VIDEO: Robert Gibbs Chats 'Fiscal Cliff' on CBS THIS MORNING

O'DONNELL: But the President has said and declared he won't discuss with Congress about raising the debt ceiling. So again, what leverage does the President have to get some sort of grand bargain?

GIBBS: I think what the President is talking about there is we shouldn't get into a debate about whether or not we're going to pay the bills we've already racked up, as he said. We know we have to pay for those bills. That's money that's already been spent. Let's go ahead and assume, yes, we're going to not default on the nation's bills because we understand that would be a calamity for our economy. But I think both sides didn't get things in this fiscal cliff deal that set the stage for the next one. There are things that we can do again to continue to make our tax code fair. Republicans would like to see some changes in the way we do some entitlements, hopefully in a measured way, so we don't end up doing more harm than good. But, look, I think we all understand the elements that have to be involved to continue again to grow our economy, to get some balance in our tax code, to get our fiscal house in order. Again, if we could just put aside some of the screaming and yelling.

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