Obama: Room for discussion on Bush tax cuts

"They agree that the middle-class tax cuts should be made permanent — let's work on that. Let's do it," Obama said. 

However, Obama's willingness to work with Republicans appears to end with tax cuts for the wealthy. 

The president said extending those tax breaks was "a bad idea" and thought the $700 billion ten-year cost to extend them could be better spent when it comes to stimulating the economy.