Obama Ready for Deal to Avoid Fiscal Cliff

US President Barack Obama offered opposition Republicans a short-term compromise on avoiding the fiscal cliff, said any deal needed to include tax increases for the rich.

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6 months ago

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US

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United States, US Politics

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Barack Obama

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United States of America

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SHOTLIST: WASHINGTON, NOVEMBER 14, 2012, SOURCE: US POOL **NO RESALE for non-editorial purposes** SOUNDBITE 1 Barack Obama (man), President of the United States (English, 16 sec): "I am open to compromise and I am open to new ideas and I have been encouraged over the past week to hear Republican after Republican agree on the need for more revenue from the wealthiest americans as part of our arithmetic if we're going to be serious about reducing the deficit." SOUNDBITE 2 Barack Obama (man), President of the United States (English, 13 sec) : "We should not hold the middle class hostage while we debate tax cuts for the wealthy. We should at least do what we agree on, and that's to keep middle class taxes low." SOUNDBITE 3 Barack Obama (man), President of the United States (English, 17 sec): "I believe this is solvable. I think that fair-minded people can come to an agreement that does not cause the economy to go back into recession, that protects middle class families, that focuses on jobs and growth, and reduces our deficit." ------------ AFP TEXT STORY US-politics-economy-budget,lead Obama ready for deal to avoid fiscal cliff WASHINGTON, Nov 14, 2012 (AFP) - US President Barack Obama offered opposition Republicans a short-term compromise on avoiding the fiscal cliff, said any deal needed to include tax increases for the rich. Obama suggested he was willing to negotiate a fix before year-end to avoid the harsh tax hikes and spending cuts programmed for January 1, and then seek a comprehensive deal on long-term deficit reduction next year. "We face a clear deadline that requires us to make some big decisions 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," Obama said at his first press conference after being re-elected Tuesday. He said a deal would include maintaining existing tax breaks for 98 percent of American households whose incomes are below $250,000 a year. But he insisted that similar tax breaks for wealthier Americans should expire, a point which many Republicans have rejected. "We should not hold the middle class hostage while we debate tax cuts for the wealthy," he said. "We cannot afford to extend the Bush tax cuts for the wealthy."