WASHINGTON, June 25 (Xinhua) -- U.S. President Barack Obama on Saturday touted investment at home as a key to propping up the world's largest economy, despite the ongoing deficit reduction efforts.

Budget cutting did not mean cutting "our way to prosperity", Obama said in his weekly address, adding that "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".

"It means rebuilding our crumbling roads, railways and runways. And it means investing in the cutting-edge research and technologies that will spur growth in the years ahead, from clean energy to advanced manufacturing," Obama said.

He noted that this week the administration had launched an Advanced Manufacturing Partnership, an initiative to bring the federal government together with some innovative companies and manufacturers, in a bid to bolster advanced manufacturing research and development and spur job creation.