logo
Watch ABC40 News Live!   (View)

Obama: Fiscal Cliff is “Urgent Business”

By ANDREW TAYLOR, Associated Press

WASHINGTON (AP) — President Obama is appealing to key lawmakers to compromise and cooperate on the “urgent business” of avoiding the so-called fiscal cliff.

He spoke as he convened congressional leaders Friday at the White House for an opening round of deficit talks — their first meeting since the election.

Obama has insisted any deal involve higher taxes on the top 2 percent of income earners. Republicans leaders are vowing to resist rate hikes as job-killers, though they’ve signaled they’re open to added revenue through curbs on deductions and credits.

The combination of tax hikes and automatic spending cuts will hit New Year’s Day unless lawmakers and Obama act. Top economists have warned the nation could be plunged back into recession if they don’t.

WGGB encourages readers to share their thoughts and engage in healthy dialogue about the issues. Comments containing personal attacks, profanity, offensive language or advertising will be removed. Please use the report comment function for any posts you feel should be reviewed. Thank you.