President Barack Obama says he is proud of the hard work and sacrifice of the U.S. Olympic team competing at the London Games.

Obama thanks the U.S. Olympic and Paralympic teams in Saturday's radio and Internet address for, in his words, "presenting the best of America to the rest of the world."

The president says he was "filled with pride" when gymnast Gabby Douglas won the all-around gold and enjoyed watching the medal-winning swim teams, including Michael Phelps, who became the most decorated Olympic athlete of all time.

In the Republican address, House Majority Leader Eric Cantor of Virginia says Democrats should extend Bush-era tax cuts. He says the threat of higher taxes and red tape has small business owners anxiously sitting on the sidelines instead of hiring workers.