Spurring the economy will take investments, as well as spending cuts, President Obama said Saturday his weekly address.

"We can’t simply cut our way to prosperity," Obama said. "We need to do what’s necessary to grow our economy; create good, middle-class jobs; and make it possible for all Americans to pursue their dreams."

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The president recorded his address from Carnegie Mellon University in Pittsburgh where he toured a high-tech factory and touted his newly announced Advanced Manufacturing Partnership, a $500 investment initiative.

"It’s a partnership that brings our federal government together with some of America’s most brilliant minds and some of America’s most innovative companies and manufacturers," he said.

"Their mission is to come up with a way to get ideas from the drawing board to the manufacturing floor to the marketplace as swiftly as possible, which will help create quality jobs, and make our businesses more competitive."