See a running transcript of Obama's news conference here, and watch live video here

President Obama made clear he wants to focus on tax rates – not so much on loopholes and deductions in the tax code. He said he will refuse to extend the Bush tax cuts for the wealthy, and that when he caved on that vow in 2010 he made clear it was a “onetime proposition.”

But looking just at loopholes, as many Republicans have called for?

“The math tends not to work,” he said.