Obama: Corporations, wealthy must 'pay their fair share'

President Obama addresses the annual National Council of La Raza conference in Washington, Monday. (AP Photo/Evan Vucci)

WASHINGTON (AP) - President Barack Obama is reiterating his call for a deficit-cutting plan that cuts spending and that also increases tax revenue by making the wealthy and corporations pay more to help stabilize the long-term debt.

The president made his comments to the National Council of La Raza on Monday as congressional leaders struggled against time to come up with a plan to meet an Aug. 2 deadline to raise the nation's debt ceiling.

Obama said the wealthy and big corporations have to "pay their fair share, too." And he alluded to the difficulty of cutting a deal, saying "compromise is becoming a dirty word."