President Barack Obama, with Vice President Joe Biden, delivers a statement to the press on the economy, in the East Room of the White House, Nov. 9, 2012. (Official White House Photo by Pete Souza)

There are 53 days left to find a solution that stops taxes from going up on 140 million American families and helps us reduce our nation's deficits in a smart and responsible way.

And that's what brought President Obama to the East Room of the White House this afternoon -- where he laid out his strategy for finding the right approach to move the country forward.

"I’m committed to solving our fiscal challenges," he said. "But I refuse to accept any approach that isn’t balanced. I am not going to ask students and seniors and middle-class families to pay down the entire deficit while people like me, making over $250,000, aren’t asked to pay a dime more in taxes. I'm not going to do that."

In the days and weeks ahead, the President plans to reach out to members of Congress, labor and business leaders, and citizens from all walks of life to gather ideas and input.

In fact, next week, he's invited leaders from both parties to come to the White House to begin discussing solutions. But he intends for those conversations to unfold with a minimal amount of drama.

"What the American people are looking for is cooperation," he said. "They're looking for consensus. They're looking for common sense. Most of all, they want action. I intend to deliver for them in my second term, and I expect to find willing partners in both parties to make that happen."

Watch the full video here.