Carney: Lawmakers must 'take on sacred cows' to create jobs

White House Press Secretary Jay Carney said in order to help the struggling economy lawmakers on both sides of the aisle must be willing to compromise on their "sacred cows."

"We believe that if we're going to address our serious economic problems we need to do it in a balanced way and if Democrats and Republicans are each willing to take on their sacred cows a little bit and compromise that we can get big things done. As for the American Jobs Act the president believes we need to take action now," said Carney on Fox News's "O'Reilly Factor."

President Obama will submit the American Jobs Act to Congress next week, which will include a plan to pay for the new legislation, said Carney. Obama will put forward a separate proposal for comprehensive deficit reduction a week from Monday.

Carney defended the president's decision to deliver his jobs speech Thursday night and then submit the bill to Congress next week.

"It's not a speech, we're submitting a bill. I won't make you watch him give a speech again," Carney said to Bill O'Reilly.