obama stands firm on taxes in fiscal cliff showdown
Last Updated : GMT 21:14:00
Arab Today, arab today
Arab Today, arab today

Obama stands firm on taxes in fiscal cliff showdown

Arab Today, arab today

Arab Today, arab today Obama stands firm on taxes in fiscal cliff showdown

Washington - AFP

US President Barack Obama told opposition Republicans they would have to accept tax increases for the rich if the country was to avoid going over the fiscal cliff. Obama said he wanted to extend tax cuts set to expire at year-end for 98 percent of Americans to mitigate the impact of the cliff, an austere program aimed at slashing the deficit that could also send the economy into recession. \"Let\'s go ahead and lock that in. That will be good for the economy. It will be good for consumers. It will be good for businesses. It takes the edge off the fiscal cliff,\" Obama said. But the president insisted any agreement could not include extending the tax breaks for the wealthiest two percent of Americans, a position most Republicans have rejected. Obama said if the Republicans accept his plan, legislation could be passed within weeks to avert the tax increases scheduled to hit on January 1. He said he would then be ready to enter longer-term talks for a comprehensive agreement on 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 on November 6.  The Democratic president said it was crucial to reach agreement soon on extending the existing tax breaks for middle class Americans with incomes below $250,000 a year. But he drew the line at giving that advantage to richer households. \"We should not hold the middle class hostage while we debate tax cuts for the wealthy,\" he said. The fiscal cliff comprises a poison-pill law agreed by Republicans and Democrats in August 2011 that forces harsh budget cuts from January 1, and the expiration of a wide range of tax cuts originally designed as temporary measures to boost economic growth. If both take place, economists say they could suck as much as $600 billion out of the economy next year and force it into recession. Obama did not address the spending side of the cliff, which requires the government to slash nearly $110 billion from the deficit next year. That could lead to temporary furloughs of government workers and the cancelation of government contracts with private companies, and also decimate parts of the US defense budget. Obama appeared to agree with the Republican leader of the House of Representatives, Speaker John Boehner, who on Wednesday proposed the two sides carve out a short-term compromise to mitigate the worst effects of the cliff, and then open talks on long-term deficit reduction next year. But Boehner rejected tax increases for the wealthy, proposing that the government only seeks more revenues from the rich by removing special breaks they receive in the tax code. Obama dismissed that approach as unlikely to have much impact on the US deficit, which has topped $1 trillion a year for four straight years. \"It\'s very difficult to see how you make up that trillion dollars if we\'re serious about deficit reduction, just by closing loopholes and deductions. The math tends not to work,\" he said. After Obama spoke, Boehner said he was optimistic that an agreement could be reached to avert the cliff. \"If you\'ve look closely at what the president has had to say, if you\'ve looked closely at what I\'ve had to say, there are no barriers here to sitting down and beginning to work through this process.\" Obama said talks next year could cover government spending, a rewrite of the tax code, and politically sensitive modifications to Social Security and Medicare programs that are the largest long-term challenges to government spending. \"We can then set up a structure whereby we\'re dealing with tax reform, closing deductions, closing loopholes, simplifying, dealing with entitlements,\" Obama said. \"And I\'m ready and willing to make big commitments to make sure that we\'re locking in the kind of deficit reductions that stabilize our deficit, start bringing it down, start bringing down our debt.\" \"I want a big deal. I want a comprehensive deal,\" he said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

obama stands firm on taxes in fiscal cliff showdown obama stands firm on taxes in fiscal cliff showdown

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

obama stands firm on taxes in fiscal cliff showdown obama stands firm on taxes in fiscal cliff showdown

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday