Stolen from Abbagirl:

http://www.realclearpolitics.com/video/2012/12/05/obama_in_2...

On July 22, 2011 President Obama offered raising the debt ceiling last summer by closing loopholes and not raising taxes.

OBAMA: What we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates. It could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could lower rates generally while broadening the base.