Obama said it was "encouraging" to see people of different backgrounds and political affiliations coming to an understanding that the country has an obligation to prevent such violence.
Appealing to gun owners, Obama said he believes in the Second Amendment and the country's strong tradition of gun ownership. And he said "the vast majority of gun owners in America are responsible."
"I am also betting that the majority, the vast majority, of responsible law-abiding gun owners would be some of the first to say that we should be able to keep an irresponsible, law-breaking few from buying a weapon of war," Obama said.
Obama also tasked the Biden-led team with considering ways to improve mental health resources and address ways to create a culture that doesn't promote violence. The departments of Justice, Education, Health and Human Services, and Homeland Security, along with outside groups and lawmakers, will all be part of the process.
Biden's prominent role in the process could be an asset for the White House in getting gun legislation through Congress. The vice president spent decades in the Senate and has been called on by Obama before to use his long-standing relationships with lawmakers to build support for White House measures.
The president challenged the National Rifle Association, the country's most powerful gun lobby and key backer of many Republican politicians, to join the broader effort to reduce gun violence as well.
"Hopefully they'll do some self-reflection," Obama said of the NRA.
The NRA made its first comments since the shooting on Tuesday, promising to offer "meaningful contributions to help make sure this never happens again."
Obama said that while taking the necessary steps to reduce gun violence would take commitment and compromise, he said it could be achieved if Washington summons "even one tiny iota of the courage of those teachers, that principal in Newtown summoned on Friday."