Pres. Obama Announces Plans to Address Economy and "Fiscal Cliff"
Friday, November 9, 2012
President Obama announced Friday that he has invited Congressional leaders to meet with him next week to address the state of the economy, taxes and the so called "fiscal cliff.' If Congress cannot come to an agreement by the end of the fiscal year, automatic tax increases and spending cuts will take place.
He has also invited business leaders and experts, he said. He reiterated campaign pledges to create jobs by building infrastructure, and to address the debt by cutting spending. He also emphasized that he would push congress to eliminate tax cuts for the highest earners, and that a combination of spending cuts and more revenue would be the only way to reduce the deficit.
President Obama said he refuses to accept any approach that isn't balanced. "I'm not going to ask students and seniors and the middle class to pay down the entire deficit," while higher earners get tax cuts, he said.
The President said he will ask Congress to pass a bill that will continue the tax cuts for the middle class, which he says will eliminate much of the uncertainty in the nation. After that point, he said, he and Congressional leaders can work on a compromise for the remaining tax cuts.
Updated: Friday at 1:41pm (ET)