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.
