In his first news conference since winning re-election last week, Obama said he would be open to considering Republican priorities like entitlement reform and a tax-code overhaul as part of a broad-based deal to get the nation's finances on a sustainable course.
But Obama said Republicans in Congress would first have to agree to his top priority in the complex negotiations aimed at preventing a $600 billion combination of tax increases and spending cuts known as the "fiscal cliff" that could halt the weak economic recovery at the beginning of next year.
"What I'm not going to do is to extend further a tax cut for folks who don't need it," Obama said, shortly before meeting with a dozen business leaders who are pushing policymakers to reach a deal.
Obama's remarks, and unyielding comments from Republican leaders earlier this week, begin a long and possibly tense period of bargaining and brinkmanship that could leave a cloud of uncertainty over the economy leading up to the Christmas holidays and beyond.
Wednesday, November 14, 2012
(Reuters) Obama demands his tax hikes
Screw the rich, half voted for Obama, so raise the taxes. Half of America thinks taking from someone higher up the income ladder is good, so let them learn the hard way what happens when you tax everything.