Talking tough over the fiscal cliff showdown, US President Barack Obama has told the opposition Republicans that he was open to compromises to avert a financial crisis but would not budge on the issue of levying higher taxes for the wealthy.
Emboldened by a victory at the hustings, Obama made it clear that the wealthiest Americans would have to pay higher taxes and tax breaks for middle class should stay.
Into his second term, Obama faces the first major challenge of preventing a USD 600 billion combination of automatic tax increases and spending cuts if an agreement was not reached over the budget and tax solutions by 31 December.
‘We face a clear deadline that requires us to make some big decision on jobs, taxes, and deficits by the end of the year... As I've said before, I'm open to compromise and I'm open to new ideas,’ he said at a press conference. At his first press conference after his re-election, Obama expressed confidence that he and the US Congress will be able to reach an agreement that avoids a so-called
‘fiscal cliff’ on 1 January.
Emboldened by a victory at the hustings, Obama made it clear that the wealthiest Americans would have to pay higher taxes and tax breaks for middle class should stay.
Into his second term, Obama faces the first major challenge of preventing a USD 600 billion combination of automatic tax increases and spending cuts if an agreement was not reached over the budget and tax solutions by 31 December.
‘We face a clear deadline that requires us to make some big decision on jobs, taxes, and deficits by the end of the year... As I've said before, I'm open to compromise and I'm open to new ideas,’ he said at a press conference. At his first press conference after his re-election, Obama expressed confidence that he and the US Congress will be able to reach an agreement that avoids a so-called
‘fiscal cliff’ on 1 January.