "identify responsible ways to tackle Washington's wasteful spending."   

He says America's credit cards are maxed-out and there's no money in the bank account so the spending must stop.