Posted: Nov 14, 2012 10:55 AM by Associated Press
WASHINGTON (AP) - President Barack Obama says the economy cannot afford a tax increase on all Americans and is calling on congressional Republicans to support an extension of existing tax rates for households earning $250,000 or less.
Obama says he is confident that he and Congress can reach an agreement that avoids a so-called "fiscal cliff" on Jan. 1, when all tax rates would revert to Clinton-era levels and a series of deep spending cuts kick in.
Obama addressed the fiscal cliff at the opening of a press conference Wednesday in the White House.
In saying that the economy can't afford plunging into tax increases at the start of the year, the president distanced himself from some in his party who would prefer the tax increases and spending to occur to gain leverage.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties