Obama Addresses Fiscal Cliff
President Obama is about to speak, addressing the fiscal cliff. You can watch here.
Preventing a middle class tax hike has been his top priority. An agreement is within sight. But it's not done. Issues remain. He's hopeful Congress can get it done.
The agreement would extend tax credits for families with kids, extend tuition and clean energy tax credits and unemployment benefits. He would have liked a grand bargain, a bigger deal, that deals with taxes and spending. But, that was too much to hope for with this Congress. So it will take several steps.[More...]
The wealthiest 2% of Americans will pay more taxes permanently. He talks about spending cuts.
He's willing to consider cutting medical costs in Medicare. But that has to go hand in hand with changes in the tax code.
If Republicans think he will agree to only spending cuts after today that will hurt seniors and students but not ask anything from millionaires, then they have another thing coming.
It has to be a matter of shared sacrifice.
He expects Congress will likely wait to the last minute tonight to get the deal done. He wishes everyone a happy new year.
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