Obama: 'There is something wrong with our politics'

On the last day of his Midwest bus trip, President Obama is conducting a town hall in Atkinson, Ill.

Some highlights:

1:58 p.m. -- A woman asks: Why are there budget cuts to programs that help people who are struggling to "keep their heads above water?"

Obama says this demonstrates the need for a "balanced" approach to debt reduction while protecting programs for people "who are most vulnerable."

1:55 p.m. -- A man asks about cost-of-living increases in Social Security.

Obama notes there haven't been COLAs in the past couple of years because there hasn't been inflation, but there is likely to be a cost-of-living increase this year.

As for the program overall, Obama says relatively modest changes will keep Social Security solvent for another 75 years.

1:52 p.m. -- An 11-year-old boy asks about the prospects for a local ethanol plant.

Obama says he is a big supporter of biofuels.

1:46 p.m. -- A college student asks: What's the best major to get a job?

Obama cites math, science, engineering and more forms of new technology -- and also foreign languages, to help with the global economy.

1:41 p.m. -- A man -- noting that Republicans have taken an anti-tax pledge -- asks whether Obama will pledge to include new tax revenues in any new debt reduction deal.

No, the presidents says, but he does support more revenues. "It's just math," he says, adding that most people balance income and expenses when reducing debt.

Obama adds he doesn't need a pledge -- he has already taken an oath of office.

1:36 p.m. -- A woman asks: What can you do without Congress to help create jobs?

Obama cites creation of a special Jobs Council, as well as a program to encourage businesses to hire veterans. "We could do a lot more if we got Congress' cooperation," he adds.

1:29 p.m. -- A man asks Obama what he thinks the new congressional "supercommittee" will do on debt reduction.

Obama says the committee is charged with reducing the debt by $1.5 trillion over 10 years -- but he plans to offer an even bigger debt-reduction package.

"We're going to have to take a balanced approach," Obama says. "Everything is going to be on the table."

1:24 p.m. -- A local real estate agent asks about housing -- says her phones have stopped ringing since "the debt ceiling fiasco." She asks: What are your housing plans?

Obama says housing is at "the core" of many of the economy's problems; he says he's trying to push the banks to help with housing loans, to help keep people in their homes. He agrees that the debt ceiling plan was "inexcusable," and reduced consumer confidence.

He adds it will take a year or two to see appreciation in the housing market; the challenge now is to "do no harm."

1:20 p.m. -- First question from a local farmer, who pleads: Don't saddle us with more rules and regulations; he cites proposals on noise pollution.

Obama responds, "Don't always believe what you hear." Sometimes lobbyists just gin up controversy. The president assures the man his team won't do anything to unncessarily jack up farming expenses.

1:17 p.m. -- Citing his bus trip, Obama says most Americans are "doing things right" -- now it's time for elected lawmakers to follow suit.

"I need you to send a message," Obama tells supporters.

1:12 p.m. -- Obama again protests Congress for blocking parts of his agenda, such as a new infrastructure program -- also blamed the political system for the recent downgrade of the U.S. credit rating.

"The only thing holding us back right now is our politics," Obama says, later echoing that thought again.

1:07 p.m. -- Obama, running late, delivers now-familiar opening remarks -- We have economic challenges, but things are turning around -- and will continue to do so if Congress helps.

"There is something wrong with our politics," Obama says.